Renovated Duplex Residential Income
For Sale
$950,000
2717 N SOUTHPORT Avenue Unit 1N, Chicago, IL 60614
Recently updated duplex with three full bathrooms, tandem outdoor parking, and a private deck off the primary bedroom.
Property Size2,100 SF
Price / SF$452.38
Days on Market15
Property Features for 2717 N SOUTHPORT Avenue Unit 1N
General Information
Standard status
Active
Size
2,100 SF
Property subtype
1/2 Duplex,Condo
Units
Unit Mix
1 x 3BR+den/3BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$13,033
Building Details
Building Size
2,100 SF
Year Built
2000
Listing Agency:
THE NAV AGENCY
Listed By:
Christopher Katsulis
(650) 740-9437
Source:
Cnetproperties
Added: Sep 18
Changed: Sep 30
Last Checked: Oct 1 at 6:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of THE NAV AGENCY
Investment Insights
Based on property information with market context.
This 2,100-square-foot duplex includes three bedrooms, an office/den, and three full bathrooms within a 2000-built residential property. Recent improvements include new flooring, paint, lighting, cabinetry, and hardware. The main level combines living and dining areas with two fireplaces, oversized sliding glass doors, Juliet balconies, a primary suite, and a second bedroom. The kitchen features stainless steel appliances, granite countertops, extensive cabinetry, and a breakfast bar.
The lower level adds a large family room, third bedroom, dedicated office/den, laundry, and storage. Stone finishes appear in all three bathrooms. A private deck extends from the primary bedroom, and tandem outdoor parking is included. The property is located at 2717 N Southport Avenue in Chicago’s Lincoln Park area and is zoned for Prescott Elementary School.
The lower level adds a large family room, third bedroom, dedicated office/den, laundry, and storage. Stone finishes appear in all three bathrooms. A private deck extends from the primary bedroom, and tandem outdoor parking is included. The property is located at 2717 N Southport Avenue in Chicago’s Lincoln Park area and is zoned for Prescott Elementary School.
Key Highlights
- 2,100‑square‑foot duplex with 3 bedrooms, office/den, and 3 full bathrooms
- Recently renovated with updated flooring, paint, lighting, cabinetry, and hardware
- Main level features primary suite, second bedroom, 2 fireplaces, and Juliet balconies
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,191
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$643,820
$643.8K
Cap Rate 7%
$459,871
$459.9K
Cap Rate 9%
$357,678
$357.7K
Market Conditions
NOI Build-Up for 2,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.7K $29.40/SF
− Vacancy
−$3.2K −$1.53/SF
EGI
$58.5K $27.87/SF
− OpEx
−$26.3K −$12.54/SF
NOI
$32.2K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$643,820
Cap Rate 7%
$459,871
Cap Rate 9%
$357,678
Alternative Uses
Best Use
Apartment 5plus
$459.9K
$402.4K – $536.5K
NOI $32,191 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$990.1K
$866.4K – $1.16M
NOI $69,310 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,223
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Recently updated duplex with three full bathrooms, tandem outdoor parking, and a private deck off the primary bedroom.
Where is this residential income property located?
The property is located at 2717 N SOUTHPORT Avenue Unit 1N Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,100‑square‑foot duplex with 3 bedrooms, office/den, and 3 full bathrooms; Recently renovated with updated flooring, paint, lighting, cabinetry, and hardware; Main level features primary suite, second bedroom, 2 fireplaces, and Juliet balconies
