Historic 2-Flat with Garden
For Sale
Contact for pricing
2832 W WILCOX Street, Chicago, IL 60612
Legal 2-flat with private side entries, dual kitchens, and separate living areas across three levels.
Property Size3,150 SF
Price / SF$241.27
Days on Market31
Property Features for 2832 W WILCOX Street
General Information
Standard status
Active
Size
3,150 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
MULTI
Building Details
Year Built
2026
Stories
3
Tenancy
Multi
Listing Agency:
Realty Of America
Listed By:
Brittney Wilkinson · License #IL 475177348
Source:
Crexi
Added: Jul 22
Changed: Aug 11
Last Checked: Aug 19 at 2:06PM
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 Realty Of America
Investment Insights
Based on property information with market context.
2832 W Wilcox is a legal 2-flat that combines the feel of a traditional two-unit property with a single-family-style layout, spread across three levels of living space. The residence provides a total of five bedrooms and 4.1 baths, with dual kitchens, dual HVAC, and dual laundry areas. Each unit has a private side entry, supporting separation and privacy.
The upper level features a primary suite with dual walk-in closets and a primary bath with dual vanity, a freestanding tub, and an oversized separate shower, along with additional guest bedrooms, a guest bath with double vanity sinks, and a laundry center. The English garden level includes two bedrooms and two bathrooms, plus a full living room and a full kitchen with quartz countertops and stainless appliances.
Located in Chicago’s historic East Garfield area, the property is described as being minutes from the United Center and the 1901 redevelopment project, with access to the surrounding corridor while maintaining a tree-lined-street setting.
The upper level features a primary suite with dual walk-in closets and a primary bath with dual vanity, a freestanding tub, and an oversized separate shower, along with additional guest bedrooms, a guest bath with double vanity sinks, and a laundry center. The English garden level includes two bedrooms and two bathrooms, plus a full living room and a full kitchen with quartz countertops and stainless appliances.
Located in Chicago’s historic East Garfield area, the property is described as being minutes from the United Center and the 1901 redevelopment project, with access to the surrounding corridor while maintaining a tree-lined-street setting.
Key Highlights
- Legal 2‑flat with 3 levels of living space totaling 3,150 SF
- 5 bedrooms and 4.1 baths with dual primary suite setup
- Dual kitchens plus separate living areas, including an English garden level with full kitchen
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
$52,510
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
6.91%
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%
$1,050,200
$1.1M
Cap Rate 7%
$750,143
$750.1K
Cap Rate 9%
$583,444
$583.4K
Market Conditions
NOI Build-Up for 3,150 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
$79.4K $25.20/SF
− Vacancy
−$4.4K −$1.39/SF
EGI
$75.0K $23.81/SF
− OpEx
−$22.5K −$7.14/SF
NOI
$52.5K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,050,200
Cap Rate 7%
$750,143
Cap Rate 9%
$583,444
Alternative Uses
Best Use
Multifamily LT 5
$750.1K
$656.4K – $875.2K
NOI $52,510 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$689.8K
$603.6K – $804.8K
NOI $48,287 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $103,965 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Legal 2-flat with private side entries, dual kitchens, and separate living areas across three levels.
Where is this duplex located?
The property is located at 2832 W WILCOX Street Chicago, IL.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Legal 2‑flat with 3 levels of living space totaling 3,150 SF; 5 bedrooms and 4.1 baths with dual primary suite setup; Dual kitchens plus separate living areas, including an English garden level with full kitchen
