Spacious Condo in Logan
For Sale
$588,000
2860 N MILWAUKEE Avenue #2S, Chicago, IL 60618
Stylish 3-bedroom condo near Logan Square El stop.
Property Size1,613 SF
Days on Market432
Property Features for 2860 N MILWAUKEE Avenue #2S
General Information
Standard status
Active
Size
1,613 SF
Property subtype
Condominium
Amenities
Natural Gas
Electric
Central Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Stainless Steel Appliance(s)
Range Hood
Humidifier
Deck
Building Details
Building Size
1,613 SF
Year Built
2016
Listing Agency:
RE/MAX Top Performers
(847) 295-0800
Listed By:
Jane Lee · License #471004433
Source:
Kw
Added: Jun 24, 2025
Changed: Aug 8
Last Checked: Aug 26 at 3:33PM
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 RE/MAX Top Performers
Investment Insights
Based on property information with market context.
This spacious condo features three bedrooms and two bathrooms. Located north of the Logan Square El stop, the property is situated in a vibrant Chicago neighborhood. The residence features an open-concept layout that integrates the living, dining, and kitchen areas, centered around an oversized island. A northeast-facing wall of windows provides natural light to the living room and access to a private balcony. The primary suite includes a large walk-in shower and modern finishes. Two additional bedrooms offer flexible space. In-unit laundry, ample storage, and an attached garage are included. A shared rooftop deck provides city skyline views. The property is located near the Blue Line, restaurants, coffee shops, and boutiques.
Key Highlights
- Prime Logan Square location: Steps from the Blue Line, restaurants, shops, and entertainment.
- Open‑concept living space with oversized island and private balcony.
- Abundant natural light from a dramatic northeast‑facing wall of windows.
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
$23,366
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
3.97%
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%
$467,320
$467.3K
Cap Rate 7%
$333,800
$333.8K
Cap Rate 9%
$259,622
$259.6K
Market Conditions
NOI Build-Up for 1,613 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
$45.1K $27.96/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$42.5K $26.34/SF
− OpEx
−$19.1K −$11.85/SF
NOI
$23.4K $14.49/SF
Area
ZIP 60618
Vacancy
5.80%
Lease Rate
$27.96 /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%
$467,320
Cap Rate 7%
$333,800
Cap Rate 9%
$259,622
Alternative Uses
Best Use
Apartment 5plus
$333.8K
$292.1K – $389.4K
NOI $23,366 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$704.8K
$616.7K – $822.2K
NOI $49,333 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Stylish 3-bedroom condo near Logan Square El stop.
Where is this apartment building located?
The property is located at 2860 N MILWAUKEE Avenue #2S Chicago, IL.
What is the asking price?
The asking price for this property is $588,000.
What are key features of this property?
This property features: Prime Logan Square location: Steps from the Blue Line, restaurants, shops, and entertainment.; Open‑concept living space with **oversized island and private balcony.**; Abundant natural light from a **dramatic northeast‑facing wall of windows.**
