Old Town Duplex with Modern
For Sale
$560,000
323 W Schiller Street #1W, Chicago, IL 60610
Spacious 3-bedroom duplex in Old Town with modern features.
Property Size2,100 SF
Price / SF$266.67
Days on Market350
Property Features for 323 W Schiller Street #1W
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Radiant Floor
Building Details
Building Size
2,100 SF
Year Built
1996
Listing Agency:
Century 21 Circle
(786) 702-2390
Listed By:
Craig Rogner · License #3347253
Source:
Kw
Added: Aug 25, 2025
Changed: Aug 8
Last Checked: Jul 16 at 5:53AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This spacious duplex down is located on a tree-lined street in Old Town. The home features 10-foot ceilings and hardwood floors throughout. The chef's kitchen includes quartz countertops and stainless steel appliances. The primary suite features a private balcony, a marble tile walk-in shower, a separate tub, and heated flooring. The property includes an in-unit washer/dryer and one parking space. The property contains 3 bedrooms and 3 bathrooms. The unit is conveniently located near the brown and purple line train, shopping, dining, and nightlife. The property size is 2100 square feet.
Key Highlights
- Prime Old Town location near transportation (brown and purple lines), shopping, dining, and nightlife.
- Spacious 3‑bedroom, 3‑bath duplex down with high (10‑foot) ceilings.
- Chef's kitchen featuring quartz countertops and stainless steel appliances.
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
$35,007
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
6.25%
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%
$700,140
$700.1K
Cap Rate 7%
$500,100
$500.1K
Cap Rate 9%
$388,967
$389.0K
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
$52.9K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$50.0K $23.81/SF
− OpEx
−$15.0K −$7.14/SF
NOI
$35.0K $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%
$700,140
Cap Rate 7%
$500,100
Cap Rate 9%
$388,967
Alternative Uses
Best Use
Multifamily LT 5
$500.1K
$437.6K – $583.5K
NOI $35,007 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$459.9K
$402.4K – $536.5K
NOI $32,191 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$990.1K
$866.4K – $1.16M
NOI $69,310 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
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 - Spacious 3-bedroom duplex in Old Town with modern features.
Where is this duplex located?
The property is located at 323 W Schiller Street #1W Chicago, IL.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Prime Old Town location near transportation (brown and purple lines), shopping, dining, and nightlife.; Spacious 3‑bedroom, 3‑bath duplex down with high (10‑foot) ceilings.; Chef's kitchen featuring quartz countertops and stainless steel appliances.
