Duplex-Down Residential Income
New
For Sale
$835,000
3233 N Racine Avenue Unit 1, Chicago, IL 60657
Well-maintained home with remodeled finishes, private outdoor areas, garage parking, and extensive storage throughout.
Property Size2,300 SF
Price / SF$363.04
Days on Market5
Property Features for 3233 N Racine Avenue Unit 1
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
1
Property subtype
Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,362
Amenities
fireplace
laundry room
private patio
deck
storage room
Building Details
Building Size
2,300 SF
Year Built
1999
Listing Agency:
Compass
(630) 697-4540
Listed By:
Elias Masud · License #475163294
Source:
Cnetproperties
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 10:53AM
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 Compass
Investment Insights
Based on property information with market context.
This 2,300 SF duplex-down residential income property, built in 1999, offers three bedrooms and 2.5 baths across a carefully maintained interior. The layout includes hardwood floors, generous room proportions, a dedicated dining area, built-ins, two fireplaces, a laundry room, and substantial storage. The kitchen features 42-inch custom cabinetry, stainless steel appliances, granite counters, a tile backsplash, breakfast bar, and pantry. The primary suite adds a walk-in closet and remodeled en suite bath with dual vanity and linen storage.
Outdoor space includes a private patio adjoining the family room and a deck connected to the primary suite. The property also includes a detached garage parking space sized for an SUV with additional storage capacity. At 3233 N Racine Avenue in Chicago’s Lakeview area, the home is near the lake, Hawthorne Park, Donahue Park, CTA transportation, restaurants, nightlife, shopping, and Nettelhorst Elementary School.
Outdoor space includes a private patio adjoining the family room and a deck connected to the primary suite. The property also includes a detached garage parking space sized for an SUV with additional storage capacity. At 3233 N Racine Avenue in Chicago’s Lakeview area, the home is near the lake, Hawthorne Park, Donahue Park, CTA transportation, restaurants, nightlife, shopping, and Nettelhorst Elementary School.
Key Highlights
- 2,300 SF duplex‑down with 3 bedrooms and 2.5 baths
- Primary suite includes a remodeled en suite bathroom and organized walk‑in closet
- Kitchen has 42‑inch custom cabinetry, stainless steel appliances, granite counters, and pantry storage
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
$35,257
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
4.22%
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%
$705,140
$705.1K
Cap Rate 7%
$503,671
$503.7K
Cap Rate 9%
$391,744
$391.7K
Market Conditions
NOI Build-Up for 2,300 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
$67.6K $29.40/SF
− Vacancy
−$3.5K −$1.53/SF
EGI
$64.1K $27.87/SF
− OpEx
−$28.8K −$12.54/SF
NOI
$35.3K $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%
$705,140
Cap Rate 7%
$503,671
Cap Rate 9%
$391,744
Alternative Uses
Best Use
Apartment 5plus
$503.7K
$440.7K – $587.6K
NOI $35,257 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$948.9K – $1.27M
NOI $75,911 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
7,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained home with remodeled finishes, private outdoor areas, garage parking, and extensive storage throughout.
Where is this residential income property located?
The property is located at 3233 N Racine Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 2,300 SF duplex‑down with 3 bedrooms and 2.5 baths; Primary suite includes a remodeled en suite bathroom and organized walk‑in closet; Kitchen has 42‑inch custom cabinetry, stainless steel appliances, granite counters, and pantry storage
