Renovated Residence with Lake
For Sale
$515,000
330 S MICHIGAN Avenue #1607, Chicago, IL 60604
East-facing 2 bed/2 bath with unobstructed lake and park views.
Property Size1,450 SF
Price / SF$355.17
Days on Market332
Property Features for 330 S MICHIGAN Avenue #1607
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Condominium
Amenities
Natural Gas
Central Air
Forced Air
Range
Microwave
Dishwasher
Refrigerator
High End Refrigerator
Washer
Dryer
Wine Refrigerator
Building Details
Building Size
1,450 SF
Year Built
1911
Listing Agency:
Coldwell Banker Realty
(630) 686-4886
Listed By:
Dawn McKenna · License #475122904
Source:
Kw
Added: Sep 25, 2025
Changed: Aug 22
Last Checked: Aug 22 at 12:59PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This renovated east-facing residence features unobstructed views of Lake Michigan, Buckingham Fountain, Millennium Park, Grant Park, and Navy Pier. The 2-bedroom, 2-bathroom home showcases thoughtful design and premium craftsmanship throughout its 1450 square feet. An elegant archway accents the foyer, leading into an open-concept layout. The spacious living room includes custom built-ins and wine storage, flowing into the dining area. The chef's kitchen is equipped with Mouser cabinetry, stone countertops, a Subzero refrigerator and wine fridge, a convection oven, and ample pantry and storage space. The primary suite offers direct lake views, a custom walk-in closet, additional custom built-ins, and a spa-like en-suite bathroom with a double vanity and large walk-in shower. The second bedroom features a floor-to-ceiling wall of Patina Mirror windows for privacy while allowing lake views. Custom closet built-ins and an updated adjacent bathroom complete the guest suite. Additional features include an in-unit washer and dryer, a storage unit on the same floor, hardwood floors, and motorized window treatments. Located in the heart of the Landmark district, the property is steps from museums, Symphony Center, public transportation, restaurants, shopping, and the lakefront. Building amenities include 24-hour door staff, an on-site engineer, and a fitness room.
Key Highlights
- Unobstructed views of Lake Michigan, Buckingham Fountain, Millennium Park, Grant Park, and Navy Pier.
- Renovated 2‑bed/2‑bath residence with premium craftsmanship and thoughtful design.
- Chef's kitchen with Mouser cabinetry, stone countertops, Subzero refrigerator and wine fridge, and convection oven.
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
$22,227
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
4.32%
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%
$444,540
$444.5K
Cap Rate 7%
$317,529
$317.5K
Cap Rate 9%
$246,967
$247.0K
Market Conditions
NOI Build-Up for 1,450 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
$42.6K $29.40/SF
− Vacancy
−$2.2K −$1.53/SF
EGI
$40.4K $27.87/SF
− OpEx
−$18.2K −$12.54/SF
NOI
$22.2K $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%
$444,540
Cap Rate 7%
$317,529
Cap Rate 9%
$246,967
Alternative Uses
Best Use
Apartment 5plus
$317.5K
$277.8K – $370.5K
NOI $22,227 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$683.7K
$598.2K – $797.6K
NOI $47,857 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20,794
Businesses Nearby
Explore this area
Business Placement
Demographics for 60604, IL
897
Population
510
Households
1.8
Avg Household Size
34
Median Age
96%
College-Educated
98%
High-School Grad
0.1 sq mi
ZIP Area
8,970
Density / Sq Mi
$77,806
Median Household Income
$54,030
Median Earnings
$2,500
Median Rent
$577,700
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?
Apartment building - East-facing 2 bed/2 bath with unobstructed lake and park views.
Where is this apartment building located?
The property is located at 330 S MICHIGAN Avenue #1607 Chicago, IL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Unobstructed views of Lake Michigan, Buckingham Fountain, Millennium Park, Grant Park, and Navy Pier.; Renovated 2‑bed/2‑bath residence with premium craftsmanship and thoughtful design.; Chef's kitchen with Mouser cabinetry, stone countertops, Subzero refrigerator and wine fridge, and convection oven.
