Brick Duplex with Attached
New
For Sale
$439,000
3354 Madison Street, Skokie, IL 60076
The property includes an attached two-car garage and a lower-level family room with an additional bedroom.
Property Size2,200 SF
Price / SF$199.55
Days on Market5
Property Features for 3354 Madison Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
1/2 Duplex
Taxes and HOA fees
Annual Taxes
$10,998
Building Details
Building Size
2,200 SF
Year Built
1985
Listing Agency:
Mega USA Properties, Inc.
Listed By:
Adrianne Han · License #471008169
(773) 396-4833
Source:
Dawnmckennagroup
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 3:13PM
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 Mega USA Properties, Inc.
Investment Insights
Based on property information with market context.
Built in 1985, this 2,200-square-foot brick duplex has an attached two-car garage. Interior features include wood laminate flooring, a brick fireplace, and a balcony accessed through sliding glass doors. The kitchen has wood cabinetry and stainless steel appliances, while the lower level includes a family room, an additional bedroom, a flexible room, and a utility room with storage. The roof and siding were replaced in 2019, and the bathrooms have been updated.
The property is 0.2 miles from the CTA Yellow Line. Tecumseh Park, Emily Oaks Nature Center, and a bike path connecting to the North Branch Trail are nearby. Downtown Skokie shopping, dining, and grocery stores are also in the surrounding area.
The property is 0.2 miles from the CTA Yellow Line. Tecumseh Park, Emily Oaks Nature Center, and a bike path connecting to the North Branch Trail are nearby. Downtown Skokie shopping, dining, and grocery stores are also in the surrounding area.
Key Highlights
- 2,200‑square‑foot brick duplex built in 1985
- Attached two‑car garage
- Roof and siding replaced in 2019
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
$25,522
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
5.81%
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%
$510,440
$510.4K
Cap Rate 7%
$364,600
$364.6K
Cap Rate 9%
$283,578
$283.6K
Market Conditions
NOI Build-Up for 2,200 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
$49.9K $22.68/SF
− Vacancy
−$3.5K −$1.59/SF
EGI
$46.4K $21.09/SF
− OpEx
−$20.9K −$9.49/SF
NOI
$25.5K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /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%
$510,440
Cap Rate 7%
$364,600
Cap Rate 9%
$283,578
Alternative Uses
Best Use
Apartment 5plus
$364.6K
$319.0K – $425.4K
NOI $25,522 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$759.6K
$664.6K – $886.2K
NOI $53,169 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,293
Businesses Nearby
Explore this area
Business Placement
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The property includes an attached two-car garage and a lower-level family room with an additional bedroom.
Where is this residential income property located?
The property is located at 3354 Madison Street Skokie, IL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 2,200‑square‑foot brick duplex built in 1985; Attached two‑car garage; Roof and siding replaced in 2019
