Updated Condo with City
For Sale
$347,000
3420 N Lake Shore Drive #14LM, Chicago, IL 60657
Updated condo with city views, storage, and prime location.
Property Size1,000 SF
Days on Market265
Property Features for 3420 N Lake Shore Drive #14LM
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Condominium
Amenities
Wall Unit(s)
Steam
Range
Microwave
Dishwasher
Refrigerator
Wine Refrigerator
Water Front
Building Details
Building Size
1,000 SF
Listing Agency:
Fulton Grace Realty
Listed By:
Margaret McMillin
Source:
Kw
Added: Dec 2, 2025
Changed: Aug 14
Last Checked: Aug 23 at 12:49PM
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 Fulton Grace Realty
Investment Insights
Based on property information with market context.
This updated 14th-floor condo offers space, style, and convenience with a full wall of west-facing windows providing sunset views of the city and Wrigleyville. The open-concept living room features a custom built-in entertainment center with an electric fireplace, mounted TV, and a large walk-in closet. The updated kitchen includes modern finishes, an oversized peninsula, stainless steel appliances, and a new wine fridge. The split-bedroom layout provides separation, suitable for working from home, while two refreshed full bathrooms and new window A/C units enhance comfort. The building offers a rooftop deck with lake views, a fitness room, 24-hour door staff, on-site laundry, and heated garage parking included in the price. The property is located steps from the lakefront, transit, dining, and Wrigleyville.
Key Highlights
- Stunning lake views and west‑facing exposure for sunsets.
- Prime location: Steps to the lakefront, transit, dining, and Wrigleyville.
- Full‑amenity building: Enjoy the rooftop deck with lake views, fitness room, 24‑hour door staff, on‑site laundry, and heated garage parking included.
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
$15,329
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
4.42%
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%
$306,580
$306.6K
Cap Rate 7%
$218,986
$219.0K
Cap Rate 9%
$170,322
$170.3K
Market Conditions
NOI Build-Up for 1,000 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
$29.4K $29.40/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$27.9K $27.87/SF
− OpEx
−$12.5K −$12.54/SF
NOI
$15.3K $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%
$306,580
Cap Rate 7%
$218,986
Cap Rate 9%
$170,322
Alternative Uses
Best Use
Apartment 5plus
$219.0K
$191.6K – $255.5K
NOI $15,329 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$471.5K
$412.6K – $550.1K
NOI $33,005 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,720
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
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 - Updated condo with city views, storage, and prime location.
Where is this apartment building located?
The property is located at 3420 N Lake Shore Drive #14LM Chicago, IL.
What is the asking price?
The asking price for this property is $347,000.
What are key features of this property?
This property features: Stunning lake views and west‑facing exposure for sunsets.; Prime location: Steps to the lakefront, transit, dining, and Wrigleyville.; Full‑amenity building: Enjoy the rooftop deck with lake views, fitness room, 24‑hour door staff, on‑site laundry, and heated garage parking included.
