Renovated Corner Residential Income
For Sale
$1,200,000
3500 N Lake Shore Drive #12C, Chicago, IL 60657
Upper-floor cooperative unit with lake views, ensuite bedrooms, upgraded finishes, and shared rooftop amenities.
Property Size3,500 SF
Price / SF$342.86
Days on Market10
Property Features for 3500 N Lake Shore Drive #12C
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR+Den
Multifamily Units
1
Amenities
rooftop deck
24-hour door staff
exercise room
extra storage
fireplace
Steam
Partial
Small Duct High Velocity
Central Air
Double Oven
Microwave
Dishwasher
High End Refrigerator
Washer
Dryer
Stainless Steel Appliance(s)
Deck
Building Details
Year Built
1926
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Carrie McCormick · License #475123706
(312) 961-4612
Source:
Kw
Added: Aug 25
Changed: Aug 30
Last Checked: Sep 1 at 12:26AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
Unit 12C is an upper-floor corner cooperative residence within a 1926 lakefront building at 3500 N Lake Shore Drive in Chicago. The 3,500-square-foot home has been renovated with new oak flooring, Pella windows, tailored millwork, high ceilings, and a working fireplace with original green marble. Its layout includes three bedrooms plus a den, with ensuite bathrooms and professionally designed closet systems. The den also has an ensuite bath and can function as an office, library, media room, or potential fourth bedroom.
The kitchen combines Plato cabinetry, quartz counters, Miele, Thermador, and Bosch appliances, a butler’s pantry with prep sink and wine fridge, and a built-in banquette. A dedicated laundry room includes a utility sink and a new 2025 Whirlpool washer and dryer. Building amenities include a rooftop deck with six grills and a pizza oven, 24-hour door staff, an exercise room, and extra storage. Secure rental parking is also available.
The kitchen combines Plato cabinetry, quartz counters, Miele, Thermador, and Bosch appliances, a butler’s pantry with prep sink and wine fridge, and a built-in banquette. A dedicated laundry room includes a utility sink and a new 2025 Whirlpool washer and dryer. Building amenities include a rooftop deck with six grills and a pizza oven, 24-hour door staff, an exercise room, and extra storage. Secure rental parking is also available.
Key Highlights
- 3,500‑square‑foot upper‑floor corner unit with lake and skyline views from every room
- Renovated interior with new oak floors, Pella windows, tailored millwork, and high ceilings
- Three‑bedroom‑plus‑den layout; all bedrooms and the den have ensuite bathrooms
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
$53,652
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
4.47%
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%
$1,073,040
$1.1M
Cap Rate 7%
$766,457
$766.5K
Cap Rate 9%
$596,133
$596.1K
Market Conditions
NOI Build-Up for 3,500 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
$102.9K $29.40/SF
− Vacancy
−$5.4K −$1.53/SF
EGI
$97.5K $27.87/SF
− OpEx
−$43.9K −$12.54/SF
NOI
$53.7K $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%
$1,073,040
Cap Rate 7%
$766,457
Cap Rate 9%
$596,133
Alternative Uses
Best Use
Apartment 5plus
$766.5K
$670.7K – $894.2K
NOI $53,652 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,517 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,924
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 - Upper-floor cooperative unit with lake views, ensuite bedrooms, upgraded finishes, and shared rooftop amenities.
Where is this residential income property located?
The property is located at 3500 N Lake Shore Drive #12C Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,500‑square‑foot upper‑floor corner unit with lake and skyline views from every room; Renovated interior with new oak floors, Pella windows, tailored millwork, and high ceilings; Three‑bedroom‑plus‑den layout; all bedrooms and the den have ensuite bathrooms
