Duplex-Down Residential Income
New
For Sale
$1,000,000
Pending
3824 N GREENVIEW Avenue Unit 1, Chicago, IL 60613
Updated kitchen, multiple outdoor areas, garage parking, and a flexible bedroom currently used as an office.
Property Size2,800 SF
Days on Market6
Property Features for 3824 N GREENVIEW Avenue Unit 1
General Information
Standard status
Pending
Size
2,800 SF
Total Parking Spaces
1
Property subtype
1/2 Duplex,Condo
Taxes and HOA fees
Annual Taxes
$13,115
Building Details
Building Size
2,800 SF
Year Built
2000
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Emily Sachs Wong
(312) 286-0800
Source:
Cnetproperties
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 13 at 12:27PM
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.
Located at 3824 N Greenview Avenue Unit 1 in Chicago’s Southport Corridor, this residential income property offers approximately 2,800 square feet across a duplex-down layout. The main level features an open kitchen with white cabinetry, quartz surfaces, KitchenAid appliances, a large island, breakfast area, walk-in pantry, separate dining room, living room, hardwood floors, and direct access to a rear deck. One bedroom is currently arranged as a home office.
The lower level adds a two-story family room with approximately 20-foot ceilings and a fireplace, along with three bedrooms. The primary suite includes two closets, an ensuite bathroom with dual vanity, separate shower, and soaking tub, plus access to a walk-out patio. Two additional bedrooms share a full bathroom. A shared landscaped backyard and one garage space provide additional outdoor and parking amenities.
Improvements include new kitchen appliances, an air-conditioning condenser, washer and dryer, a renovated powder room, and replacement windows. Blaine Elementary is about a 2-minute walk away, Juniper Park is about 5 minutes away, and the heart of Southport is less than a 10-minute walk.
The lower level adds a two-story family room with approximately 20-foot ceilings and a fireplace, along with three bedrooms. The primary suite includes two closets, an ensuite bathroom with dual vanity, separate shower, and soaking tub, plus access to a walk-out patio. Two additional bedrooms share a full bathroom. A shared landscaped backyard and one garage space provide additional outdoor and parking amenities.
Improvements include new kitchen appliances, an air-conditioning condenser, washer and dryer, a renovated powder room, and replacement windows. Blaine Elementary is about a 2-minute walk away, Juniper Park is about 5 minutes away, and the heart of Southport is less than a 10-minute walk.
Key Highlights
- Approximately 2,800 square feet in a duplex‑down layout
- Two‑story family room with approximately 20‑foot ceilings and fireplace
- Updated kitchen with quartz countertops, KitchenAid appliances, island, and walk‑in pantry
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
$42,922
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
4.29%
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%
$858,440
$858.4K
Cap Rate 7%
$613,171
$613.2K
Cap Rate 9%
$476,911
$476.9K
Market Conditions
NOI Build-Up for 2,800 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
$82.3K $29.40/SF
− Vacancy
−$4.3K −$1.53/SF
EGI
$78.0K $27.87/SF
− OpEx
−$35.1K −$12.54/SF
NOI
$42.9K $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%
$858,440
Cap Rate 7%
$613,171
Cap Rate 9%
$476,911
Alternative Uses
Best Use
Apartment 5plus
$613.2K
$536.5K – $715.4K
NOI $42,922 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,413 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,886
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen, multiple outdoor areas, garage parking, and a flexible bedroom currently used as an office.
Where is this residential income property located?
The property is located at 3824 N GREENVIEW Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approximately 2,800 square feet in a duplex‑down layout; Two‑story family room with approximately 20‑foot ceilings and fireplace; Updated kitchen with quartz countertops, KitchenAid appliances, island, and walk‑in pantry
