River North High-Rise
For Sale
$341,500
400 N La Salle Drive #2908, Chicago, IL 60610
Spacious 1-bedroom unit with sunset views and premium amenities.
Property Size837 SF
Days on Market366
Property Features for 400 N La Salle Drive #2908
General Information
Standard status
Active
Size
837 SF
Property subtype
Condominium
Amenities
Electric
Central Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Deck
Building Details
Building Size
837 SF
Year Built
2003
Listing Agency:
Americorp
(708) 250-2696
Listed By:
Matt Laricy · License #471003711
Source:
Kw
Added: Aug 23, 2025
Changed: Aug 11
Last Checked: Aug 23 at 1:07PM
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 Americorp
Investment Insights
Based on property information with market context.
Located in a premier River North building, this spacious 1-bedroom, 1-bathroom high-floor unit faces west. The unit features a kitchen with a pass-through breakfast bar, hardwood floors, in-unit washer/dryer, a large balcony, and closets/storage. The bedroom can accommodate a king bed and includes space for a home office. Additional storage is included. Parking is available for lease in the building. The full-service building offers 24-hour door staff, dry cleaners, a landscaped terrace with BBQ and a pool, a fitness center, and a party room. The location is within walking distance to restaurants, shops, parks, and public transportation. The building is pet-friendly and investor-friendly, with no rental cap. The unit is suitable as a home or investment.
Key Highlights
- Unbeatable River North location: Walkable to top restaurants, shops, parks, and public transportation.
- West‑facing, high‑floor unit with LARGE BALCONY and exceptional sunset views (rare '08 Tier').
- Full‑service building: 24‑hour door staff, pool, fitness center, landscaped terrace with BBQ, party room, and dry cleaners.
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
$13,953
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
4.09%
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%
$279,060
$279.1K
Cap Rate 7%
$199,329
$199.3K
Cap Rate 9%
$155,033
$155.0K
Market Conditions
NOI Build-Up for 837 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
$21.1K $25.20/SF
− Vacancy
−$1.2K −$1.39/SF
EGI
$19.9K $23.81/SF
− OpEx
−$6.0K −$7.14/SF
NOI
$14.0K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$279,060
Cap Rate 7%
$199,329
Cap Rate 9%
$155,033
Alternative Uses
Best Use
Multifamily LT 5
$199.3K
$174.4K – $232.6K
NOI $13,953 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$183.3K
$160.4K – $213.9K
NOI $12,831 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$394.6K
$345.3K – $460.4K
NOI $27,625 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35,831
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
High-rise multifamily apartment - Spacious 1-bedroom unit with sunset views and premium amenities.
Where is this high-rise multifamily apartment located?
The property is located at 400 N La Salle Drive #2908 Chicago, IL.
What is the asking price?
The asking price for this property is $341,500.
What are key features of this property?
This property features: Unbeatable River North location: Walkable to top restaurants, shops, parks, and public transportation.; West‑facing, high‑floor unit with LARGE BALCONY and exceptional sunset views (rare '08 Tier').; Full‑service building: 24‑hour door staff, pool, fitness center, landscaped terrace with BBQ, party room, and dry cleaners.
