Turn-Key Condo in Irving
For Sale
$280,500
4022 N Monticello Avenue #3N, Chicago, IL 60618
Top-floor condo with refinished floors, new appliances, and sunset views.
Property Size1,000 SF
Days on Market257
Property Features for 4022 N Monticello Avenue #3N
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Condominium
Amenities
Natural Gas
Central Air
Building Details
Building Size
1,000 SF
Year Built
1928
Listing Agency:
Compass
(312) 953-4998
Listed By:
Melanie Giglio · License #475149215
Source:
Kw
Added: Nov 26, 2025
Changed: Aug 8
Last Checked: Jul 16 at 6:51AM
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 Compass
Investment Insights
Based on property information with market context.
Located in the Irving Park neighborhood, this top-floor corner unit condo at Monticello Commons features a bright and open floor plan. The property includes two bedrooms of good size and ample closet space with an Elfa shelving system. It has recently refinished hardwood floors (2021), newer windows (2020), and newer appliances (2020). The condo also features a gas fireplace, custom blinds, and in-unit laundry. A spacious rear porch offers sunset views. Additional private storage is available in the basement. The property is close to Independence Park, Horner Park, retail, and restaurants, with convenient access to the expressway, Blue Line, and Metra. It is situated on a quiet, tree-lined side street. Easy street parking is available. Note that the owner must live in the unit for one year before being allowed to rent.
Key Highlights
- Top floor corner unit in desirable Irving Park location, close to parks, transportation, retail, and restaurants.
- Recently refinished hardwood floors (2021), newer windows (2020), and newer appliances (2020).
- Bright and open floor plan with two good sized bedrooms and ample closet space with Elfa shelving.
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
$14,486
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
5.16%
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%
$289,720
$289.7K
Cap Rate 7%
$206,943
$206.9K
Cap Rate 9%
$160,956
$161.0K
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
$28.0K $27.96/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$26.3K $26.34/SF
− OpEx
−$11.9K −$11.85/SF
NOI
$14.5K $14.49/SF
Area
ZIP 60618
Vacancy
5.80%
Lease Rate
$27.96 /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%
$289,720
Cap Rate 7%
$206,943
Cap Rate 9%
$160,956
Alternative Uses
Best Use
Apartment 5plus
$206.9K
$181.1K – $241.4K
NOI $14,486 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$436.9K
$382.3K – $509.7K
NOI $30,584 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
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 - Top-floor condo with refinished floors, new appliances, and sunset views.
Where is this apartment building located?
The property is located at 4022 N Monticello Avenue #3N Chicago, IL.
What is the asking price?
The asking price for this property is $280,500.
What are key features of this property?
This property features: Top floor corner unit in desirable Irving Park location, close to parks, transportation, retail, and restaurants.; Recently refinished hardwood floors (2021), newer windows (2020), and newer appliances (2020).; Bright and open floor plan with two good sized bedrooms and ample closet space with Elfa shelving.
