Duplex With Finished Lower
For Sale
Under Contract
$749,900
4035 N Albany Avenue, Chicago, IL 60618
Residential Income, Chicago, IL
Property Size2,712 SF
Price / SF$276.51
Days on Market76
Property Features for 4035 N Albany Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 1, Basement, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1
Parking
2
Parking features
Garage
Basement
Finished, Full
Elementary school district
299
Middle school district
299
High school district
299
Directions
From Irving Park Road, turn north on Albany Avenue to 4035 N. Albany Avenue. Property is on the east side of Albany Avenue, between Irving Park Road and Belle Plaine Avenue.
Subdivision
CHI - Irving Park
Standard status
Active Under Contract
APN
13133260070000
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10698
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Amenities
private balcony
large rear deck
covered patio
yard patio
fenced landscaped yard
Building Details
Year built
1919
Building materials
Vinyl Siding
Listing Agency:
Circle One Realty
(630) 528-2300
Listed By:
Ryan Cherney · License #471019427
(630) 862-5181
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 24 at 7:06PM
MLS# 12680714
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1919 duplex property provides approximately 2,712 sq. ft. of measured interior living space across three levels. The upper residence includes four bedrooms and two full bathrooms, while the finished lower level offers two bedrooms, one full bathroom, a kitchen, living room, dining area, laundry, and storage. A private balcony, rear deck, covered patio, additional yard patio, and fenced landscaped grounds extend the usable space outdoors.
Located on N Albany Avenue in Chicago’s 60618 area, the property is near parks, restaurants, shopping, and public transportation. Vinyl siding, natural-gas heating, public sewer service, and garage parking are included among the property features. The six-bedroom, three-bathroom configuration supports flexible residential use, subject to verification of zoning, legal use, room count, square footage, and other MLS information.
Located on N Albany Avenue in Chicago’s 60618 area, the property is near parks, restaurants, shopping, and public transportation. Vinyl siding, natural-gas heating, public sewer service, and garage parking are included among the property features. The six-bedroom, three-bathroom configuration supports flexible residential use, subject to verification of zoning, legal use, room count, square footage, and other MLS information.
Key Highlights
- Approximately 2,712 sq. ft. of measured interior living space
- Over 3,000 sq. ft. of total usable living and entertaining space including decks, balcony, and patios
- 6 bedrooms and 3 full bathrooms total
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
$43,665
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
5.82%
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%
$873,300
$873.3K
Cap Rate 7%
$623,786
$623.8K
Cap Rate 9%
$485,167
$485.2K
Market Conditions
NOI Build-Up for 2,712 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
$66.7K $24.60/SF
− Vacancy
−$4.3K −$1.60/SF
EGI
$62.4K $23.00/SF
− OpEx
−$18.7K −$6.90/SF
NOI
$43.7K $16.10/SF
Area
ZIP 60618
Vacancy
6.50%
Lease Rate
$24.60 /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%
$873,300
Cap Rate 7%
$623,786
Cap Rate 9%
$485,167
Alternative Uses
Best Use
Multifamily LT 5
$623.8K
$545.8K – $727.8K
NOI $43,665 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$561.2K
$491.1K – $654.8K
NOI $39,286 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,945 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,874
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Flexible layout combines an owner’s duplex with a finished garden-level arrangement and multiple outdoor living areas.
Where is this duplex located?
The property is located at 4035 N Albany Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Approximately 2,712 sq. ft. of measured interior living space; Over 3,000 sq. ft. of total usable living and entertaining space including decks, balcony, and patios; 6 bedrooms and 3 full bathrooms total
