Top-Floor Duplex-Up
For Sale
$589,000
4427 S Oakenwald Avenue Unit 4, Chicago, IL 60653
Three bedrooms, two full baths, two balconies, and garage parking define this light-filled home.
Property Size3,000 SF
Price / SF$196.33
Days on Market8
Property Features for 4427 S Oakenwald Avenue Unit 4
General Information
Standard status
Active
Size
3,000 SF
Property subtype
1/2 Duplex
Taxes and HOA fees
Annual Taxes
$5,067
Building Details
Building Size
3,000 SF
Year Built
2005
Listing Agency:
Coldwell Banker Realty
Listed By:
Paulette Edwards · License #471011238
(773) 837-0383
Source:
Dawnmckennagroup
Added: Sep 25
Changed: Sep 29
Last Checked: Oct 1 at 7:33PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 3,000-square-foot, top-floor duplex-up residence in a Greystone building was constructed in 2005. Its current layout includes three bedrooms, two full bathrooms, and three large living or entertaining areas; one of those rooms could also serve as a fourth bedroom, office, or media room. Skylights and oversized windows bring natural light into the home. The kitchen has 42-inch cherry cabinets, granite counters, a large island, and JennAir appliances. Two private balconies and one-car garage parking are included, with views toward the Chicago skyline and DuSable Lake Shore Drive.
The property is in North Kenwood, with Downtown Chicago, the lakefront, universities, McCormick Place, the Museum of Science and Industry, and Shedd Aquarium described as minutes away.
The property is in North Kenwood, with Downtown Chicago, the lakefront, universities, McCormick Place, the Museum of Science and Industry, and Shedd Aquarium described as minutes away.
Key Highlights
- 3,000‑square‑foot top‑floor duplex‑up residence
- Current layout has 3 bedrooms, 2 full baths, and 3 living or entertaining areas
- One living area can be used as a fourth bedroom, office, or media room
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
$45,987
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
7.81%
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%
$919,740
$919.7K
Cap Rate 7%
$656,957
$657.0K
Cap Rate 9%
$510,967
$511.0K
Market Conditions
NOI Build-Up for 3,000 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
$88.2K $29.40/SF
− Vacancy
−$4.6K −$1.53/SF
EGI
$83.6K $27.87/SF
− OpEx
−$37.6K −$12.54/SF
NOI
$46.0K $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%
$919,740
Cap Rate 7%
$656,957
Cap Rate 9%
$510,967
Alternative Uses
Best Use
Apartment 5plus
$657.0K
$574.8K – $766.5K
NOI $45,987 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 16.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three bedrooms, two full baths, two balconies, and garage parking define this light-filled home.
Where is this residential income property located?
The property is located at 4427 S Oakenwald Avenue Unit 4 Chicago, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 3,000‑square‑foot top‑floor duplex‑up residence; Current layout has 3 bedrooms, 2 full baths, and 3 living or entertaining areas; One living area can be used as a fourth bedroom, office, or media room
