Turnkey Two-Flat Residential
For Sale
$470,000
4904 W 31st Street, Cicero, IL 60804
Two renovated three-bedroom units with new systems and a detached two-car garage, set within a four-level interior.
Property Size3,600 SF
Price / SF$130.56
Days on Market139
Property Features for 4904 W 31st Street
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
Natural Gas
Forced Air
Asphalt
Building Details
Year Built
1908
Year Renovated
2025
Stories
4
Listing Agency:
Coldwell Banker Realty
Listed By:
Irma Mejia · License #475128899
(312) 671-1480
Source:
Kw
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 8 at 10:57AM
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 turnkey two-flat has been meticulously transformed with a comprehensive 2025 gut rehab, creating approximately 3,600 square feet across four finished levels. The building offers two expansive three-bedroom residences, including an upper unit that duplexes into a light-filled attic retreat. Interiors feature new hardwood flooring, cathedral ceilings, and updated kitchens with new appliances.
The property includes brand-new electrical, plumbing, and high-efficiency HVAC with central air. A new flood control system and drain tile are included for the basement. Exterior updates feature fresh vinyl siding and energy-efficient windows, supporting a maintained, “like-new” presentation.
A detached two-car garage is included, and the building is described as being near local parks and community amenities.
The property includes brand-new electrical, plumbing, and high-efficiency HVAC with central air. A new flood control system and drain tile are included for the basement. Exterior updates feature fresh vinyl siding and energy-efficient windows, supporting a maintained, “like-new” presentation.
A detached two-car garage is included, and the building is described as being near local parks and community amenities.
Key Highlights
- 2025 gut rehab creating approximately 3,600 SF across four finished levels in a Cicero two‑flat
- Two expansive 3‑bedroom residences, including an upper unit with duplex layout into a light‑filled attic retreat
- New electrical, plumbing, and high‑efficiency HVAC with central air for maintenance‑free living
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
$41,763
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
8.89%
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%
$835,260
$835.3K
Cap Rate 7%
$596,614
$596.6K
Cap Rate 9%
$464,033
$464.0K
Market Conditions
NOI Build-Up for 3,600 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
$81.6K $22.68/SF
− Vacancy
−$5.7K −$1.59/SF
EGI
$75.9K $21.09/SF
− OpEx
−$34.2K −$9.49/SF
NOI
$41.8K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /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%
$835,260
Cap Rate 7%
$596,614
Cap Rate 9%
$464,033
Alternative Uses
Best Use
Multifamily LT 5
$667.3K
$583.9K – $778.6K
NOI $46,713 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$596.6K
$522.0K – $696.1K
NOI $41,763 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,004 @ 7.0% cap · market cap 18.51%
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
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 60804, IL
85,673
Population
26,738
Households
3.2
Avg Household Size
32
Median Age
11%
College-Educated
68%
High-School Grad
7.1 sq mi
ZIP Area
12,067
Density / Sq Mi
$68,548
Median Household Income
$36,786
Median Earnings
$1,121
Median Rent
$236,000
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?
Duplex - Two renovated three-bedroom units with new systems and a detached two-car garage, set within a four-level interior.
Where is this duplex located?
The property is located at 4904 W 31st Street Cicero, IL.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: 2025 gut rehab creating approximately 3,600 SF across four finished levels in a Cicero two‑flat; Two expansive 3‑bedroom residences, including an upper unit with duplex layout into a light‑filled attic retreat; New electrical, plumbing, and high‑efficiency HVAC with central air for maintenance‑free living
