Renovated Jefferson Park Multi-Unit
For Sale
$542,000
5028 W Lawrence Avenue, Chicago, IL 60630
Updated 2-unit building in Jefferson Park, ideal for investors.
Property Size2,478 SF
Days on Market98
Property Features for 5028 W Lawrence Avenue
General Information
Standard status
Active
Size
2,478 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,442
Building Details
Building Size
2,478 SF
Year Built
1912
Stories
2
Units
2
Listing Agency:
Realty of America, LLC
(708) 788-1900
Listed By:
Erick Matos · License #475158420
(708) 788-1900
Source:
Birdrealtysells
Added: May 21
Changed: Aug 25
Last Checked: Aug 25 at 9:03AM
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 Realty of America, LLC
Investment Insights
Based on property information with market context.
This renovated two-unit building is located in the Jefferson Park/Mayfair neighborhood. The property is suitable for investors or owner-occupants, featuring two updated units with modern finishes. It can be used as a residential property or converted back into a commercial space. The first-floor unit includes two bedrooms and one bathroom, featuring an open living area that connects to the updated kitchen, which is equipped with appliances and counter space. The bathroom has a dual-sink vanity and a tub/shower combination. This unit offers direct access and step-free living. The second-floor unit also has two bedrooms and one bathroom, with hardwood floors, recessed lighting, built-in shelving, a decorative fireplace, and a formal dining room. The eat-in kitchen features granite countertops and stainless steel appliances. A bonus den provides flexible space. Each unit includes in-unit laundry, central heating and cooling, and access to a shared yard with a new privacy fence, gates, and parking for four cars in a two-tandem arrangement. Tenants are responsible for all utilities except water. The property is located near grocery stores, the Blue Line, Metra, and has access to the 90/94 Expressways.
Key Highlights
- Two updated units in a desirable Jefferson Park/Mayfair location, suitable for investors or owner‑occupants.
- Each unit features 2 bedrooms, 1 bathroom, and in‑unit laundry.
- First‑floor unit offers step‑free access; the second‑floor unit boasts hardwood floors, a decorative fireplace, and a bonus den.
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
$41,816
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
7.72%
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%
$836,320
$836.3K
Cap Rate 7%
$597,371
$597.4K
Cap Rate 9%
$464,622
$464.6K
Market Conditions
NOI Build-Up for 2,478 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
$74.3K $30.00/SF
− Vacancy
−$7.4K −$3.00/SF
EGI
$66.9K $27.00/SF
− OpEx
−$25.1K −$10.13/SF
NOI
$41.8K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$836,320
Cap Rate 7%
$597,371
Cap Rate 9%
$464,622
Alternative Uses
Best Use
Mixed Use
$597.4K
$522.7K – $696.9K
NOI $41,816 @ 7.0% cap · market cap 7.72%
Second Best
Multifamily LT 5
$590.1K
$516.4K – $688.5K
NOI $41,308 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,786 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,608
Businesses Nearby
Explore this area
Business Placement
Demographics for 60630, IL
54,064
Population
23,393
Households
2.3
Avg Household Size
40
Median Age
44%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
11,503
Density / Sq Mi
$97,134
Median Household Income
$54,576
Median Earnings
$1,357
Median Rent
$362,900
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 - Updated 2-unit building in Jefferson Park, ideal for investors.
Where is this duplex located?
The property is located at 5028 W Lawrence Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $542,000.
What are key features of this property?
This property features: Two updated units in a desirable Jefferson Park/Mayfair location, suitable for investors or owner‑occupants.; Each unit features 2 bedrooms, 1 bathroom, and in‑unit laundry.; First‑floor unit offers step‑free access; the second‑floor unit boasts hardwood floors, a decorative fireplace, and a bonus den.
