Two-Level Residential Income
For Sale
$699,900
Pending
508 W Grant Place Unit 102, Chicago, IL 60614
Updated residence with dual living levels, upgraded kitchen finishes, private laundry, and access to a shared rooftop deck.
Property Size1,800 SF
Days on Market12
Property Features for 508 W Grant Place Unit 102
General Information
Standard status
Pending
Size
1,800 SF
Property subtype
Condo,Condo-Duplex
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,370
Amenities
roof top deck
in-unit washer/dryer
fireplace
Building Details
Building Size
1,800 SF
Year Built
1891
Construction
Graystone
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(312) 642-1400
Listed By:
Beverly Fishman
Source:
Dawnmckennagroup
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 19 at 2:21PM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
This two-level residential income property features a bright living room with high ceilings, hardwood flooring, south-facing windows, plantation shutters, and a fireplace. The formal dining room connects to a renovated kitchen equipped with granite countertops, stainless steel appliances, a slate backsplash, custom cabinetry, a pantry, built-in desk area, and island seating. The home also includes a powder room, in-unit washer and dryer, family room, two full bathrooms, walk-in closets, and a primary suite with double vanities, built-in storage, and an oversized marble shower. New carpeting has been installed on the bedroom level, while hardwood flooring continues through the living and dining areas.
Residents have access to common storage, under-stair storage, and a shared rooftop deck with panoramic downtown Chicago skyline views. The property is near the Zoo, Oz Park, the lakefront, restaurants, nightlife, public transportation, and Lincoln Park schools. Permit street parking is available in front of the building.
Residents have access to common storage, under-stair storage, and a shared rooftop deck with panoramic downtown Chicago skyline views. The property is near the Zoo, Oz Park, the lakefront, restaurants, nightlife, public transportation, and Lincoln Park schools. Permit street parking is available in front of the building.
Key Highlights
- Two‑level layout with living, dining, kitchen, family room, bedrooms, and 2 full bathrooms
- Kitchen with granite counters, stainless appliances, slate backsplash, island, pantry, and built‑in desk
- Primary bath includes double vanities, built‑in storage, and oversized walk‑in marble shower
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
$27,592
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
3.94%
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%
$551,840
$551.8K
Cap Rate 7%
$394,171
$394.2K
Cap Rate 9%
$306,578
$306.6K
Market Conditions
NOI Build-Up for 1,800 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
$52.9K $29.40/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$50.2K $27.87/SF
− OpEx
−$22.6K −$12.54/SF
NOI
$27.6K $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%
$551,840
Cap Rate 7%
$394,171
Cap Rate 9%
$306,578
Alternative Uses
Best Use
Apartment 5plus
$394.2K
$344.9K – $459.9K
NOI $27,592 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,839
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated residence with dual living levels, upgraded kitchen finishes, private laundry, and access to a shared rooftop deck.
Where is this residential income property located?
The property is located at 508 W Grant Place Unit 102 Chicago, IL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two‑level layout with living, dining, kitchen, family room, bedrooms, and 2 full bathrooms; Kitchen with granite counters, stainless appliances, slate backsplash, island, pantry, and built‑in desk; Primary bath includes double vanities, built‑in storage, and oversized walk‑in marble shower
