Streeterville Condo with City
For Sale
$200,000
512 N McClurg Court #2008, Chicago, IL 60611
Condo in prime Streeterville location with city and river views.
Property Size650 SF
Price / SF$307.69
Days on Market405
Property Features for 512 N McClurg Court #2008
General Information
Standard status
Active
Size
650 SF
Property subtype
Condominium
Amenities
Central Air
Natural Gas
Range
Microwave
Dishwasher
Refrigerator
Disposal
Building Details
Building Size
650 SF
Year Built
2001
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(540) 230-5959
Listed By:
Mia Wilkinson · License #0225200297
Source:
Kw
Added: Jul 14, 2025
Changed: Aug 8
Last Checked: May 19 at 8:55PM
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 650 square foot unit features city and river views. The interior has been freshly decorated with new wood floors and new paint. The layout includes good closet space and a large kitchen. Located in the Streeterville neighborhood, the property is near Ohio Street Beach, Navy Pier, Michigan Avenue, Walgreens, dining options, and an AMC movie theater. Building amenities include a sundeck for grilling, fitness center, 24-hour door staff, party room, cleaners, and a workout room.
Key Highlights
- Prime Streeterville location: Steps to Ohio Street Beach, Navy Pier, Michigan Ave., Walgreens, dining, and AMC movie theater.
- Enjoy city and river views.
- Building amenities include a sundeck with grills, fitness center, 24‑hour door staff, party room, cleaners, and workout 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
$9,964
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
4.98%
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%
$199,280
$199.3K
Cap Rate 7%
$142,343
$142.3K
Cap Rate 9%
$110,711
$110.7K
Market Conditions
NOI Build-Up for 650 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
$19.1K $29.40/SF
− Vacancy
−$994 −$1.53/SF
EGI
$18.1K $27.87/SF
− OpEx
−$8.2K −$12.54/SF
NOI
$10.0K $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%
$199,280
Cap Rate 7%
$142,343
Cap Rate 9%
$110,711
Alternative Uses
Best Use
Apartment 5plus
$142.3K
$124.6K – $166.1K
NOI $9,964 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$306.5K
$268.2K – $357.6K
NOI $21,453 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
28,995
Businesses Nearby
Explore this area
Business Placement
Demographics for 60611, IL
38,456
Population
28,239
Households
1.4
Avg Household Size
39
Median Age
88%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
48,070
Density / Sq Mi
$124,621
Median Household Income
$92,917
Median Earnings
$2,416
Median Rent
$608,200
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?
Apartment building - Condo in prime Streeterville location with city and river views.
Where is this apartment building located?
The property is located at 512 N McClurg Court #2008 Chicago, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Prime Streeterville location: Steps to Ohio Street Beach, Navy Pier, Michigan Ave., Walgreens, dining, and AMC movie theater.; Enjoy city and river views.; Building amenities include a sundeck with grills, fitness center, 24‑hour door staff, party room, cleaners, and workout room.
