Residential Income Condo
For Sale
$145,000
5320 N Sheridan Road #2110, Chicago, IL 60640
Condominium unit with galley kitchen, full bath, storage, and access to extensive resident amenities.
Property Size600 SF
Days on Market28
Property Features for 5320 N Sheridan Road #2110
General Information
Standard status
Active
Size
600 SF
Property subtype
Apartment
Building Details
Building Size
600 SF
Year Built
1984
Listing Agency:
AiHome Realty Group LLC
Listed By:
Xiaohuang Wu
(312) 508-8581
Source:
Chicago-home-listings.kw
Added: Aug 7
Changed: Aug 29
Last Checked: Sep 2 at 1:32PM
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 AiHome Realty Group LLC
Investment Insights
Based on property information with market context.
Unit #2110 is a condominium residence in the Metropolitan building at 5320 N Sheridan Road. The layout includes a galley kitchen, full bath, natural light, and dedicated storage. The property was built in 1984.
Resident amenities include 24-hour door staff, on-site management and engineering, an indoor pool, outdoor sundeck, tennis courts, fitness facilities, business center and party room, and on-site laundry. The building has no rental cap. The property is in Chicago’s Edgewater neighborhood, near the lake, public transit, shopping, and dining.
Resident amenities include 24-hour door staff, on-site management and engineering, an indoor pool, outdoor sundeck, tennis courts, fitness facilities, business center and party room, and on-site laundry. The building has no rental cap. The property is in Chicago’s Edgewater neighborhood, near the lake, public transit, shopping, and dining.
Key Highlights
- Condominium unit in the Metropolitan building at 5320 N Sheridan Road #2110
- Galley kitchen, full bath, natural light, and ample storage
- Building constructed in 1984
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
$9,197
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
6.34%
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%
$183,940
$183.9K
Cap Rate 7%
$131,386
$131.4K
Cap Rate 9%
$102,189
$102.2K
Market Conditions
NOI Build-Up for 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
$17.6K $29.40/SF
− Vacancy
−$917 −$1.53/SF
EGI
$16.7K $27.87/SF
− OpEx
−$7.5K −$12.54/SF
NOI
$9.2K $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%
$183,940
Cap Rate 7%
$131,386
Cap Rate 9%
$102,189
Alternative Uses
Best Use
Apartment 5plus
$131.4K
$115.0K – $153.3K
NOI $9,197 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.9K
$247.5K – $330.1K
NOI $19,803 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,785
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit with galley kitchen, full bath, storage, and access to extensive resident amenities.
Where is this residential income property located?
The property is located at 5320 N Sheridan Road #2110 Chicago, IL.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Condominium unit in the Metropolitan building at 5320 N Sheridan Road #2110; Galley kitchen, full bath, natural light, and ample storage; Building constructed in 1984
