High-Rise Residential Income
For Sale
$155,000
5320 N Sheridan Road #310, Chicago, IL 60640
Studio condominium with an open living area, updated community amenities, and access to nearby shopping and public transportation.
Property Size595 SF
Days on Market31
Property Features for 5320 N Sheridan Road #310
General Information
Standard status
Active
Size
595 SF
Property subtype
Apartment
Building Details
Building Size
595 SF
Year Built
1984
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
David Duncan · License #475180823
(312) 217-5421
Source:
Chicago-home-listings.kw
Added: Aug 4
Changed: Aug 29
Last Checked: Sep 2 at 1:28PM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This residential income property is a studio condominium within The Metropolitan, a high-rise community built in 1984. The interior includes a kitchen with substantial cabinet and counter space, along with an open arrangement connecting the living and dining areas.
Community features include 24-hour door-to-door security, basic cable with premium channels, an Amazon package hub, and a 24-hour laundry room with updated washers and dryers. Residents also have access to a fitness center with LifeFitness equipment and free weights, an indoor heated pool, two lighted tennis courts, a sundeck and patio area, a ground-level patio yard with grills and picnic tables, and a grassy outdoor area.
The property is located near Mariano’s, Jewel, CVS, Starbucks, Burkes Public House, and Big Chicks/Tweet. CTA bus routes 147, 151, and 92 are nearby, along with the Red Line Berwyn stop.
Community features include 24-hour door-to-door security, basic cable with premium channels, an Amazon package hub, and a 24-hour laundry room with updated washers and dryers. Residents also have access to a fitness center with LifeFitness equipment and free weights, an indoor heated pool, two lighted tennis courts, a sundeck and patio area, a ground-level patio yard with grills and picnic tables, and a grassy outdoor area.
The property is located near Mariano’s, Jewel, CVS, Starbucks, Burkes Public House, and Big Chicks/Tweet. CTA bus routes 147, 151, and 92 are nearby, along with the Red Line Berwyn stop.
Key Highlights
- Studio condominium at The Metropolitan, a high‑rise community built in 1984
- Kitchen with ample cabinetry and counter space plus an open living and dining layout
- Community amenities include an indoor heated pool, fitness center, and two lighted tennis courts
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
$9,121
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
5.88%
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%
$182,420
$182.4K
Cap Rate 7%
$130,300
$130.3K
Cap Rate 9%
$101,344
$101.3K
Market Conditions
NOI Build-Up for 595 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
$17.5K $29.40/SF
− Vacancy
−$910 −$1.53/SF
EGI
$16.6K $27.87/SF
− OpEx
−$7.5K −$12.54/SF
NOI
$9.1K $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%
$182,420
Cap Rate 7%
$130,300
Cap Rate 9%
$101,344
Alternative Uses
Best Use
Apartment 5plus
$130.3K
$114.0K – $152.0K
NOI $9,121 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$280.5K
$245.5K – $327.3K
NOI $19,638 @ 7.0% cap · market cap 12.67%
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 - Studio condominium with an open living area, updated community amenities, and access to nearby shopping and public transportation.
Where is this residential income property located?
The property is located at 5320 N Sheridan Road #310 Chicago, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Studio condominium at The Metropolitan, a high‑rise community built in 1984; Kitchen with ample cabinetry and counter space plus an open living and dining layout; Community amenities include an indoor heated pool, fitness center, and two lighted tennis courts
