Penthouse Residential Income
For Sale
$1,299,900
550 N Kingsbury Street Unit 610, Chicago, IL 60654
Duplex loft residence offers four bedrooms, three baths, high-end updates, outdoor space, and extensive storage.
Property Size2,450 SF
Price / SF$530.57
Days on Market25
Property Features for 550 N Kingsbury Street Unit 610
General Information
Standard status
Active
Size
2,450 SF
Total Parking Spaces
2
Property subtype
Condo-Duplex,Penthouse
Units
Unit Mix
1 x 4BR/3BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,124
Amenities
door staff
fitness center
bike storage
on site management
rotating art gallery
on-site cleaners
rooftop deck
Building Details
Building Size
2,450 SF
Year Built
1920
Listing Agency:
@properties Christie's International Real Estate
Listed By:
Kaylin Goldstein
(312) 506-0200
Source:
Harkinsandassociates
Added: Sep 8
Changed: Sep 20
Last Checked: Oct 1 at 6:58PM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This 2,450-square-foot penthouse duplex loft combines an open living and dining area with timber ceilings, expansive windows, hardwood floors, and a gas fireplace. The kitchen includes granite countertops, stainless steel appliances, espresso cabinetry, and a full-size walk-in pantry. The main level also features a balcony, primary suite with dual vanities and two walk-in closets, a second bedroom, full bath, and in-unit laundry with a separate utility room.
An upper-level addition completed approximately five years ago provides two large bedrooms, a dedicated office, and an updated bathroom with dual vanities and quartz countertops. A rooftop deck offers city skyline views. Additional features include an oversized storage room on the same floor with electrical service and two parking spaces available for purchase, which must be sold with the unit.
The 1920 building includes door staff, a fitness center, bike storage, on-site management, a lobby art gallery, and on-site cleaners. The property is near restaurants, East Bank Club, the riverwalk, parks, and public transit.
An upper-level addition completed approximately five years ago provides two large bedrooms, a dedicated office, and an updated bathroom with dual vanities and quartz countertops. A rooftop deck offers city skyline views. Additional features include an oversized storage room on the same floor with electrical service and two parking spaces available for purchase, which must be sold with the unit.
The 1920 building includes door staff, a fitness center, bike storage, on-site management, a lobby art gallery, and on-site cleaners. The property is near restaurants, East Bank Club, the riverwalk, parks, and public transit.
Key Highlights
- 2,450‑square‑foot penthouse duplex loft with 4 bedrooms and 3 baths
- Main level includes open living and dining areas, timber ceilings, expansive windows, and a gas fireplace
- Kitchen features granite countertops, stainless steel appliances, espresso cabinetry, and a full‑size walk‑in pantry
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
$37,556
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
2.89%
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%
$751,120
$751.1K
Cap Rate 7%
$536,514
$536.5K
Cap Rate 9%
$417,289
$417.3K
Market Conditions
NOI Build-Up for 2,450 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
$72.0K $29.40/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$68.3K $27.87/SF
− OpEx
−$30.7K −$12.54/SF
NOI
$37.6K $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%
$751,120
Cap Rate 7%
$536,514
Cap Rate 9%
$417,289
Alternative Uses
Best Use
Apartment 5plus
$536.5K
$469.5K – $625.9K
NOI $37,556 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,862 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
16,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Duplex loft residence offers four bedrooms, three baths, high-end updates, outdoor space, and extensive storage.
Where is this residential income property located?
The property is located at 550 N Kingsbury Street Unit 610 Chicago, IL.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: 2,450‑square‑foot penthouse duplex loft with 4 bedrooms and 3 baths; Main level includes open living and dining areas, timber ceilings, expansive windows, and a gas fireplace; Kitchen features granite countertops, stainless steel appliances, espresso cabinetry, and a full‑size walk‑in pantry
