Vintage Residential Income
For Sale
$200,000
Pending
5515 N winthrop Avenue #2A, Chicago, IL 60640
One-bedroom co-op with hardwood floors, tall ceilings, and a separate dining room.
Property Size900 SF
Days on Market49
Property Features for 5515 N winthrop Avenue #2A
General Information
Standard status
Pending
Size
900 SF
Property subtype
Apartment
Building Details
Building Size
900 SF
Year Built
1920
Listing Agency:
Real Broker LLC
Listed By:
Stefanie Ridolfo · License #475165163
(630) 200-2120
Source:
Chicago-home-listings.kw
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 8 at 3:34AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This 1-bedroom, 1-bath co-op occupies approximately 900 square feet in a 1920 vintage building. The residence features hardwood flooring, tall ceilings, original architectural details, and a bright living room connected to a separate dining area. French doors open to a flexible den suited to office use. The kitchen includes wood cabinetry and a walk-in pantry, while the rear porch adds outdoor space. Dedicated storage and coin-operated laundry are located near the back stairway.
The gated property includes a landscaped courtyard, fenced yard, mature trees, and exterior lighting. Monthly assessments cover property taxes, heat, water, scavenger service, snow removal, landscaping, and common insurance. The building’s maintenance staff also transfers residents’ trash to the collection area twice weekly. The property is located near restaurants, shopping, parks, lakefront beaches, and public transportation, and is being sold AS IS.
The gated property includes a landscaped courtyard, fenced yard, mature trees, and exterior lighting. Monthly assessments cover property taxes, heat, water, scavenger service, snow removal, landscaping, and common insurance. The building’s maintenance staff also transfers residents’ trash to the collection area twice weekly. The property is located near restaurants, shopping, parks, lakefront beaches, and public transportation, and is being sold AS IS.
Key Highlights
- Approximately 900 square feet with 1 bedroom and 1 bath
- 1920 vintage building with gated entry and landscaped courtyard
- Hardwood floors, tall ceilings, and original architectural details
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
$13,796
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
6.90%
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%
$275,920
$275.9K
Cap Rate 7%
$197,086
$197.1K
Cap Rate 9%
$153,289
$153.3K
Market Conditions
NOI Build-Up for 900 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
$26.5K $29.40/SF
− Vacancy
−$1.4K −$1.53/SF
EGI
$25.1K $27.87/SF
− OpEx
−$11.3K −$12.54/SF
NOI
$13.8K $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%
$275,920
Cap Rate 7%
$197,086
Cap Rate 9%
$153,289
Alternative Uses
Best Use
Apartment 5plus
$197.1K
$172.5K – $229.9K
NOI $13,796 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$424.3K
$371.3K – $495.1K
NOI $29,704 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,634
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 - One-bedroom co-op with hardwood floors, tall ceilings, and a separate dining room.
Where is this residential income property located?
The property is located at 5515 N winthrop Avenue #2A 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: Approximately 900 square feet with 1 bedroom and 1 bath; 1920 vintage building with gated entry and landscaped courtyard; Hardwood floors, tall ceilings, and original architectural details
