East Lakeview Condo with Lake
For Sale
$186,000
555 W Cornelia Avenue #1706, Chicago, IL 60657
Bright one-bedroom condo in East Lakeview with amenities and views.
Property Size720 SF
Days on Market387
Property Features for 555 W Cornelia Avenue #1706
General Information
Standard status
Active
Size
720 SF
Property subtype
Condominium
Amenities
Radiator(s)
Wall Unit(s)
Deck
Building Details
Building Size
720 SF
Year Built
1961
Listing Agency:
eXp Realty
(630) 303-2179
Listed By:
Javier Andujar
(630) 303-2179
Source:
Kw
Added: Aug 2, 2025
Changed: Aug 8
Last Checked: Aug 22 at 1:01PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located in the heart of East Lakeview, this high-floor condominium features one bedroom and one bathroom. The unit is characterized by wall-to-wall windows in both the living room and bedroom, providing views. The kitchen includes stainless steel appliances and a breakfast bar. Closet space is available throughout the unit. The building offers a range of amenities, including an outdoor pool and sundeck, a common hospitality room, bike room, storage room, laundry room, and on-site maintenance. Leased parking is available for residents on a monthly or annual basis, with hourly or daily options for guests. The association covers heat, AC, water, garbage, snow removal, and lawn care. The property is situated near Lake Michigan, Wrigley Field, a dog park, tennis courts, and a bike path, with convenient access to shopping and dining options.
Key Highlights
- Prime East Lakeview location, steps from Lake Michigan, Wrigley Field, and other amenities.
- High‑floor unit with FANTASTIC VIEWS from wall‑to‑wall windows in living room and bedroom.
- $5,000 remodeling credit offered by the seller.
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
$11,037
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
5.93%
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%
$220,740
$220.7K
Cap Rate 7%
$157,671
$157.7K
Cap Rate 9%
$122,633
$122.6K
Market Conditions
NOI Build-Up for 720 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
$21.2K $29.40/SF
− Vacancy
−$1.1K −$1.53/SF
EGI
$20.1K $27.87/SF
− OpEx
−$9.0K −$12.54/SF
NOI
$11.0K $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%
$220,740
Cap Rate 7%
$157,671
Cap Rate 9%
$122,633
Alternative Uses
Best Use
Apartment 5plus
$157.7K
$138.0K – $184.0K
NOI $11,037 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$339.5K
$297.0K – $396.1K
NOI $23,763 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,924
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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 - Bright one-bedroom condo in East Lakeview with amenities and views.
Where is this apartment building located?
The property is located at 555 W Cornelia Avenue #1706 Chicago, IL.
What is the asking price?
The asking price for this property is $186,000.
What are key features of this property?
This property features: Prime East Lakeview location, steps from Lake Michigan, Wrigley Field, and other amenities.; High‑floor unit with FANTASTIC VIEWS from wall‑to‑wall windows in living room and bedroom.; $5,000 remodeling credit offered by the seller.
