Edgewater Turnkey Two-Unit
For Sale
Contact for pricing
Pending
6129 N Ravenswood Ave, Chicago, IL 60660
Fully rehabbed duplex in Edgewater, leased until 2027.
Property Size4,000 SF
Days on Market229
Property Features for 6129 N Ravenswood Ave
General Information
Standard status
Pending
Size
4,000 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$71,462
Building Details
Year Renovated
2025
Buildings
1
Stories
4
Units
2
Listing Agency:
Fulton Grace
(773) 799-8042
Listed By:
Lawrence Dunning · License #IL 475164126
Source:
Crexi
Added: Jan 4
Changed: Aug 8
Last Checked: Aug 21 at 5:26PM
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 Fulton Grace
Investment Insights
Based on property information with market context.
This fully renovated two-unit property is located in Edgewater and features two duplex units. Both units are leased until the summer of 2027, making it suitable for investors seeking a turnkey asset. Each unit includes open-concept living spaces, hardwood floors, high ceilings, and natural light. Versatile office spaces and dens accommodate work-from-home needs or provide additional living space. The kitchens are equipped with quartz countertops, stainless steel appliances, and custom cabinetry. Modern bathrooms complement the home's aesthetic. The lower level offers flexible space for a family room, home offices, or guest suites. The renovation encompasses new mechanicals, plumbing, electrical, HVAC, windows, and roof. A large two-car garage includes a bonus space suitable for a studio or storage. A patio area provides outdoor living and entertaining possibilities. The property is located near the Peterson/Ridge Metra station, offering access to downtown and the lake, and is within walking distance of Andersonville's shops, dining, and nightlife. The property size is 4000 square feet.
Key Highlights
- Turnkey, fully rehabbed two‑unit property in Edgewater.
- Both units are leased until the summer of 2027, providing immediate rental income.
- Located steps from the Peterson/Ridge Metra station, offering easy access to downtown and the lake.
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
$66,679
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
6.07%
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%
$1,333,580
$1.3M
Cap Rate 7%
$952,557
$952.6K
Cap Rate 9%
$740,878
$740.9K
Market Conditions
NOI Build-Up for 4,000 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
$100.8K $25.20/SF
− Vacancy
−$5.5K −$1.39/SF
EGI
$95.3K $23.81/SF
− OpEx
−$28.6K −$7.14/SF
NOI
$66.7K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,333,580
Cap Rate 7%
$952,557
Cap Rate 9%
$740,878
Alternative Uses
Best Use
Multifamily LT 5
$952.6K
$833.5K – $1.11M
NOI $66,679 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$876.0K
$766.5K – $1.02M
NOI $61,317 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,019 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 60660, IL
42,534
Population
23,508
Households
1.8
Avg Household Size
38
Median Age
57%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
32,718
Density / Sq Mi
$66,206
Median Household Income
$46,871
Median Earnings
$1,286
Median Rent
$287,500
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?
Duplex - Fully rehabbed duplex in Edgewater, leased until 2027.
Where is this duplex located?
The property is located at 6129 N Ravenswood Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Turnkey, fully rehabbed two‑unit property in Edgewater.; Both units are leased until the summer of 2027, providing immediate rental income.; Located steps from the Peterson/Ridge Metra station, offering easy access to downtown and the lake.
