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    Edgewater Turnkey Two-Unit Property Title is generated by Realmo AI

    6129 N Ravenswood Ave, Chicago, IL 60660

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    For Sale
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    Fully rehabbed duplex in Edgewater, leased until 2027.

    Type:Multifamily
    Property size:
    4,000 SF
    Price / SF:
    $282/SF
    Added:
    Jan 4, 2026
    Days on Market:
    134
    Last Refresh:
    Mar 21 at 8:32 pm

    Property Features for 6129 N Ravenswood Ave

    General Information

    Standard status
    Active
    Size
    4,000 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Lawrence Dunning

    Listing agent Lawrence Dunning License #IL 475164126

    Listing office Fulton Grace

    Listing date Jan 4, 2026

    Source Crexi

    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

    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.
    • Features open‑concept living spaces, hardwood floors, high ceilings, and abundant natural light.
    • Includes versatile office spaces/dens in each unit, ideal for work‑from‑home or flexible living.
    • New mechanicals, plumbing, electrical, HVAC, windows, and roof ensure worry‑free ownership.

    Overview

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6744628
    Latitude
    41.9929463

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    FAQs

    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 $1,129,000.
    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Lawrence Dunning
    Real Estate License ID: IL 475164126
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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