Well-Maintained Brick
For Sale
$615,000
6136 N Talman Avenue Chicago, Chicago, IL 60659
Brick duplex with two 2+ bedroom units, private rear balconies, and recent kitchen and bath updates.
Property Size2,622 SF
Price / SF$234.55
Days on Market36
Property Features for 6136 N Talman Avenue Chicago
General Information
Standard status
Active
Size
2,622 SF
Total Parking Spaces
4
Property subtype
Two to Four Units
Zoning
MULTI
Occupancy
100%
Net Operating Income
$34,989
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,584
Amenities
Unfinished,Full
Den
2
4
Lake Michigan,Public
33 X 124
0.1
No
Multiple Water Heaters
Assigned,Off Alley,Alley Access,Yes,Owned
Balcony
Brick/Mortar,Concrete Perimeter
Building Details
Year Built
1956
Year Renovated
2021
Stories
2
Tenancy
Multi
Listing Agency:
Century 21 Circle
(847) 558-6808
Listed By:
Krystel Gonzalez · License #471011244
(847) 558-6808
Source:
Remaxadream
Added: Jul 20
Changed: Aug 23
Last Checked: Jul 24 at 1:21PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
Very well maintained brick two-flat featuring two separate apartments on a wide lot. Each unit offers 2+ bedrooms and includes newer kitchen and bath improvements, along with a tandem room that could be used as an additional sleeping area. Both floors are currently rented, and each unit has a private rear balcony off the main bedroom. The basement includes tenant-supplied laundry facilities, while tenants handle utilities except for water/sewer/scavenger and common area electric.
The property is located in Chicago’s West Ridge community, between Peterson and Devon Avenues. Public transportation options include Metra and CTA buses and the Red Line, with nearby expressway entrances at 94 and LSD. Nearby retail and dining include Peterson Target, and outdoor options include nearby bike/river trails and West Ridge Nature Park.
Recent improvements include new gutters, new fencing, tuck pointing, sidewalk cement repairs, and updated balconies (2018), as well as new kitchens and baths in both units (2021). The property is being sold as-is, and buyers should verify all details listed on the MLS.
The property is located in Chicago’s West Ridge community, between Peterson and Devon Avenues. Public transportation options include Metra and CTA buses and the Red Line, with nearby expressway entrances at 94 and LSD. Nearby retail and dining include Peterson Target, and outdoor options include nearby bike/river trails and West Ridge Nature Park.
Recent improvements include new gutters, new fencing, tuck pointing, sidewalk cement repairs, and updated balconies (2018), as well as new kitchens and baths in both units (2021). The property is being sold as-is, and buyers should verify all details listed on the MLS.
Key Highlights
- Brick 2‑flat built in 1956 with two 2+ bedroom units on a wide lot
- Both units have newer kitchen and bath updates (2021) and offer a tandem room usable as a third bedroom
- Each unit has a private rear balcony off the main bedroom
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
$43,708
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
7.11%
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%
$874,160
$874.2K
Cap Rate 7%
$624,400
$624.4K
Cap Rate 9%
$485,644
$485.6K
Market Conditions
NOI Build-Up for 2,622 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
$66.1K $25.20/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$62.4K $23.81/SF
− OpEx
−$18.7K −$7.14/SF
NOI
$43.7K $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%
$874,160
Cap Rate 7%
$624,400
Cap Rate 9%
$485,644
Alternative Uses
Best Use
Multifamily LT 5
$624.4K
$546.4K – $728.5K
NOI $43,708 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$574.2K
$502.4K – $669.9K
NOI $40,193 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,539 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
Explore this area
Business Placement
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
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 - Brick duplex with two 2+ bedroom units, private rear balconies, and recent kitchen and bath updates.
Where is this duplex located?
The property is located at 6136 N Talman Avenue Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Brick 2‑flat built in 1956 with two 2+ bedroom units on a wide lot; Both units have newer kitchen and bath updates (2021) and offer a tandem room usable as a third bedroom; Each unit has a private rear balcony off the main bedroom
