Two-Unit
New
For Sale
$420,000
644 W 49th Street, Chicago, IL 60609
An unfinished full basement is part of the property’s existing configuration.
Property Size1,100 SF
Price / SF$381.82
Days on Market4
Property Features for 644 W 49th Street
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Two to Four Units
Zoning
MULTI
Site & Location
Neighborhood
Canaryville
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,531
Amenities
Unfinished,Full
2
5
2 UNIT
Lake Michigan
25 X 125
No
Concrete Perimeter
Building Details
Year Built
1894
Listing Agency:
Chicagoland Brokers, Inc.
(224) 269-8556
Listed By:
Thomas Quigley
Source:
Michanarealestatesolutions
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 1:50AM
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 Chicagoland Brokers, Inc.
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Investment Insights
Based on property information with market context.
This two-unit duplex was built in 1894 and includes a full basement that remains unfinished. The property is located at 644 W 49th Street in Chicago, with downtown described as nearby.
Key Highlights
- Two residential units
- Full basement in unfinished condition
- Built in 1894
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,337
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$366,740
$366.7K
Cap Rate 7%
$261,957
$262.0K
Cap Rate 9%
$203,744
$203.7K
Market Conditions
NOI Build-Up for 1,100 SF
Gross rent
$27.7K $25.20/SF
− Vacancy
−$1.5K −$1.39/SF
EGI
$26.2K $23.81/SF
− OpEx
−$7.9K −$7.14/SF
NOI
$18.3K $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 Rate 5%
$366,740
Cap Rate 7%
$261,957
Cap Rate 9%
$203,744
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.2K – $305.6K
NOI $18,337 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$240.9K
$210.8K – $281.0K
NOI $16,862 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
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Business Placement
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - An unfinished full basement is part of the property’s existing configuration.
Where is this duplex located?
The property is located at 644 W 49th Street Chicago, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two residential units; Full basement in unfinished condition; Built in 1894
