Two-Unit Duplex with
For Sale
Contact for pricing
6552 S Evans Ave, Chicago, IL 60637
Recently built income property with separate residential layouts, in-unit laundry, and assigned parking in a detached garage.
Property Size2,795 SF
Price / SF$178.89
Days on Market23
Property Features for 6552 S Evans Ave
General Information
Standard status
Active
Size
2,795 SF
Class
A
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
RT-4
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$41,745
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Gross Income
$52,980
Utilities to Site
Yes
Amenities
in-unit washer/dryer
security system
Building Details
Year Built
2021
Buildings
1
Stories
3
Units
2
Tenancy
Multi
Construction
brick-and-frame
Listing Agency:
eXp Realty, LLC
(847) 849-7748
Listed By:
Ryan Widerberg · License #IL #475121545
Source:
Crexi
Added: Aug 9
Changed: Aug 30
Last Checked: Aug 30 at 12:27AM
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, LLC
Investment Insights
Based on property information with market context.
Built in 2021, this 2,795-square-foot duplex combines a brick-and-frame exterior with two separately configured residences. The larger home is a three-bedroom, 2.5-bath duplex-up featuring an open living arrangement, quartz countertops, a walk-in pantry, and a primary suite with a rain shower. The second residence offers two bedrooms and one bathroom, with high windows and a bright interior. Both units include in-unit washer/dryers, shaker cabinetry, quartz counters, and hardwood flooring.
The property is fully leased and includes a two-car detached garage with one assigned parking space for each unit. Tenants pay all utilities. Located at 6552 S Evans Ave in Chicago, the property is near the Obama Presidential Center, the University of Chicago, and Hyde Park dining and entertainment. RT-4 zoning supports the recorded duplex configuration.
The property is fully leased and includes a two-car detached garage with one assigned parking space for each unit. Tenants pay all utilities. Located at 6552 S Evans Ave in Chicago, the property is near the Obama Presidential Center, the University of Chicago, and Hyde Park dining and entertainment. RT-4 zoning supports the recorded duplex configuration.
Key Highlights
- 2,795‑square‑foot duplex built in 2021
- Two residential units: 3 Bed / 2.5 Bath duplex‑up and 2 Bed / 1 Bath layout
- Fully leased with tenants paying all utilities
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
$42,845
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
8.57%
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%
$856,900
$856.9K
Cap Rate 7%
$612,071
$612.1K
Cap Rate 9%
$476,056
$476.1K
Market Conditions
NOI Build-Up for 2,795 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
$82.2K $29.40/SF
− Vacancy
−$4.3K −$1.53/SF
EGI
$77.9K $27.87/SF
− OpEx
−$35.1K −$12.54/SF
NOI
$42.8K $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%
$856,900
Cap Rate 7%
$612,071
Cap Rate 9%
$476,056
Alternative Uses
Best Use
Multifamily LT 5
$665.6K
$582.4K – $776.5K
NOI $46,592 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$612.1K
$535.6K – $714.1K
NOI $42,845 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,248 @ 7.0% cap · market cap 18.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
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 - Recently built income property with separate residential layouts, in-unit laundry, and assigned parking in a detached garage.
Where is this duplex located?
The property is located at 6552 S Evans Ave Chicago, IL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,795‑square‑foot duplex built in 2021; Two residential units: 3 Bed / 2.5 Bath duplex‑up and 2 Bed / 1 Bath layout; Fully leased with tenants paying all utilities
