Renovated Two-Flat
For Sale
$679,000
6558 S Rhodes Avenue, Chicago, IL 60637
Completely renovated two-flat with updated systems, in-unit laundry, a two-car garage, and fenced front and rear yards.
Property Size3,882 SF
Price / SF$174.91
Days on Market10
Property Features for 6558 S Rhodes Avenue
General Information
Standard status
Active
Size
3,882 SF
Total Parking Spaces
2
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x 5BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,829
Amenities
in-unit laundry
fenced yard
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Exit Strategy Realty / EMA Management
(312) 772-3257
Listed By:
Wayne Beals · License #471018068
Source:
Dawnmckennagroup
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 21 at 11:48AM
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 Exit Strategy Realty / EMA Management
Investment Insights
Based on property information with market context.
Built in 1890, this 3,882-square-foot two-flat has been comprehensively renovated with new HVAC, electrical, plumbing, windows, roof, and engineered siding. The main and lower levels form a five-bedroom, three-bath duplex with a large kitchen and a lower-level family room with wet bar. A separate second-floor residence includes three bedrooms and two bathrooms. Both units feature in-unit laundry, designer kitchens, porcelain-tile bathrooms, and updated finishes.
The property includes fenced front and rear outdoor areas and a two-car garage. It is located in Chicago’s Woodlawn neighborhood near the new Obama Presidential Center, Jackson Park Lakefront, the University of Chicago, and Green Line train service. The configuration provides two distinct residences within a fully updated building.
The property includes fenced front and rear outdoor areas and a two-car garage. It is located in Chicago’s Woodlawn neighborhood near the new Obama Presidential Center, Jackson Park Lakefront, the University of Chicago, and Green Line train service. The configuration provides two distinct residences within a fully updated building.
Key Highlights
- 3,882‑square‑foot two‑flat built in 1890
- Main/lower‑level duplex with 5 bedrooms and 3 full bathrooms
- Second‑floor unit offers 3 bedrooms and 2 bathrooms
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
$59,508
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
8.76%
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%
$1,190,160
$1.2M
Cap Rate 7%
$850,114
$850.1K
Cap Rate 9%
$661,200
$661.2K
Market Conditions
NOI Build-Up for 3,882 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
$114.1K $29.40/SF
− Vacancy
−$5.9K −$1.53/SF
EGI
$108.2K $27.87/SF
− OpEx
−$48.7K −$12.54/SF
NOI
$59.5K $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%
$1,190,160
Cap Rate 7%
$850,114
Cap Rate 9%
$661,200
Alternative Uses
Best Use
Multifamily LT 5
$924.5K
$808.9K – $1.08M
NOI $64,712 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$850.1K
$743.9K – $991.8K
NOI $59,508 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,125 @ 7.0% cap · market cap 18.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
869
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 - Completely renovated two-flat with updated systems, in-unit laundry, a two-car garage, and fenced front and rear yards.
Where is this duplex located?
The property is located at 6558 S Rhodes Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 3,882‑square‑foot two‑flat built in 1890; Main/lower‑level duplex with 5 bedrooms and 3 full bathrooms; Second‑floor unit offers 3 bedrooms and 2 bathrooms
