Fully Leased Duplex Investment
New
For Sale
$625,000
823 S Carpenter St, Chicago, IL 60607
Two four-bedroom apartments create a straightforward residential income configuration near major Chicago institutions and transit.
Property Size2,656 SF
Price / SF$235.32
Days on Market7
Property Features for 823 S Carpenter St
General Information
Standard status
Active
Size
2,656 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1878
Listing Agency:
Wirtz Real Estate Group Inc
(312) 243-5200
Listed By:
Nick Nastos
(312) 243-5200
Source:
Chicagospropertyshop
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 30 at 4:31PM
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 Wirtz Real Estate Group Inc
Investment Insights
Based on property information with market context.
This 1878-built duplex contains two residential units, each configured with four bedrooms and one bathroom. The apartments together comprise approximately 2,656 square feet, and both units are currently leased.
The property is positioned near the UIC campus and the Illinois Medical District, with access to public transportation, Taylor Street, and downtown Chicago. Its two-unit layout and existing occupancy provide a clearly defined multifamily configuration for an income-property buyer.
The property is positioned near the UIC campus and the Illinois Medical District, with access to public transportation, Taylor Street, and downtown Chicago. Its two-unit layout and existing occupancy provide a clearly defined multifamily configuration for an income-property buyer.
Key Highlights
- Two‑unit duplex with both apartments fully leased
- Each apartment includes 4 bedrooms and 1 bathroom
- Approximately 2,656 square feet across the property
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
$44,275
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
7.08%
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%
$885,500
$885.5K
Cap Rate 7%
$632,500
$632.5K
Cap Rate 9%
$491,944
$491.9K
Market Conditions
NOI Build-Up for 2,656 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
$66.9K $25.20/SF
− Vacancy
−$3.7K −$1.39/SF
EGI
$63.2K $23.81/SF
− OpEx
−$19.0K −$7.14/SF
NOI
$44.3K $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 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%
$885,500
Cap Rate 7%
$632,500
Cap Rate 9%
$491,944
Alternative Uses
Best Use
Multifamily LT 5
$632.5K
$553.4K – $737.9K
NOI $44,275 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$581.6K
$508.9K – $678.6K
NOI $40,714 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,661 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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 - Two four-bedroom apartments create a straightforward residential income configuration near major Chicago institutions and transit.
Where is this duplex located?
The property is located at 823 S Carpenter St Chicago, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑unit duplex with both apartments fully leased; Each apartment includes 4 bedrooms and 1 bathroom; Approximately 2,656 square feet across the property
