Building Details

Year Built 1878

Listing Agency: Chicago's Real Estate Agency

Listed By: Nick Nastos Show Phone

Source: Chicagospropertyshop

Added: Aug 25 Changed: Oct 16 Last Checked: Oct 16 at 9:16AM

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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.

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 / Yr

$44,275

Cap Rate

7.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$885,500 $885.5K

Cap Rate 7%

$632,500 $632.5K

Cap Rate 9%

$491,944 $491.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,656 SF

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 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 (±1% cap)

NOI $44,275 @ 7.0% cap · market cap 7.08%

Second Best

Apartment 5plus

$581.6K

$508.9K – $678.6K (±1% cap)

NOI $40,714 @ 7.0% cap · market cap 6.51%

Theoretical Best

Office A

$1.25M

$1.10M – $1.46M (±1% cap)

NOI $87,661 @ 7.0% cap · market cap 14.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Carpet & Flooring Store Florist Adult Day Care Restaurant Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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