Updated Condo in Ukrainian
For Sale
$475,000
830 N HERMITAGE Avenue #2, Chicago, IL 60622
Updated 2 bed, 2 bath condo in prime location.
Property Size1,300 SF
Days on Market273
Property Features for 830 N HERMITAGE Avenue #2
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Condominium
Amenities
Forced Air
Indv Controls
Natural Gas
Central Air
Range
Microwave
Dishwasher
Refrigerator
Washer
Dryer
Disposal
Stainless Steel Appliance(s)
Humidifier
Deck, Rubber
Building Details
Building Size
1,300 SF
Year Built
1998
Listing Agency:
Jameson Sotheby's Intl Realty
(773) 865-5661
Listed By:
Ivona Kutermankiewicz · License #475127538
Source:
Kw
Added: Dec 2, 2025
Changed: Aug 31
Last Checked: Jul 15 at 11:11PM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This updated condo, featuring 2 bedrooms and 2 bathrooms, is located in the heart of Ukrainian Village. The bright, wide home offers an open concept layout, including a spacious living and dining area centered around a fireplace and framed by oversized windows that fill the home with natural light. Freshly painted with newly refinished hardwood floors, the home has a modern feel. The kitchen features newly painted cabinetry, stainless steel appliances, granite countertops, and ample storage. Both bathrooms have been refreshed with new vanities and updated tile. The primary suite includes ample closet space and an ensuite bath leading to a private large balcony. The second bedroom is suitable for guests and an office space. Additional features include one garage space, in-unit laundry, extra storage, plus a shared backyard area. Situated on a quiet, tree-lined street, the property is just steps from Division St. and Chicago Ave, with access to restaurants, shops, cafes, parks, and the train and expressway.
Key Highlights
- Prime location in the heart of Ukrainian Village, steps from Division St. and Chicago Ave restaurants, shops, cafes, parks, train, and expressway.
- Updated 2 bedroom, 2 bathroom condo with an open concept layout, freshly painted walls, and newly refinished hardwood floors.
- Kitchen features newly painted cabinetry, stainless steel appliances, and granite countertops.
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
$19,928
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
4.20%
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%
$398,560
$398.6K
Cap Rate 7%
$284,686
$284.7K
Cap Rate 9%
$221,422
$221.4K
Market Conditions
NOI Build-Up for 1,300 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
$38.2K $29.40/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$36.2K $27.87/SF
− OpEx
−$16.3K −$12.54/SF
NOI
$19.9K $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%
$398,560
Cap Rate 7%
$284,686
Cap Rate 9%
$221,422
Alternative Uses
Best Use
Apartment 5plus
$284.7K
$249.1K – $332.1K
NOI $19,928 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$612.9K
$536.3K – $715.1K
NOI $42,906 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,796
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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?
Apartment building - Updated 2 bed, 2 bath condo in prime location.
Where is this apartment building located?
The property is located at 830 N HERMITAGE Avenue #2 Chicago, IL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Prime location in the heart of Ukrainian Village, steps from Division St. and Chicago Ave restaurants, shops, cafes, parks, train, and expressway.; Updated 2 bedroom, 2 bathroom condo with an open concept layout, freshly painted walls, and newly refinished hardwood floors.; Kitchen features newly painted cabinetry, stainless steel appliances, and granite countertops.
