Duplex Residential Income
For Sale
$599,000
867 W Cornelia Avenue Unit 1, Chicago, IL 60657
Three-bedroom, two-bath duplex with hardwood floors, a private deck, and in-unit laundry.
Property Size1,400 SF
Price / SF$427.86
Days on Market47
Property Features for 867 W Cornelia Avenue Unit 1
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Condo,Condo-Duplex
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,690
Amenities
in-unit washer/dryer
private deck
wood-burning fireplace
granite countertops
hardwood floors
abundant storage
office nook
pet-friendly
courtyard building
Building Details
Building Size
1,400 SF
Year Built
1913
Listing Agency:
Compass
(312) 671-5525
Listed By:
Jeanne Keating · License #475133441
Source:
Dawnmckennagroup
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 15 at 12:25PM
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 Compass
Investment Insights
Based on property information with market context.
This 1,400-square-foot duplex is configured with three bedrooms and two bathrooms, combining vintage character with updated residential features. Hardwood flooring runs throughout the unit, while the kitchen includes granite countertops, black-and-white appliances, and a separate dining area. A wood-burning fireplace adds a distinctive interior feature, and the layout also provides an office nook, substantial storage, double-vanity bathroom, and in-unit washer and dryer. The property includes a private deck and is located within a vintage courtyard building constructed in 1913.
The residence is situated on W Cornelia Avenue in Chicago’s Wrigleyville neighborhood. The CTA Red Line, Wrigley Field, restaurants, shopping, nightlife, and the lakefront are all identified as nearby amenities. The building is pet-friendly, and the property is positioned on a tree-lined, one-way street.
The residence is situated on W Cornelia Avenue in Chicago’s Wrigleyville neighborhood. The CTA Red Line, Wrigley Field, restaurants, shopping, nightlife, and the lakefront are all identified as nearby amenities. The building is pet-friendly, and the property is positioned on a tree-lined, one-way street.
Key Highlights
- 1,400‑square‑foot duplex with 3 bedrooms and 2 bathrooms
- Kitchen with granite countertops, black‑and‑white appliances, and dedicated dining area
- Hardwood floors and wood‑burning fireplace
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
$21,461
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
3.58%
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%
$429,220
$429.2K
Cap Rate 7%
$306,586
$306.6K
Cap Rate 9%
$238,456
$238.5K
Market Conditions
NOI Build-Up for 1,400 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
$41.2K $29.40/SF
− Vacancy
−$2.1K −$1.53/SF
EGI
$39.0K $27.87/SF
− OpEx
−$17.6K −$12.54/SF
NOI
$21.5K $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%
$429,220
Cap Rate 7%
$306,586
Cap Rate 9%
$238,456
Alternative Uses
Best Use
Apartment 5plus
$306.6K
$268.3K – $357.7K
NOI $21,461 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,403
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom, two-bath duplex with hardwood floors, a private deck, and in-unit laundry.
Where is this residential income property located?
The property is located at 867 W Cornelia Avenue Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,400‑square‑foot duplex with 3 bedrooms and 2 bathrooms; Kitchen with granite countertops, black‑and‑white appliances, and dedicated dining area; Hardwood floors and wood‑burning fireplace
