Duplex Residential Income
For Sale
$499,000
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$356.43
Days on Market94
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 Overview Additional information MLS R ID 12686217 Interior features Bedrooms 3 Total Bathrooms 2 Fireplace Yes Cooling Yes Heating Yes Exterior features Other property details Taxes $8,691 Tax Frequency Annually Association Fee Frequency Monthly Pets Allowed Yes CNET Properties L.L.C. Request a tour Contact agent Request a tour Contact agent Listed by Jeanne Keating with Compass 312-671-5525
Listed By:
Jeanne Keating · License #475133441
(312) 671-5525
Source:
Cnetproperties
Added: Jul 1
Changed: Sep 29
Last Checked: Oct 1 at 5:48PM
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 312-671-5525 Overview Additional information MLS R ID 12686217 Interior features Bedrooms 3 Total Bathrooms 2 Fireplace Yes Cooling Yes Heating Yes Exterior features Other property details Taxes $8,691 Tax Frequency Annually Association Fee Frequency Monthly Pets Allowed Yes CNET Properties L.L.C. Request a tour Contact agent Request a tour Contact agent Listed by Jeanne Keating with Compass 312-671-5525
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
4.30%
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 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $499,000.
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
