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    3121 N Lincoln Ave Chicago, IL 60657

    View on Map
    Sponsored
    For Sale
    Under Contract
    $1,550,000

    COMMERCIAL - Chicago, IL

    Type:Retail
    Property size:
    8,700 SF
    Lot size:
    0.10 Acres
    Days on Market:
    47
    Last Refresh:
    Mar 10 at 2:06 am

    Property Features for 3121 N Lincoln Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active Under Contract
    Zoning
    RTAIL
    APN
    14291000110000
    Size
    8,700 SF
    Lot size
    0.10 Acres

    Utilities

    Cooling system
    Central Air, Ceiling Fan(s)

    Building Details

    Year built
    1910
    Floors in Building
    2
    Flooring type
    Carpet, Wood
    Building materials
    Brick, Stucco, Stone, Combination

    We can help!

    Listing Contact
    Barbara O'Connor
    Barbara O'Connor

    Dream Town Realty (312) 265-8000

    Listing agent Barbara O'Connor (773) 491-5631

    Listing date Jan 22, 2026

    MLS# 12504538

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Lakeview Commercial Building on Lincoln

    Located in the heart of Lakeview on Lincoln Avenue, this two-story commercial building features marble and brick construction. The property, zoned B1-3, offers over 8,700 square feet of open-concept space, complemented by a full unfinished basement. Each floor provides approximately 4,350 square feet with ceilings over 9 feet high, enhanced by large windows and LED lighting. The second floor is accessible via an interior staircase or a separate front entrance. The building includes oversized front display windows, hardwood floors, two front entrances, two rear exits, and bathrooms on both floors. Additional features include locker rooms with showers on the second floor, ample storage, and multiple office spaces. The property is equipped with four HVAC units (installed in 2021 and 2017), four condensers (2022 and earlier), three electrical panels, and two hot water tanks. Improvements include tuckpointing in 2020, a new sump pump in 2017, a rebuilt exterior back wall in 2009, and a roof tear-off in 1996 with ongoing maintenance. Currently operating as a yoga, meditation, and martial arts studio, the space is suitable for various uses, including retail, spiritual centers, banquet halls, pet supply stores, wellness studios, co-working spaces, salons, spas, art studios, galleries, event venues, fitness centers, preschools, dance studios, or gyms. The lot size is approximately 0.0999 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Peace School Gym & Fitness Center

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6667529
    Latitude
    41.9385962

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    FAQs

    What type of property is this?
    Retail property - Two-story commercial building with open space in Chicago's Lakeview.
    Where is this retail property located?
    The property is located at 3121 N Lincoln Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: - Prime location on Lincoln Avenue in Lakeview with high foot traffic.; - Large, open-concept space with 8,700+ sq ft, plus a full unfinished basement.; - B1-3 zoning offers flexibility for various commercial uses.
    (312) 265-8000
    Request Owner's contact information
    3121 N Lincoln Ave Chicago, IL 60657
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    Chicago, IL 60657
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3121 N Lincoln Ave Chicago, IL 60657
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    We can help!
    Listing Contact
    Barbara O'Connor
    Barbara O'Connor
    Real Estate License ID: 471016838
    (312) 265-8000 (773) 491-5631 (312) 242-1000
    Learn more
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