Six-Storefront Retail
For Sale
$895,000
3217 Montrose, Chicago, IL 60618
COMMERCIAL - Other - Chicago, IL
Property Size4,000 SF
Lot Size0.12 Acres
Price / SF$223.75
Days on Market468
Property Features for 3217 Montrose
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Security features
Security System
Subdivision
Irving Park
Standard status
Active
Size
4,000 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17848
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Flooring type
Laminate, Carpet, Tile
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
eXp Commercial
(630) 474-6441
Listed By:
Randolph Taylor · License #475142701
(630) 474-6441
Added: May 15, 2025
Changed: Aug 5
Last Checked: Aug 25 at 4:06AM
MLS# 11736265
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ground-floor retail condominium totals approximately +/-4,000 SF and is located within a mixed-use building. The condo comprises six individual storefronts and is fully leased, with tenants operating across a mix of local service, food, and professional uses. Lease terms include month-to-month and short-term arrangements, creating flexibility as leases roll.
The property is positioned along Montrose Avenue in Chicago’s Albany Park neighborhood, benefiting from strong visibility on a high-traffic retail corridor. Montrose Avenue is described as carrying over 21,000 vehicles per day, with nearby residential density supporting neighborhood retail demand. The building is also near CTA bus routes and the Brown Line.
Construction materials include brick, with natural gas forced-air heating and a rubber roof. Flooring includes carpet, laminate, and tile, and water service is listed as public. Retail vacancy in the surrounding submarket is reported at 3.1%, reflecting ongoing demand for small-format neighborhood retail.
The property is positioned along Montrose Avenue in Chicago’s Albany Park neighborhood, benefiting from strong visibility on a high-traffic retail corridor. Montrose Avenue is described as carrying over 21,000 vehicles per day, with nearby residential density supporting neighborhood retail demand. The building is also near CTA bus routes and the Brown Line.
Construction materials include brick, with natural gas forced-air heating and a rubber roof. Flooring includes carpet, laminate, and tile, and water service is listed as public. Retail vacancy in the surrounding submarket is reported at 3.1%, reflecting ongoing demand for small-format neighborhood retail.
Key Highlights
- Ground‑floor retail condo totaling approximately +/-4,000 SF within a mixed‑use building
- Six individual storefronts with fully leased tenant mix across local service, food, and professional uses
- Montrose Avenue frontage on a corridor with 21,000+ vehicles per day for strong visibility
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
$56,262
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
6.29%
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%
$1,125,240
$1.1M
Cap Rate 7%
$803,743
$803.7K
Cap Rate 9%
$625,133
$625.1K
Market Conditions
NOI Build-Up for 4,000 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
$87.8K $21.96/SF
− Vacancy
−$7.5K −$1.87/SF
EGI
$80.4K $20.09/SF
− OpEx
−$24.1K −$6.03/SF
NOI
$56.3K $14.07/SF
Area
ZIP 60618
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,125,240
Cap Rate 7%
$803,743
Cap Rate 9%
$625,133
Alternative Uses
Best Use
Retail
$803.7K
$703.3K – $937.7K
NOI $56,262 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,338 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,543
Businesses Nearby
38k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Shops & Services 16%
Home Improvements & Furnishings 3%
McDonald's
Dining
28,743 visits/mo
0.3 miles
7-Eleven
Shops & Services
4,380 visits/mo
0.4 miles
Pantry
Shops & Services
1,813 visits/mo
0.4 miles
Golden Krust Caribbean Bakery and Grill
Dining
1,772 visits/mo
0.4 miles
Jays True Value
Home Improvements & Furnishings
1,216 visits/mo
0.3 miles
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-floor retail condominium with six fully leased storefronts in a mixed-use brick building with flexible MTM and short-term leases.
Where is this storefront property located?
The property is located at 3217 Montrose Chicago, IL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Ground‑floor retail condo totaling approximately +/-4,000 SF within a mixed‑use building; Six individual storefronts with fully leased tenant mix across local service, food, and professional uses; Montrose Avenue frontage on a corridor with 21,000+ vehicles per day for strong visibility
