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    3705 W Grand Avenue Chicago, IL 60651

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    Claim this Listing
    For Sale
    $2,400,000

    COMMERCIAL - Chicago, IL

    Property size:
    20,000 SF
    Lot size:
    0.50 Acres
    Added:
    May 14, 2025
    Days on Market:
    346
    Last Refresh:
    Apr 24 at 7:06 pm

    Property Features for 3705 W Grand Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    16021300130000
    Size
    20,000 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    31752

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1956
    Floors in Building
    2
    Number of units
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Oscar Estrada

    Listing agent Oscar Estrada License #475195906

    Listing office eXp Realty 939 W. North Ave., Chicago, IL

    Listing date May 14, 2025

    MLS# 12362666

    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.

    Overview

    Versatile Commercial Property in Humboldt Park

    Located in the heart of Humboldt Park, this property offers versatility with C2-1 zoning, which allows for a variety of business types including liquor stores, warehouses, and auto shops. Apartments are permitted above the ground floor, making it a suitable live/work option. The property blends industrial functionality with event spaces and modern amenities, and it could be used as a YouTube/Influencer space or for heavy industrial purposes. The 20,000 sq. ft. warehouse (5000 sq. ft. upstairs) spans two levels and includes enclosed parking and a fenced parking lot. The ground floor features a spacious warehouse with high ceilings and ample power capacity, suitable for heavy equipment or large-scale operations. Adjoining the warehouse is an event space designed for active and leisurely gatherings, complete with a bar, lounge areas, entertainment platforms, and facilities for wellness and recreation. The upper level provides accommodations, including bedrooms, kitchens, and private relaxation areas, making it suitable for extended stays or staff use. Situated in Chicago's 60651 neighborhood, this property is ideal for entrepreneurs, creatives, or investors seeking a dynamic space in a bustling community. The sale includes an additional parking lot located at 3732 W Division St, adding convenience and value.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Regal Gourmet Snacks Big Box & Wholesale Store Chicago Fabrications General Contractor

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7205629
    Latitude
    41.9033007

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    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with C2-1 zoning in Chicago's Humboldt Park.
    Where is this mixed-use property located?
    The property is located at 3705 W Grand Avenue Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: C2‑1 Zoning allows for diverse business uses, including retail, liquor stores, warehouses, and auto shops, plus residential above ground floor.; **20,000 sq. ft. warehouse with 5,000 sq. ft. upstairs**, suitable for work/live, heavy industrial, or event space.; **Includes an event space with bar, lounge areas, and entertainment platforms.**
    (888) 574-9405
    We can help!
    Listing Contact
    Oscar Estrada
    Real Estate License ID: 475195906
    Learn More
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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
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