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    Mixed-Use Building in Irving Park Title is generated by Realmo AI

    4369 N Elston Avenue, Chicago, IL 60641

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    For Sale
    $799,000

    Commercial Sale, Other - Chicago, IL

    Type:Mixed Use
    Property size:
    5,000 SF
    Lot size:
    2,950.00 Acres
    Price / SF:
    $159/SF
    Added:
    Apr 21, 2026
    Days on Market:
    48
    Last Refresh:
    Jun 7 at 5:06 pm

    Property Features for 4369 N Elston Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    APN
    13154050130000
    Size
    5,000 SF
    Lot size
    2,950.00 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1924
    Roof type
    Tar/Gravel
    Architectural style
    Other

    We can help!

    Listing Contact
    Jazmyne Zasanski

    Listing agent Jazmyne Zasanski

    Listing office Engel & Völkers Chicago 2401 N Clark Street, Chicago, IL

    Listing date Apr 21, 2026

    MLS# 12571331 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in Irving Park/Old Irving Park with high visibility and strong foot traffic.
    • B3‑2 zoning offers redevelopment flexibility and a wide range of commercial uses.
    • Strong income potential from ground‑floor commercial space and two updated apartments.
    • Proximity to Montrose Blue Line and I‑90/94 interchange provides excellent transportation access.
    • Turn‑key mixed‑use asset with fully separated utilities for minimal owner overhead.
    • One vacant 2‑bedroom apartment offers immediate value‑add potential at market rents.

    Overview

    Located in the Irving Park/Old Irving Park area, this meticulously maintained brick building offers over 5,000 square feet of space. The property has B3-2 zoning and is near the Montrose Blue Line. The ground-floor unit features expansive windows and two commercial-grade restrooms. Previously a neighborhood tavern, the space is suitable for restaurant, bar, cafe, retail, office, or other commercial uses. Upstairs, there are two updated 2-bedroom, 1-bath apartments. One unit is occupied by a long-term, month-to-month tenant. The other unit is vacant, offering immediate value-add potential at market rents of $1,800-$2,000 per month. Both apartments include in-unit side-by-side washer & dryer, central AC, separate water heaters, hardwood floors, and modern finishes. The property has fully separated utilities. Recent upgrades include new windows, a water heater, and a washer/dryer. It is located steps from the Montrose Blue Line and minutes from the I-90/94 interchange, with high visibility and strong foot traffic along a commercial corridor. This property is suitable for expanding a portfolio, activating the commercial space, or exploring redevelopment potential under B3-2 zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hock Shop Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -87.728439
    Latitude
    41.96031

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    FAQs

    What type of property is this?
    Mixed-use property - Meticulously maintained mixed-use building with income potential and redevelopment flexibility.
    Where is this mixed-use property located?
    The property is located at 4369 N Elston Avenue Chicago, IL.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: Prime location in Irving Park/Old Irving Park with high visibility and strong foot traffic.; B3‑2 zoning offers redevelopment flexibility and a wide range of commercial uses.; Strong income potential from ground‑floor commercial space and two updated apartments.
    (773) 797-9500
    We can help!
    Listing Contact
    Jazmyne Zasanski
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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.

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