Mixed-Use Building with Retail
For Sale
$2,995,000
6 S Clark Street, Chicago, IL 60603
Commercial Sale, Chicago, IL
Property Size18,306 SF
Lot Size0.09 Acres
Price / SF$163.61
Days on Market337
Property Features for 6 S Clark Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
6 S. Clark across from Chase Tower
Subdivision
CHI - Loop
Standard status
Active
APN
17162040270000
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
184427
Utilities
Cooling system
Central Air
Building Details
Year built
1874
Floors in Building
4
Number of units
4
Listing Agency:
Chicago Real Estate Resources
(773) 327-9300
Listed By:
Steven Rapoport · License #471006648
(773) 327-9300
Added: Sep 22, 2025
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# 12477623
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.
Investment Insights
Based on property information with market context.
This 1874 mixed-use building combines leased upper-level space with vacant commercial areas on the ground and lower levels. The ground floor contains 3,419 square feet of retail space, while the 3,487-square-foot lower level is also vacant and in shell condition. Existing black iron remains from the prior Wendy's occupancy, and the property has central air.
The building occupies a 4,108-square-foot lot at 6 S. Clark Street in downtown Chicago, directly across from Chase Tower. Floors 2-4 contain 11,400 square feet and are leased. A cell antenna on the roof provides an additional income source. The property is zoned DC-16 and was built in 1874.
The building occupies a 4,108-square-foot lot at 6 S. Clark Street in downtown Chicago, directly across from Chase Tower. Floors 2-4 contain 11,400 square feet and are leased. A cell antenna on the roof provides an additional income source. The property is zoned DC-16 and was built in 1874.
Key Highlights
- 3,419 Sq. Ft. ground‑floor retail space, currently vacant and in shell condition
- 3,487 Sq. Ft. lower level with existing black iron
- Floors 2‑4 total 11,400 Sq. Ft. and are leased
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
$253,260
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
8.46%
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%
$5,065,200
$5.1M
Cap Rate 7%
$3,618,000
$3.6M
Cap Rate 9%
$2,814,000
$2.8M
Market Conditions
NOI Build-Up for 18,306 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
$395.4K $21.60/SF
− Vacancy
−$33.6K −$1.84/SF
EGI
$361.8K $19.76/SF
− OpEx
−$108.5K −$5.93/SF
NOI
$253.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$5,065,200
Cap Rate 7%
$3,618,000
Cap Rate 9%
$2,814,000
Alternative Uses
Best Use
Mixed Use
$4.41M
$3.86M – $5.15M
NOI $308,914 @ 7.0% cap · market cap 10.31%
Second Best
Retail
$3.62M
$3.17M – $4.22M
NOI $253,260 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$8.63M
$7.55M – $10.07M
NOI $604,186 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
37,490
Businesses Nearby
92k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 39%
Shops & Services 33%
Apparel 15%
Dining 13%
theWit Chicago - a DoubleTree by Hilton Hotel
Hotels & Casinos
35,939 visits/mo
0.4 miles
BP
Shops & Services
25,664 visits/mo
0.5 miles
Saks OFF 5TH
Apparel
13,751 visits/mo
0.1 miles
McDonald's
Dining
9,419 visits/mo
0.5 miles
Fifth Third Bank & ATM
Shops & Services
4,367 visits/mo
0.5 miles
Demographics for 60603, IL
1,288
Population
984
Households
1.3
Avg Household Size
38
Median Age
92%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
12,880
Density / Sq Mi
$128,107
Median Household Income
$86,484
Median Earnings
$2,104
Median Rent
$608,100
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?
Mixed-use property - Vacant shell commercial areas include existing black iron, while upper floors are leased and the building has central air.
Where is this mixed-use property located?
The property is located at 6 S Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 3,419 Sq. Ft. ground‑floor retail space, currently vacant and in shell condition; 3,487 Sq. Ft. lower level with existing black iron; Floors 2‑4 total 11,400 Sq. Ft. and are leased
