Mixed-Use Building with Medical
For Sale
Under Contract
$519,000
6444 N Central Avenue, Chicago, IL 60646
Commercial Sale, Chicago, IL
Property Size2,000 SF
Lot Size0.07 Acres
Price / SF$259.50
Days on Market331
Property Features for 6444 N Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Devon Ave., North to Address Pratt Ave., South to Address
Subdivision
CHI - Forest Glen
Standard status
Active Under Contract
APN
10333230290000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
8650
Utilities
Cooling system
Central Air
Amenities
central air conditioning
rear staircase and porch
basement storage
Building Details
Year built
1957
Floors in Building
2
Number of units
2
Building materials
Concrete, Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Sep 30, 2025
Changed: Aug 20
Last Checked: Aug 26 at 6:06AM
MLS# 12478598
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 1957 mixed-use building combines a professional suite on the ground level with an upper-floor residence. The medical office area measures approximately 2,000 square feet and includes central air conditioning, while the second floor provides a two-bedroom, 1.1-bath apartment totaling over 2,000 square feet. The residence has window A/C units, radiator heat, and move-in-ready condition. A newer rear staircase and porch, basement storage area, and dedicated rear parking complement the building. Concrete and brick construction support the existing commercial-residential configuration.
Located at 6444 N Central Avenue in Chicago, the property is near the Metra station and the intersection of Devon Ave., Central Ave., and Caldwell Ave. I-90/94, O’Hare International Airport, shopping, and dining are also within a short distance. COMMR zoning is identified for the property.
Located at 6444 N Central Avenue in Chicago, the property is near the Metra station and the intersection of Devon Ave., Central Ave., and Caldwell Ave. I-90/94, O’Hare International Airport, shopping, and dining are also within a short distance. COMMR zoning is identified for the property.
Key Highlights
- Mixed‑use building with approximately 2,000 sq. ft. medical office space
- Second‑floor 2‑bedroom, 1.1‑bath apartment totaling over 2,000 sq. ft.
- COMMR zoning at 6444 N Central Avenue, Chicago, IL 60646
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
$42,912
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
8.27%
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%
$858,240
$858.2K
Cap Rate 7%
$613,029
$613.0K
Cap Rate 9%
$476,800
$476.8K
Market Conditions
NOI Build-Up for 2,000 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
$76.8K $38.40/SF
− Vacancy
−$19.6K −$9.79/SF
EGI
$57.2K $28.61/SF
− OpEx
−$14.3K −$7.15/SF
NOI
$42.9K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$858,240
Cap Rate 7%
$613,029
Cap Rate 9%
$476,800
Alternative Uses
Best Use
Office B
$613.0K
$536.4K – $715.2K
NOI $42,912 @ 7.0% cap · market cap 8.27%
Second Best
Mixed Use
$482.1K
$421.9K – $562.5K
NOI $33,750 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$943.0K
$825.1K – $1.10M
NOI $66,010 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 60646, IL
28,383
Population
11,636
Households
2.4
Avg Household Size
44
Median Age
58%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
6,451
Density / Sq Mi
$111,115
Median Household Income
$66,105
Median Earnings
$1,241
Median Rent
$493,600
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property pairs professional space with a residential apartment and dedicated rear parking.
Where is this mixed-use property located?
The property is located at 6444 N Central Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Mixed‑use building with approximately 2,000 sq. ft. medical office space; Second‑floor 2‑bedroom, 1.1‑bath apartment totaling over 2,000 sq. ft.; COMMR zoning at 6444 N Central Avenue, Chicago, IL 60646
