Three-Unit Mixed-Use
New
For Sale
$1,324,000
1020 W Belmont Ave, Chicago, IL 60657
Includes a ground-floor storefront and two residential apartments with shared laundry and exterior parking.
Property Size4,200 SF
Price / SF$315.24
Days on Market2
Property Features for 1020 W Belmont Ave
General Information
Standard status
Active
Size
4,200 SF
Building Details
Year Built
1911
Listing Agency:
Essex 312, LLC
Listed By:
Quinn Evans · License #475216885
(773) 305-4858
Source:
Saladinosells
Added: Sep 14
Last Checked: Sep 14 at 2:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Essex 312, LLC
Investment Insights
Based on property information with market context.
This 4,200-square-foot mixed-use building contains three units: a ground-level commercial storefront and two 3-bedroom, 1-bath residential apartments of approximately 1,200 SF each. Building features include central air, separate electric panels, shared laundry facilities, and two exterior parking spaces. The commercial unit is leased through 2030 to 404 Burgers | Barbecue.
Located at 1020 W Belmont Ave in Chicago’s Lake View area, the property sits near the CTA Belmont Red, Brown, and Purple Line station. Wrigley Field is within walking distance, with additional access to the Lakefront Trail and Lincoln Park. The surrounding context includes the Wrigleyville, Northalsted, and Lakeview East retail and nightlife districts, while Belmont Avenue provides a direct commercial setting.
Located at 1020 W Belmont Ave in Chicago’s Lake View area, the property sits near the CTA Belmont Red, Brown, and Purple Line station. Wrigley Field is within walking distance, with additional access to the Lakefront Trail and Lincoln Park. The surrounding context includes the Wrigleyville, Northalsted, and Lakeview East retail and nightlife districts, while Belmont Avenue provides a direct commercial setting.
Key Highlights
- Three‑unit configuration with one commercial storefront and two 3‑bedroom/1‑bath apartments
- 4,200 SF mixed‑use building with two residential units of approximately 1,200 SF each
- Ground‑floor commercial space leased through 2030 to 404 Burgers | Barbecue
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
$70,875
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
5.35%
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%
$1,417,500
$1.4M
Cap Rate 7%
$1,012,500
$1.0M
Cap Rate 9%
$787,500
$787.5K
Market Conditions
NOI Build-Up for 4,200 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
$126.0K $30.00/SF
− Vacancy
−$12.6K −$3.00/SF
EGI
$113.4K $27.00/SF
− OpEx
−$42.5K −$10.13/SF
NOI
$70.9K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,417,500
Cap Rate 7%
$1,012,500
Cap Rate 9%
$787,500
Alternative Uses
Best Use
Mixed Use
$1.01M
$885.9K – $1.18M
NOI $70,875 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$919.7K
$804.8K – $1.07M
NOI $64,382 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,620 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a ground-floor storefront and two residential apartments with shared laundry and exterior parking.
Where is this mixed-use property located?
The property is located at 1020 W Belmont Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,324,000.
What are key features of this property?
This property features: Three‑unit configuration with one commercial storefront and two 3‑bedroom/1‑bath apartments; 4,200 SF mixed‑use building with two residential units of approximately 1,200 SF each; Ground‑floor commercial space leased through 2030 to 404 Burgers | Barbecue
