Two-Story Mixed-Use Building with
For Sale
Contact for pricing
Pending
1114 West Belmont Avenue, Chicago, IL 60657
100% leased mixed-use property featuring ground-floor retail, apartments, and garage parking on a high-activity corridor.
Property Size13,520 SF
Lot Size0.02 Acres
Days on Market104
Property Features for 1114 West Belmont Avenue
General Information
Standard status
Pending
Size
13,520 SF
Total Parking Spaces
4
Lot size
0.02 Acres
Property subtype
Retail, Multifamily
Zoning
B3-2
Occupancy
100%
Additional Details
Business Included
Yes
Traffic Count
2,463,000 vehicles/day
Multifamily Units
7
Building Details
Year Built
1918
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Greenstone Partners
Listed By:
Brewster Hague · License #IL 475.165689
(312) 614-1498
Source:
Crexi
Added: May 28
Changed: Aug 23
Last Checked: Aug 14 at 6:20AM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
This two-story, mixed-use building is offered as a 100% fee-simple interest and is currently 100% leased. The property includes one ground-floor retail space, seven apartment units, and four garage parking spaces. The building totals approximately 13,520 square feet on a 17,740-square-foot site with about 62 feet of frontage along West Belmont Avenue.
The ground-floor retail space is leased to Bittersweet Pastry Shop & Cafe, a neighborhood bakery operating since 1992. The remarks indicate this location serves as Bittersweet’s flagship shop and central production facility for baked goods distributed to its other Chicago locations. The property is positioned along the active Belmont Avenue corridor in Chicago’s Lakeview neighborhood, approximately three blocks from the CTA Belmont ‘L’ Station, which serves the Red, Brown, and Purple lines. The Belmont Station recorded 2,463,000 boardings in 2025, and the location also provides immediate access to CTA bus routes #8, #22, and #77.
For tenants and owners, the combination of street-level retail and residential units creates a balanced mixed-use configuration on Belmont Avenue. Surrounding retail includes a mix of national and neighborhood tenants listed in the offering, and the area’s day-to-day demand is supported by nearby DePaul University and the professional population in Lakeview, as described in the remarks.
The ground-floor retail space is leased to Bittersweet Pastry Shop & Cafe, a neighborhood bakery operating since 1992. The remarks indicate this location serves as Bittersweet’s flagship shop and central production facility for baked goods distributed to its other Chicago locations. The property is positioned along the active Belmont Avenue corridor in Chicago’s Lakeview neighborhood, approximately three blocks from the CTA Belmont ‘L’ Station, which serves the Red, Brown, and Purple lines. The Belmont Station recorded 2,463,000 boardings in 2025, and the location also provides immediate access to CTA bus routes #8, #22, and #77.
For tenants and owners, the combination of street-level retail and residential units creates a balanced mixed-use configuration on Belmont Avenue. Surrounding retail includes a mix of national and neighborhood tenants listed in the offering, and the area’s day-to-day demand is supported by nearby DePaul University and the professional population in Lakeview, as described in the remarks.
Key Highlights
- 13,520 SF, two‑story mixed‑use building on 7,740 SF of land with ~62 ft frontage on W Belmont Ave
- 100% leased structure with 1 retail space and 7 apartment units plus 4 garage parking spaces
- Ground‑floor retail is leased to Bittersweet Pastry Shop & Cafe, operating since 1992 and serving as its flagship location and central production facility
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
$228,150
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
5.43%
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%
$4,563,000
$4.6M
Cap Rate 7%
$3,259,286
$3.3M
Cap Rate 9%
$2,535,000
$2.5M
Market Conditions
NOI Build-Up for 13,520 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
$405.6K $30.00/SF
− Vacancy
−$40.6K −$3.00/SF
EGI
$365.0K $27.00/SF
− OpEx
−$136.9K −$10.13/SF
NOI
$228.2K $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%
$4,563,000
Cap Rate 7%
$3,259,286
Cap Rate 9%
$2,535,000
Alternative Uses
Best Use
Mixed Use
$3.26M
$2.85M – $3.80M
NOI $228,150 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$2.96M
$2.59M – $3.45M
NOI $207,250 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$6.37M
$5.58M – $7.44M
NOI $446,225 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
2,463,000 VPD
Traffic count
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 100% leased mixed-use property featuring ground-floor retail, apartments, and garage parking on a high-activity corridor.
Where is this apartment building located?
The property is located at 1114 West Belmont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 13,520 SF, two‑story mixed‑use building on 7,740 SF of land with ~62 ft frontage on W Belmont Ave; 100% leased structure with 1 retail space and 7 apartment units plus 4 garage parking spaces; Ground‑floor retail is leased to Bittersweet Pastry Shop & Cafe, operating since 1992 and serving as its flagship location and central production facility
