Prime Corner Mixed-Use
For Sale
Contact for pricing
3159 W Belmont Ave, Chicago, IL
High-traffic corner location with long-term tenants and value-add potential.
Property Size18,812 SF
Lot Size0.25 Acres
Price / SF$263.13
Days on Market611
Property Features for 3159 W Belmont Ave
General Information
Standard status
Active
Size
18,812 SF
Lot size
0.25 Acres
Property subtype
RETAIL
Listing Agency:
@Properties | Chicago (North)
(847) 404-2500
Listed By:
Joyce Gallo
(847) 404-2500
Source:
Moodyscre
Added: Dec 17, 2024
Changed: Aug 12
Last Checked: Aug 19 at 10:35AM
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 @Properties | Chicago (North)
Investment Insights
Based on property information with market context.
Located at the intersection of Belmont, California, and Elston Avenues, this mixed-use property benefits from high daily traffic volume. The corner building has 18,812 square feet with 159 linear feet on Belmont Avenue. The property at 3173 Elston Avenue includes a 4,500 square foot lot with a 4,200 square foot one-story brick building under a triple net lease. The property features seven stores, nine apartments, and income from a rooftop sign. Each apartment and store has individual forced air conditioning and heating units. Each apartment includes a private roof deck, and there is also a common roof deck for all tenants. A shared parking lot with 19 spaces adjoins the properties. The tenants are long-term, and there is potential to increase apartment rents to current market rates. The properties are meticulously cleaned and well-kept and will be sold as is. The sale is subject to a 1031 Exchange. The same ownership has maintained the property for over 55 years. The properties will not be divided.
Key Highlights
- Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.
- Significant potential to increase rental income by raising rents to current market rates.
- Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.
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
$317,453
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
6.41%
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%
$6,349,060
$6.3M
Cap Rate 7%
$4,535,043
$4.5M
Cap Rate 9%
$3,527,256
$3.5M
Market Conditions
NOI Build-Up for 18,812 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
$564.4K $30.00/SF
− Vacancy
−$56.4K −$3.00/SF
EGI
$507.9K $27.00/SF
− OpEx
−$190.5K −$10.13/SF
NOI
$317.5K $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%
$6,349,060
Cap Rate 7%
$4,535,043
Cap Rate 9%
$3,527,256
Alternative Uses
Best Use
Mixed Use
$4.54M
$3.97M – $5.29M
NOI $317,453 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$4.12M
$3.60M – $4.81M
NOI $288,372 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$8.87M
$7.76M – $10.35M
NOI $620,886 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - High-traffic corner location with long-term tenants and value-add potential.
Where is this mixed-use property located?
The property is located at 3159 W Belmont Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.; Significant potential to increase rental income by raising rents to current market rates.; Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.
