West Town Mixed-Use
1303 West Chicago Avenue Chicago, IL 60642
1303 West Chicago Avenue, Chicago, IL, 60642
$556,800
For Sale
$556,800
Mixed-use building in Chicago's West Town neighborhood.
Property Size1,100 SF
Price / SF$506.18
Days on Market429
Property Features for 1303 West Chicago Avenue
General Information
- Standard status
- Active
- Size
- 1,100 SF
- Property subtype
- MU
Building Details
- Year Built
- 1888
Listing agency
Keller Williams ONEChicago
(312) 730-2029
Listed by
Manny Regalado
(312) 730-2029
Source
Realnex
Added: May 20, 2025 Updated: Jul 6 at 12:19PM Checked: Jul 6 at 12:19PM
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 Keller Williams ONEChicago
Investment Insights
Based on property information with market context.
Located in the heart of Chicago’s West Town neighborhood, 1303 W Chicago Avenue is a mixed-use building strategically positioned along the Chicago Avenue corridor, steps from the Chicago Blue Line CTA station and adjacent to Milwaukee Avenue. The property features approximately 1,100 square feet of street-level commercial space with 11-foot ceiling heights, original wood floors, and white tin ceilings. Zoned B1-2, the retail component is suitable for boutique retail, showrooms, art galleries, creative studios, specialty cafés, juice bars, wellness services, and tattoo, beauty, or photography/content production studios. The space was formerly a photography studio with a dedicated dark room. The second floor features a two-bedroom, one-bathroom residence overlooking Chicago Avenue with original hardwood floors, full HVAC (forced heat & AC), and separate dining and living areas. It also includes a rear deck and oversized backyard. The property is located across from Eckhart Park and offers direct access to public transit. It provides immediate access to I-90/94 and proximity to major employment centers, including the West Loop, River West, and downtown Chicago. The surrounding area includes new residential and mixed-use developments, including a new construction project next door. The property is within walking distance of retail, dining, and lifestyle amenities.
Key Highlights
- Prime West Town location on Chicago Avenue, steps from the Chicago Blue Line CTA station and adjacent to Milwaukee Avenue.
- Mixed‑use building with both retail and residential components.
- Value‑add opportunity in a high‑demand, development‑rich corridor.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.0k | $30.00 |
| − Vacancy | −$3.3k | −$3.00 |
| EGI | $29.7k | $27.00 |
| − OpEx | −$11.1k | −$10.13 |
| NOI | $18.6k | $16.88 |
1,100 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$265.2K
$232.0K – $309.4K
NOI $18,563 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$240.9K
$210.8K – $281.0K
NOI $16,862 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Stolen Buick Studio
Art Gallery
International Center for Documentary ...
Photography Service
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Mixed-use building in Chicago's West Town neighborhood.
Where is this mixed-use property located?
The property is located at 1303 West Chicago Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $556,800.
What are key features of this property?
This property features: Prime West Town location on Chicago Avenue, steps from the Chicago Blue Line CTA station and adjacent to Milwaukee Avenue.; Mixed‑use building with both retail and residential components.; Value‑add opportunity in a high‑demand, development‑rich corridor.
