Mixed-Use Redevelopment
For Sale
$2,995,000
4110 N Elston Avenue, Chicago, IL 60618
Located in Old Irving Park near transportation and major arteries.
Property Size7,000 SF
Price / SF$427.86
Days on Market95
Property Features for 4110 N Elston Avenue
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Free Standing Building
Building Details
Building Size
7,000 SF
Listing Agency:
Jameson Commercial
(312) 929-1555
Listed By:
Art Collazo · License #475131028
(312) 929-1555
Source:
Thebrokerlist
Added: May 18
Changed: Aug 9
Last Checked: Aug 20 at 4:11AM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
Located near the intersection of Elston Avenue and Irving Park Road in Chicago’s Old Irving Park neighborhood, this property offers convenient access to near north side neighborhoods, including Lincoln Square, Wrigleyville, Lincoln Park, and Independence Park, and is situated just east of the Kennedy Expressway. The location provides convenient access to the Irving Park CTA train and Metra. The existing building encompasses over 7,000 square feet. The property benefits from street visibility and accessibility on major traffic arteries in a densely populated area. The neighborhood is suitable for residential and mixed-use redevelopment.
Key Highlights
- Prime location for residential and mixed‑use redevelopment.
- High‑visibility location at Irving Park Rd & Elston Ave on major traffic arteries.
- Close proximity to Kennedy Expressway and near north side neighborhoods.
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
$118,125
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
3.94%
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%
$2,362,500
$2.4M
Cap Rate 7%
$1,687,500
$1.7M
Cap Rate 9%
$1,312,500
$1.3M
Market Conditions
NOI Build-Up for 7,000 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
$210.0K $30.00/SF
− Vacancy
−$21.0K −$3.00/SF
EGI
$189.0K $27.00/SF
− OpEx
−$70.9K −$10.13/SF
NOI
$118.1K $16.88/SF
Area
ZIP 60618
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%
$2,362,500
Cap Rate 7%
$1,687,500
Cap Rate 9%
$1,312,500
Alternative Uses
Best Use
Mixed Use
$1.69M
$1.48M – $1.97M
NOI $118,125 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,091 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Located in Old Irving Park near transportation and major arteries.
Where is this mixed-use property located?
The property is located at 4110 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Prime location for residential and mixed‑use redevelopment.; High‑visibility location at Irving Park Rd & Elston Ave on major traffic arteries.; Close proximity to Kennedy Expressway and near north side neighborhoods.
