Mixed-Use Retail & Apartment
For Sale
Contact for pricing
Pending
3620 West 16th Street, Chicago, IL 60623
Renovated retail storefronts combined into four spaces plus four apartments create an eight-unit income property.
Property SizeContact for details
Days on Market121
Property Features for 3620 West 16th Street
General Information
Standard status
Pending
Property subtype
Retail
Additional Details
Cap Rate
16%
Multifamily Units
4
Listing Agency:
Century 21 S.G.R., Inc.
(708) 478-1212
Listed By:
Hadeil Abdelfattah · License #IL 475137167
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Aug 9 at 11:30AM
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 Century 21 S.G.R., Inc.
Investment Insights
Based on property information with market context.
This mixed-use property was recently renovated with $250,000+ in improvements. Originally configured as five storefronts, the commercial portion has been combined into four storefront spaces. The building also includes four apartments, for a total of eight units. Updates include new electrical circuit breakers, hardwired CO2 and fire alarms, new plumbing throughout, new beams and joists where needed, and new chimneys. Commercial spaces received a new heating unit, and the apartments have newer heating units. Each tenant has separate heat and hot water tanks, with individual thermostats and separate utilities.
The property is located at 3620 West 16th Street in Chicago, IL 60623. The current income is described as $8,000 per month, and the commercial tenants are reported to be operating with positive profits. Residential tenants include some with over 40 years of occupancy.
The property is located at 3620 West 16th Street in Chicago, IL 60623. The current income is described as $8,000 per month, and the commercial tenants are reported to be operating with positive profits. Residential tenants include some with over 40 years of occupancy.
Key Highlights
- Priced at a 16% cap rate with income reported at $8,000 per month.
- Recently completed $250K+ renovations, including combining originally 5 storefronts into 4 commercial spaces plus 4 apartments.
- Total 8 units: four retail/storefront spaces and four apartments.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dionicio Flower Shop — 2242 S Kedzie Ave, Chicago, IL 60623
Frequently Asked Questions
What type of property is this?
Storefront property - Renovated retail storefronts combined into four spaces plus four apartments create an eight-unit income property.
Where is this storefront property located?
The property is located at 3620 West 16th Street Chicago, IL.
What are key features of this property?
This property features: Priced at a 16% cap rate with income reported at $8,000 per month.; Recently completed $250K+ renovations, including combining originally 5 storefronts into 4 commercial spaces plus 4 apartments.; Total 8 units: four retail/storefront spaces and four apartments.
