Brick Mixed-Use
For Sale
$399,900
7409 W Irving Park Road, Chicago, IL 60634
Commercial space with an upstairs apartment, rear parking, and COMMR zoning in Chicago’s Irving Park area.
Property Size1,000 SF
Days on Market842
Property Features for 7409 W Irving Park Road
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Traffic Count
16,200 vehicles/day
Taxes and HOA fees
Annual Taxes
$8,036
Amenities
off street parking
Building Details
Building Size
1,000 SF
Year Built
1957
Stories
2
Units
2
Construction
brick
Listing Agency:
Garry Real Estate
(630) 893-2600
Listed By:
Jessica Garry · License #475187504
(630) 893-2600
Source:
Ozmentrealestate
Added: Apr 24, 2024
Changed: Aug 11
Last Checked: Aug 12 at 12:37PM
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 Garry Real Estate
Investment Insights
Based on property information with market context.
Located at 7409 W Irving Park Road, this mixed-use property combines commercial space with an apartment above. The building was constructed in 1957 and features a solid brick exterior, flexicore concrete ceiling, and off-street parking behind the building. COMMR zoning is noted for the property.
The site is less than half a mile from Harlem Irving Plaza and offers proximity to major expressways and Metra service. The location recorded an annual average daily traffic count of 16,200 in 2021, according to IDOT. The existing configuration provides a commercial component at street level with residential space positioned above.
The site is less than half a mile from Harlem Irving Plaza and offers proximity to major expressways and Metra service. The location recorded an annual average daily traffic count of 16,200 in 2021, according to IDOT. The existing configuration provides a commercial component at street level with residential space positioned above.
Key Highlights
- Mixed‑use property at 7409 W Irving Park Road, Chicago, IL 60634
- Commercial space with an apartment located above
- Solid brick exterior and flexicore concrete ceiling
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
$15,263
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
3.82%
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%
$305,260
$305.3K
Cap Rate 7%
$218,043
$218.0K
Cap Rate 9%
$169,589
$169.6K
Market Conditions
NOI Build-Up for 1,000 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
$26.4K $26.40/SF
− Vacancy
−$2.0K −$1.98/SF
EGI
$24.4K $24.42/SF
− OpEx
−$9.2K −$9.16/SF
NOI
$15.3K $15.26/SF
Area
ZIP 60634
Vacancy
7.50%
Lease Rate
$26.40 /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%
$305,260
Cap Rate 7%
$218,043
Cap Rate 9%
$169,589
Alternative Uses
Best Use
Mixed Use
$218.0K
$190.8K – $254.4K
NOI $15,263 @ 7.0% cap · market cap 3.82%
Second Best
Retail
$198.3K
$173.5K – $231.3K
NOI $13,880 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$272.7K
$238.6K – $318.1K
NOI $19,087 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,200 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space with an upstairs apartment, rear parking, and COMMR zoning in Chicago’s Irving Park area.
Where is this mixed-use property located?
The property is located at 7409 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Mixed‑use property at 7409 W Irving Park Road, Chicago, IL 60634; Commercial space with an apartment located above; Solid brick exterior and flexicore concrete ceiling
