Mixed-Use Building with Retail
For Sale
$640,000
2708 West Division Street, Chicago, IL 60622
Retail and office space within a mixed-use property near Humboldt Park, with commercial zoning and Division Street exposure.
Property Size3,050 SF
Price / SF$209.84
Days on Market500
Property Features for 2708 West Division Street
General Information
Standard status
Active
Size
3,050 SF
Zoning
COMMR
Additional Details
Traffic Count
13,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$4,535
Building Details
Year Built
1963
Stories
1
Listing Agency:
Fulton Grace Realty
(708) 704-5545
Listed By:
Matthew Johnston · License #475199716
(708) 704-5545
Source:
Compass
Added: Apr 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:21PM
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 Fulton Grace Realty
Investment Insights
Based on property information with market context.
This 3,050-square-foot mixed-use building, constructed in 1963, includes 1,350 square feet of retail and office space offered for sale. The available area provides a flexible storefront-oriented configuration for commercial occupancy, with the property classified under COMMR zoning.
The building is positioned on West Division Street, one block east of Humboldt Park. Reported traffic exposure reaches upwards of 13,000 vehicles daily, adding measurable visibility along the corridor. The property combines a neighborhood commercial setting with a location near a major Chicago park.
The building is positioned on West Division Street, one block east of Humboldt Park. Reported traffic exposure reaches upwards of 13,000 vehicles daily, adding measurable visibility along the corridor. The property combines a neighborhood commercial setting with a location near a major Chicago park.
Key Highlights
- 1,350 SF of retail/office space available for sale
- 3,050 SF mixed‑use property
- COMMR zoning designation
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
$51,469
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
8.04%
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%
$1,029,380
$1.0M
Cap Rate 7%
$735,271
$735.3K
Cap Rate 9%
$571,878
$571.9K
Market Conditions
NOI Build-Up for 3,050 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
$91.5K $30.00/SF
− Vacancy
−$9.2K −$3.00/SF
EGI
$82.4K $27.00/SF
− OpEx
−$30.9K −$10.13/SF
NOI
$51.5K $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%
$1,029,380
Cap Rate 7%
$735,271
Cap Rate 9%
$571,878
Alternative Uses
Best Use
Office B
$934.9K
$818.0K – $1.09M
NOI $65,441 @ 7.0% cap · market cap 10.23%
Second Best
Mixed Use
$735.3K
$643.4K – $857.8K
NOI $51,469 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,665 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
3,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - Retail and office space within a mixed-use property near Humboldt Park, with commercial zoning and Division Street exposure.
Where is this mixed-use property located?
The property is located at 2708 West Division Street Chicago, IL.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 1,350 SF of retail/office space available for sale; 3,050 SF mixed‑use property; COMMR zoning designation
