Mixed-Use Building with
For Sale
$519,900
138 W Irving Park Rd, Wood Dale, IL 60191
Brick commercial property combining vacant office-retail space with a separately metered residential unit and rear garage.
Property Size2,727 SF
Lot Size0.23 Acres
Price / SF$190.65
Days on Market41
Property Features for 138 W Irving Park Rd
General Information
Standard status
Active
Size
2,727 SF
Lot size
0.23 Acres
Zoning
Town Center Business District
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Amenities
screened in porch
storage shed
Building Details
Year Built
1948
Buildings
1
Stories
1
Building Size
2,727 SF
Construction
brick
Listing Agency:
Anthony J.Trotto Real Estate
(630) 521-0298
Listed By:
Anthony Trotto · License #471000682
Source:
Bktchicago
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 26 at 8:20AM
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 Anthony J.Trotto Real Estate
Investment Insights
Based on property information with market context.
This 2,727-square-foot, single-story brick mixed-use building was constructed in 1948 and occupies a 50 x 203-foot lot with access from Irving Park Road and the alley. The front includes approximately 875 square feet of vacant office-retail space, while the rear contains a 1,700+ square-foot, three-bedroom, one-bath apartment with a combined living and dining room, equipped kitchen, and screened porch. A 528-square-foot, two-car garage is attached to the residential portion, with an additional storage shed in the backyard.
The property is in the City’s Town Center Business District, within walking distance of the Metra station and with access to expressways. Restaurants are nearby, and a new luxury apartment complex is described as nearing completion. The office-retail area includes a utility room, utility sink, 50-gallon water heater, and attic storage. Recent work includes roof replacement and silicone coating in September 2024, tuckpointing in March 2024, crawl-space improvements in March 2025, and driveway, parking, sidewalk, and hardscape work in June 2025. The apartment is occupied month-to-month, and the separate spaces have individual water, electric, gas, furnace, and air-conditioning systems, with a shared water heater.
The property is in the City’s Town Center Business District, within walking distance of the Metra station and with access to expressways. Restaurants are nearby, and a new luxury apartment complex is described as nearing completion. The office-retail area includes a utility room, utility sink, 50-gallon water heater, and attic storage. Recent work includes roof replacement and silicone coating in September 2024, tuckpointing in March 2024, crawl-space improvements in March 2025, and driveway, parking, sidewalk, and hardscape work in June 2025. The apartment is occupied month-to-month, and the separate spaces have individual water, electric, gas, furnace, and air-conditioning systems, with a shared water heater.
Key Highlights
- 2,727‑square‑foot mixed‑use building on a 50 x 203‑foot lot
- Approximately 875 square feet of vacant front office‑retail space
- 1,700+ square‑foot, three‑bedroom, one‑bath apartment
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
$46,018
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
8.85%
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%
$920,360
$920.4K
Cap Rate 7%
$657,400
$657.4K
Cap Rate 9%
$511,311
$511.3K
Market Conditions
NOI Build-Up for 2,727 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
$81.8K $30.00/SF
− Vacancy
−$8.2K −$3.00/SF
EGI
$73.6K $27.00/SF
− OpEx
−$27.6K −$10.13/SF
NOI
$46.0K $16.88/SF
Area
DuPage County, 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%
$920,360
Cap Rate 7%
$657,400
Cap Rate 9%
$511,311
Alternative Uses
Best Use
Mixed Use
$657.4K
$575.2K – $767.0K
NOI $46,018 @ 7.0% cap · market cap 8.85%
Second Best
Retail
$540.7K
$473.1K – $630.9K
NOI $37,851 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$941.5K
$823.8K – $1.10M
NOI $65,906 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 60191, IL
14,456
Population
5,516
Households
2.6
Avg Household Size
44
Median Age
25%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
2,780
Density / Sq Mi
$90,299
Median Household Income
$44,817
Median Earnings
$1,649
Median Rent
$307,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property combining vacant office-retail space with a separately metered residential unit and rear garage.
Where is this mixed-use property located?
The property is located at 138 W Irving Park Rd Wood Dale, IL.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 2,727‑square‑foot mixed‑use building on a 50 x 203‑foot lot; Approximately 875 square feet of vacant front office‑retail space; 1,700+ square‑foot, three‑bedroom, one‑bath apartment
