West Town Mixed-Use Investment
1532 North Ashland Avenue, Chicago, IL 60622
Four-unit property with commercial storefront in prime location.
Property size:
1,826 SFPrice / SF:
$328/SF- Added:
- Jan 11, 2026
- Days on Market:
- 143
- Last Refresh:
- Mar 13 at 7:17 pm
Property Features for 1532 North Ashland Avenue
General Information
- Standard status
- Active
- Size
- 1,826 SF
Building Details
- Year Built
- 1932
Listing agent Magdalane Marcol License #475175021 (224) 634-0049
Listing office eXp Realty, LLC (224) 634-0049
Listing date Jan 11, 2026
Source Compass
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 eXp Realty, LLC
HighLights
- Prime West Town/Wicker Park location near Hyatt Place and Kennedy RoofTop.
- Four‑unit building with flexible B3‑2 zoning.
- Includes a commercial storefront, three residential apartments, and a full unfinished basement.
- Features an expansive patio/rooftop and a 2‑car attached garage.
- Excellent transportation access: close to bus lines, Division & Damen Blue Line, and Clybourn Metra.
- Opportunity to increase revenue by raising rents to market value.
Overview
Located in West Town/Wicker Park, this four-unit property features flexible B32 Zoning. The all-brick building includes three residential apartments, each with one bedroom and one bathroom, and a commercial storefront with an open floor plan and a full unfinished basement. A two-car attached garage is included. The property benefits from its corner location across from Hyatt Place and the Kennedy RoofTop. Situated in an area with ample shopping, nightlife, parks, and recreation, the location offers convenient access to public transportation, including regular bus service, walking distance to both the Division and Damen Blue Line, and walking distance to the Clybourn Metra. The property has an expansive patio/rooftop. The building is family occupied, with rents below market value, presenting an opportunity for a new owner to maximize revenue through stabilization and strategic improvements. The property is approximately 1826 square feet. The property is sold AS IS WHERE IS. Lis Pendens from the City of Chicago Case#20231401774 exists. Permits and violations will transfer with sale.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.8k | $30.00 |
| − Vacancy | −$5.5k | −$3.00 |
| EGI | $49.3k | $27.00 |
| − OpEx | −$18.5k | −$10.13 |
| NOI | $30.8k | $16.88 |
1,826 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$440.2K
$385.2K – $513.6K
NOI $30,814 @ 7.0% cap · market cap 5.14%
Second Best
Multifamily LT 5
$434.8K
$380.5K – $507.3K
NOI $30,439 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$861.0K
$753.3K – $1.00M
NOI $60,267 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Connies Cleaners
(Bike/Boat/Book/etc) Store
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6680093
- Latitude
- 41.9097547
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Four-unit property with commercial storefront in prime location.
Where is this mixed-use property located?
The property is located at 1532 North Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Prime West Town/Wicker Park location near Hyatt Place and Kennedy RoofTop.; Four‑unit building with flexible B3‑2 zoning.; Includes a commercial storefront, three residential apartments, and a full unfinished basement.
