Mixed-Use Building with
For Sale
Contact for pricing
1721 W Cornelia Avenue, Chicago, IL 60657
Fully leased apartments and ground-floor retail create a balanced residential and commercial configuration.
Property Size6,931 SF
Price / SF$256.10
Days on Market47
Property Features for 1721 W Cornelia Avenue
General Information
Standard status
Active
Size
6,931 SF
Class
B
Property subtype
Mixed Use
Zoning
B3-2 Community Shopping District
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$105,431
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Baum Realty Group
(312) 666-3000
Listed By:
Doug Renner · License #IL 475.151752
Source:
Crexi
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 10:48AM
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 Baum Realty Group
Investment Insights
Based on property information with market context.
This 1920 mixed-use building contains 6931 SF across five fully leased units. The residential component includes four two-bedroom, one-bathroom apartments, complemented by a ground-floor retail space. The property is zoned B3-2 Community Shopping District and combines apartment and commercial occupancy within one building.
Located at 1721 W. Cornelia Avenue in Chicago’s Lakeview neighborhood, the property sits near the Lakeview and Roscoe Village areas. Paulina Market and Wrigley Field are nearby, along with public transportation and established residential and retail corridors. The surrounding context supports both the building’s neighborhood retail presence and its apartment component.
Located at 1721 W. Cornelia Avenue in Chicago’s Lakeview neighborhood, the property sits near the Lakeview and Roscoe Village areas. Paulina Market and Wrigley Field are nearby, along with public transportation and established residential and retail corridors. The surrounding context supports both the building’s neighborhood retail presence and its apartment component.
Key Highlights
- Five fully leased units: four 2‑bedroom / 1‑bathroom apartments and one ground‑floor retail space
- 6931 SF mixed‑use building
- B3‑2 Community Shopping District zoning
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
$116,961
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
6.59%
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%
$2,339,220
$2.3M
Cap Rate 7%
$1,670,871
$1.7M
Cap Rate 9%
$1,299,567
$1.3M
Market Conditions
NOI Build-Up for 6,931 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
$207.9K $30.00/SF
− Vacancy
−$20.8K −$3.00/SF
EGI
$187.1K $27.00/SF
− OpEx
−$70.2K −$10.13/SF
NOI
$117.0K $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%
$2,339,220
Cap Rate 7%
$1,670,871
Cap Rate 9%
$1,299,567
Alternative Uses
Best Use
Mixed Use
$1.67M
$1.46M – $1.95M
NOI $116,961 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,246 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$3.27M
$2.86M – $3.81M
NOI $228,756 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased apartments and ground-floor retail create a balanced residential and commercial configuration.
Where is this mixed-use property located?
The property is located at 1721 W Cornelia Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Five fully leased units: four 2‑bedroom / 1‑bathroom apartments and one ground‑floor retail space; 6931 SF mixed‑use building; B3‑2 Community Shopping District zoning
