Mixed-Use Property in Prime
For Sale
$2,850,000
1809 W Webster Avenue, Chicago, IL 60614
Versatile mixed-use property with income potential in a sought-after location.
Property Size13,616 SF
Price / SF$209.31
Days on Market166
Property Features for 1809 W Webster Avenue
General Information
Standard status
Active
Size
13,616 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$57,452
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1891
Listing Agency:
S HANSEN REALTY INC.
(773) 477-4455
Listed By:
OLIVER STONE · License #471018873
Source:
Corcoran
Added: Mar 10
Changed: Aug 22
Last Checked: Aug 22 at 8:26AM
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 S HANSEN REALTY INC.
Investment Insights
Based on property information with market context.
This mixed-use property offers potential for an owner-occupant or investor. The property spans 13,616 square feet and features a versatile layout with income-generating spaces and room for future expansion. There are three built-out commercial units currently leased to established tenants, including Frame Factor and Simes Studio, along with one vacant unit. The existing rental income can offset expenses for an owner-occupant utilizing the available space. Ample on-site parking is available. The property's zoning allows for a range of uses, including retail, office, or residential.
Key Highlights
- Mixed‑use property in a sought‑after location offering versatile layout and income generation.
- Three fully built‑out commercial units currently leased to established tenants (Frame Factor and Simes Studio) providing immediate rental income.
- One vacant unit ideal for owner‑user occupancy, allowing for immediate expense reduction.
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
$229,770
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
8.06%
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%
$4,595,400
$4.6M
Cap Rate 7%
$3,282,429
$3.3M
Cap Rate 9%
$2,553,000
$2.6M
Market Conditions
NOI Build-Up for 13,616 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
$408.5K $30.00/SF
− Vacancy
−$40.8K −$3.00/SF
EGI
$367.6K $27.00/SF
− OpEx
−$137.9K −$10.13/SF
NOI
$229.8K $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%
$4,595,400
Cap Rate 7%
$3,282,429
Cap Rate 9%
$2,553,000
Alternative Uses
Best Use
Mixed Use
$3.28M
$2.87M – $3.83M
NOI $229,770 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.42M
$5.62M – $7.49M
NOI $449,393 @ 7.0% cap · market cap 15.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,834
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile mixed-use property with income potential in a sought-after location.
Where is this mixed-use property located?
The property is located at 1809 W Webster Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Mixed‑use property in a sought‑after location offering versatile layout and income generation.; Three fully built‑out commercial units currently leased to established tenants (Frame Factor and Simes Studio) providing immediate rental income.; One vacant unit ideal for owner‑user occupancy, allowing for immediate expense reduction.
