Building Details

Building Size 4,549 SF

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: SVN | Chicago - Corporate

Listed By: Adam Thomas · License #062060446 Show Phone

Source: Svn

Added: May 14 Changed: Oct 13 Last Checked: Oct 16 at 6:16AM

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Investment Insights

Based on property information with market context.

This two-story mixed-use property contains one NNN retail unit, two residential units, and a two-car garage. The building is fully occupied, with residential leases recently renewed. The retail tenancy is held by Passages Bookstore and Wine Bar under an NNN lease extending through March 15, 2029, plus one five-year option at fair market value.

Located within the Chicago Avenue TOD overlay boundary, the property carries B3-2 zoning, which permits residential use above the ground floor alongside broad commercial use allowances. The immediate area includes Brasero, Guillotine Bakery, Roots Handmade Pizza, Mariano’s, Lao Peng You, Altar Cafe, Nettare, Arami, Beatnik, Sprout Home, and West Town Bakery. The property is owned by an Illinois licensed real estate broker, with disclosure required.

Key Highlights

• Fully occupied two‑story building with one retail unit and two residential units
• NNN retail lease with Passages Bookstore and Wine Bar through March 15, 2029
• One 5‑year option at FMV included in the retail lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$76,764

Cap Rate

5.58%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,535,280 $1.5M

Cap Rate 7%

$1,096,629 $1.1M

Cap Rate 9%

$852,933 $852.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,549 SF

Gross rent

$136.5K $30.00/SF

− Vacancy

−$13.6K −$3.00/SF

EGI

$122.8K $27.00/SF

− OpEx

−$46.1K −$10.13/SF

NOI

$76.8K $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 Rate 5%

$1,535,280

Cap Rate 7%

$1,096,629

Cap Rate 9%

$852,933

Alternative Uses

Best Use

Mixed Use

$1.10M

$959.6K – $1.28M (±1% cap)

NOI $76,764 @ 7.0% cap · market cap 5.58%

Second Best

Apartment 5plus

$996.2K

$871.7K – $1.16M (±1% cap)

NOI $69,732 @ 7.0% cap · market cap 5.07%

Theoretical Best

Office A

$2.14M

$1.88M – $2.50M (±1% cap)

NOI $150,139 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

getir: groceries in minutes Grocery & Convenience Store

Suggested Use

Top Pick Nursing Home (Bike/Boat/Book/etc) Store Tanning Salon Accounting Firm Pet Grooming Service Bed & Breakfast

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

5,065

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully occupied property combining NNN retail with two residential units and a two-car garage.

Where is this mixed-use property located?

The property is located at 1911 West Chicago Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $1,375,000.

What are key features of this property?

This property features: Fully occupied two‑story building with one retail unit and two residential units; NNN retail lease with Passages Bookstore and Wine Bar through March 15, 2029; One 5‑year option at FMV included in the retail lease