Two-Story Mixed-Use
For Sale
$1,375,000
1911 West Chicago Avenue, Chicago, IL 60622
Fully occupied property combining NNN retail with two residential units and a two-car garage.
Property Size4,549 SF
Days on Market111
Property Features for 1911 West Chicago Avenue
General Information
Standard status
Active
Size
4,549 SF
Total Parking Spaces
2
Property subtype
Mixed-Use
Zoning
B3-2
Occupancy
100%
Additional Details
Cap Rate
7.46%
Public Transit
Yes
Multifamily Units
2
Building Details
Building Size
4,549 SF
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
SVN | Chicago Commercial
(847) 219-6383
Listed By:
Adam Thomas · License #062060446
Source:
Svn
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 2:38PM
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 SVN | Chicago Commercial
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.
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 = 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
$76,764
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
5.58%
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%
$1,535,280
$1.5M
Cap Rate 7%
$1,096,629
$1.1M
Cap Rate 9%
$852,933
$852.9K
Market Conditions
NOI Build-Up for 4,549 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
$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 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%
$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
NOI $76,764 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$996.2K
$871.7K – $1.16M
NOI $69,732 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$2.14M
$1.88M – $2.50M
NOI $150,139 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
