North Center Mixed-Use
For Sale
$899,000
Pending
1916 West Irving Park Road, Chicago, IL 60613
Meticulously maintained mixed-use building in prime North Center location.
Property Size2,950 SF
Days on Market138
Property Features for 1916 West Irving Park Road
General Information
Standard status
Pending
Size
2,950 SF
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$10,141
Building Details
Year Built
1907
Stories
2
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(773) 490-1578
Listed By:
James Streff · License #475132643
(773) 490-1578
Source:
Compass
Added: Apr 7
Changed: Aug 8
Last Checked: Aug 7 at 7:58AM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
Located in North Center, this mixed-use building offers proximity to restaurants, the CTA, Metra, shopping, coffee shops, and grocery stores. The property has been maintained and updated by the same owner for nearly 20 years. The main floor commercial space is currently configured as a doctor's office, complete with a waiting room/lobby, office, and multiple patient rooms. The second floor features two bedrooms, one bathroom, a living room/family room, a dining area, and a bonus area currently used as an exercise room, offering ample storage space. The basement is unfinished and suitable for storage, with laundry facilities. A one-car detached garage is included, along with parking space for three additional cars in the back. The property size is 2950 square feet.
Key Highlights
- Prime North Center location: Steps to restaurants, CTA, Metra, shopping, coffee shops, and grocery stores.
- Mixed‑use building: Commercial space on the main floor and a 2‑bedroom apartment on the 2nd floor.
- Meticulously maintained and updated by the same owner for nearly 20 years.
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
$63,295
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
7.04%
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%
$1,265,900
$1.3M
Cap Rate 7%
$904,214
$904.2K
Cap Rate 9%
$703,278
$703.3K
Market Conditions
NOI Build-Up for 2,950 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
$113.3K $38.40/SF
− Vacancy
−$28.9K −$9.79/SF
EGI
$84.4K $28.61/SF
− OpEx
−$21.1K −$7.15/SF
NOI
$63.3K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,265,900
Cap Rate 7%
$904,214
Cap Rate 9%
$703,278
Alternative Uses
Best Use
Office B
$904.2K
$791.2K – $1.05M
NOI $63,295 @ 7.0% cap · market cap 7.04%
Second Best
Mixed Use
$711.2K
$622.3K – $829.7K
NOI $49,781 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,364 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,970
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Meticulously maintained mixed-use building in prime North Center location.
Where is this mixed-use property located?
The property is located at 1916 West Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime North Center location: Steps to restaurants, CTA, Metra, shopping, coffee shops, and grocery stores.; Mixed‑use building: Commercial space on the main floor and a 2‑bedroom apartment on the 2nd floor.; Meticulously maintained and updated by the same owner for nearly 20 years.
