Mixed-Use Building with Retail
For Sale
$1,049,000
2016 W Concord Place, Chicago, IL 60647
Two-unit mixed-use property in Bucktown with a first-floor hair salon and an upper 3-bedroom residential unit.
Property Size3,062 SF
Days on Market47
Property Features for 2016 W Concord Place
General Information
Standard status
Active
Size
3,062 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
MULTI
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$24,583
Building Details
Building Size
3,062 SF
Year Built
1994
Stories
2
Units
2
Listing Agency:
Compass
(773) 466-7150
Listed By:
Elias Masud · License #475163294
(773) 466-7150
Source:
Exit2newbeginningz
Added: Jul 11
Changed: Aug 24
Last Checked: Aug 26 at 9:46AM
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 Compass
Investment Insights
Based on property information with market context.
Newly updated, well-maintained mixed-use building featuring two units. The upper-level residential space offers a modern 3-bedroom, 2-bath layout with high ceilings and a bright, open feel, with room to build out a 4th bedroom. This unit is currently vacant. An attached two-car garage adds on-site parking convenience.
The first-floor commercial space is occupied by an established hair salon, providing storefront presence and street visibility in Bucktown. The property has been thoughtfully maintained and is presented as a turnkey option for an investor seeking rental income alongside commercial space, or for an owner-user looking to combine residential living with a business on the same building.
The first-floor commercial space is occupied by an established hair salon, providing storefront presence and street visibility in Bucktown. The property has been thoughtfully maintained and is presented as a turnkey option for an investor seeking rental income alongside commercial space, or for an owner-user looking to combine residential living with a business on the same building.
Key Highlights
- 1994‑built two‑unit mixed‑use building in Chicago’s Bucktown neighborhood
- First‑floor commercial space is occupied by an established hair salon
- Upper‑level residential unit features 3 bedrooms and 2 bathrooms with high ceilings
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
$51,043
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
4.87%
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%
$1,020,860
$1.0M
Cap Rate 7%
$729,186
$729.2K
Cap Rate 9%
$567,144
$567.1K
Market Conditions
NOI Build-Up for 3,062 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
$77.2K $25.20/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$72.9K $23.81/SF
− OpEx
−$21.9K −$7.14/SF
NOI
$51.0K $16.67/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,020,860
Cap Rate 7%
$729,186
Cap Rate 9%
$567,144
Alternative Uses
Best Use
Multifamily LT 5
$729.2K
$638.0K – $850.7K
NOI $51,043 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$670.5K
$586.7K – $782.3K
NOI $46,938 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,061 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,705
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Duplex - Two-unit mixed-use property in Bucktown with a first-floor hair salon and an upper 3-bedroom residential unit.
Where is this duplex located?
The property is located at 2016 W Concord Place Chicago, IL.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: 1994‑built two‑unit mixed‑use building in Chicago’s Bucktown neighborhood; First‑floor commercial space is occupied by an established hair salon; Upper‑level residential unit features 3 bedrooms and 2 bathrooms with high ceilings
