Mixed-Use Building with
For Sale
$1,049,000
Pending
2016 W Concord Pl, Chicago, IL 60647
Two-unit property combines a vacant residence with an established salon space.
Property Size3,062 SF
Days on Market95
Property Features for 2016 W Concord Pl
General Information
Standard status
Pending
Size
3,062 SF
Property subtype
Commercial
Building Details
Year Built
1994
Listing Agency:
Compass
(630) 697-4540
Listed By:
Elias Masud · License #475163294
Source:
Searchillinoishomesforsale
Added: May 30
Changed: Aug 30
Last Checked: Aug 30 at 4:51PM
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.
This 3,062-square-foot mixed-use building contains two distinct components. The upper-level residence offers three bedrooms, two bathrooms, high ceilings, contemporary finishes, and an open layout; the space is currently vacant and includes room for a fourth bedroom. An attached two-car garage provides on-site parking and storage. The first-floor commercial area is occupied by an established hair salon, creating a direct connection between the building’s residential and commercial uses.
Built in 1994, the property is located at 2016 W Concord Pl in Chicago’s Bucktown neighborhood. The surrounding area includes boutiques, dining, and residential density, while the commercial frontage provides street exposure and pedestrian activity. The combination of a residential unit, salon space, and attached garage supports a flexible mixed-use configuration for an owner-user or investor.
Built in 1994, the property is located at 2016 W Concord Pl in Chicago’s Bucktown neighborhood. The surrounding area includes boutiques, dining, and residential density, while the commercial frontage provides street exposure and pedestrian activity. The combination of a residential unit, salon space, and attached garage supports a flexible mixed-use configuration for an owner-user or investor.
Key Highlights
- 3,062‑square‑foot mixed‑use building with two units
- Upper residence has 3 bedrooms and 2 bathrooms, with room for a 4th bedroom
- Vacant residential unit with high ceilings and contemporary finishes
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
$51,671
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
4.93%
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%
$1,033,420
$1.0M
Cap Rate 7%
$738,157
$738.2K
Cap Rate 9%
$574,122
$574.1K
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
$91.9K $30.00/SF
− Vacancy
−$9.2K −$3.00/SF
EGI
$82.7K $27.00/SF
− OpEx
−$31.0K −$10.13/SF
NOI
$51.7K $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%
$1,033,420
Cap Rate 7%
$738,157
Cap Rate 9%
$574,122
Alternative Uses
Best Use
Mixed Use
$738.2K
$645.9K – $861.2K
NOI $51,671 @ 7.0% cap · market cap 4.93%
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
Location Intelligence
Trade Area within ½ mile
4,705
Businesses Nearby
297k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 27%
Apparel 11%
Groceries 11%
Barnes & Noble
Shops & Services
48,824 visits/mo
0.1 miles
Aldi
Groceries
32,222 visits/mo
0.2 miles
Shell
Shops & Services
23,379 visits/mo
0.5 miles
Circle K
Shops & Services
17,408 visits/mo
0.5 miles
Jeni's Splendid Ice Creams
Dining
11,621 visits/mo
0.3 miles
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 Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-unit property combines a vacant residence with an established salon space.
Where is this mixed-use property located?
The property is located at 2016 W Concord Pl 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: 3,062‑square‑foot mixed‑use building with two units; Upper residence has 3 bedrooms and 2 bathrooms, with room for a 4th bedroom; Vacant residential unit with high ceilings and contemporary finishes
