Mixed-Use Property with
For Sale
$290,000
2104 S California Avenue, Chicago, IL 60608
Commercial space, residential quarters, flexible upper-level rooms, basement storage, separate utilities, and two-car carport support varied occupancy options.
Property Size1,320 SF
Days on Market43
Property Features for 2104 S California Avenue
General Information
Standard status
Active
Size
1,320 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,616
Building Details
Building Size
1,320 SF
Year Built
1886
Buildings
1
Stories
1
Units
2
Listing Agency:
Luna Realty Group
(708) 797-3027
Listed By:
Jorge Armand Luna · License #471019589
(708) 797-3027
Source:
Perillorealestategroup
Added: Jun 29
Changed: Aug 9
Last Checked: Aug 9 at 1:20PM
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 Luna Realty Group
Investment Insights
Based on property information with market context.
Built in 1886, this mixed-use property combines a main-level commercial area with a one-bedroom apartment positioned at the rear. The commercial portion was originally configured as a restaurant and includes gas forced-air heat, while the apartment uses wall heating units. Separate utilities serve each unit.
Two multi-use rooms occupy the upper level and can accommodate office functions or additional uses. A full basement provides storage space, and the exterior includes a yard with carport parking for two cars. The property is located at 2104 S California Avenue in Chicago, Illinois.
Two multi-use rooms occupy the upper level and can accommodate office functions or additional uses. A full basement provides storage space, and the exterior includes a yard with carport parking for two cars. The property is located at 2104 S California Avenue in Chicago, Illinois.
Key Highlights
- Main‑level commercial space originally configured as a restaurant
- One‑bedroom apartment located at the rear of the building
- Two upper‑level multi‑use rooms for office or additional uses
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
$24,568
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
8.47%
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%
$491,360
$491.4K
Cap Rate 7%
$350,971
$351.0K
Cap Rate 9%
$272,978
$273.0K
Market Conditions
NOI Build-Up for 1,320 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
$34.8K $26.40/SF
− Vacancy
−$2.1K −$1.58/SF
EGI
$32.8K $24.82/SF
− OpEx
−$8.2K −$6.20/SF
NOI
$24.6K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /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%
$491,360
Cap Rate 7%
$350,971
Cap Rate 9%
$272,978
Alternative Uses
Best Use
Office B
$404.6K
$354.0K – $472.0K
NOI $28,322 @ 7.0% cap · market cap 9.77%
Second Best
Specialty Retail
$351.0K
$307.1K – $409.5K
NOI $24,568 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$622.4K
$544.6K – $726.1K
NOI $43,566 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,249
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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 - Commercial space, residential quarters, flexible upper-level rooms, basement storage, separate utilities, and two-car carport support varied occupancy options.
Where is this mixed-use property located?
The property is located at 2104 S California Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Main‑level commercial space originally configured as a restaurant; One‑bedroom apartment located at the rear of the building; Two upper‑level multi‑use rooms for office or additional uses
