Mixed-Use Property with Three
For Sale
$589,000
2114 W Devon Ave, Chicago, IL 60659
B3-2 zoning supports varied commercial and mixed-use concepts, subject to city approval.
Property Size1,980 SF
Price / SF$297.47
Days on Market64
Property Features for 2114 W Devon Ave
General Information
Standard status
Active
Size
1,980 SF
Zoning
B3-2
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
commercial restaurant exhaust hood
private office
three half bathrooms
expansive open areas
versatile layout
Building Details
Year Built
1924
Tenancy
Multi
Listing Agency:
Charles Rutenberg Realty
Listed By:
Mariano Rotondo · License #475212550
(630) 917-9322
Source:
Grandviewrealtyservices
Added: Aug 15
Changed: Oct 4
Last Checked: Oct 16 at 9:48AM
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 Charles Rutenberg Realty
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Investment Insights
Based on property information with market context.
This mixed-use commercial property includes three storefronts at 2112-2116 W. Devon Ave. Two adjoining spaces are vacant, offering open areas, a private office, three half bathrooms, and an existing commercial restaurant exhaust hood. The third storefront is occupied by a tire shop. The configuration supports owner-user occupancy, leasing, or a combination of both, subject to applicable approvals.
Positioned on Devon Avenue in Chicago’s West Ridge neighborhood, the property has access to public transportation and connects conveniently with Western Avenue and major expressways. The surrounding area includes established businesses, restaurants, medical offices, and a dense residential community. B3-2 zoning supports a range of commercial and mixed-use concepts, including retail, restaurant, medical, dental, office, fitness, personal service, educational, and automotive-related uses, subject to city approval.
Positioned on Devon Avenue in Chicago’s West Ridge neighborhood, the property has access to public transportation and connects conveniently with Western Avenue and major expressways. The surrounding area includes established businesses, restaurants, medical offices, and a dense residential community. B3-2 zoning supports a range of commercial and mixed-use concepts, including retail, restaurant, medical, dental, office, fitness, personal service, educational, and automotive-related uses, subject to city approval.
Key Highlights
- Three storefronts, including two adjoining vacant commercial spaces
- Existing restaurant exhaust hood, private office, and three half bathrooms
- B3‑2 zoning with multiple commercial and mixed‑use possibilities, subject to city approval
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,413
Cap Rate
5.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$668,260
$668.3K
Cap Rate 7%
$477,329
$477.3K
Cap Rate 9%
$371,256
$371.3K
Market Conditions
NOI Build-Up for 1,980 SF
Gross rent
$59.4K $30.00/SF
− Vacancy
−$5.9K −$3.00/SF
EGI
$53.5K $27.00/SF
− OpEx
−$20.0K −$10.13/SF
NOI
$33.4K $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 Rate 5%
$668,260
Cap Rate 7%
$477,329
Cap Rate 9%
$371,256
Alternative Uses
Best Use
Mixed Use
$477.3K
$417.7K – $556.9K
NOI $33,413 @ 7.0% cap · market cap 5.67%
Second Best
Retail
$391.3K
$342.4K – $456.6K
NOI $27,393 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$933.6K
$816.9K – $1.09M
NOI $65,350 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,961
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 39%
Electronics 3%
McDonald's
Dining
17,391 visits/mo
0.3 miles
Wendy's
Dining
13,174 visits/mo
0.5 miles
BP
Shops & Services
7,679 visits/mo
0.3 miles
Shell
Shops & Services
6,402 visits/mo
0.3 miles
Family Dollar
Shops & Services
4,856 visits/mo
0.5 miles
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - B3-2 zoning supports varied commercial and mixed-use concepts, subject to city approval.
Where is this mixed-use property located?
The property is located at 2114 W Devon Ave Chicago, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Three storefronts, including two adjoining vacant commercial spaces; Existing restaurant exhaust hood, private office, and three half bathrooms; B3‑2 zoning with multiple commercial and mixed‑use possibilities, subject to city approval
