Mixed-Use Property with Three
For Sale
$589,000
2114 W Devon Avenue, Chicago, IL 60659
COMMERCIAL - Chicago, IL
Property Size5,350 SF
Price / SF$110.09
Days on Market9
Property Features for 2114 W Devon Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From Western Ave and Devon.
Subdivision
CHI - West Ridge
Standard status
Active
APN
11313170340000
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
19345
Amenities
commercial restaurant exhaust hood
private office
three half bathrooms
Building Details
Year built
1924
Floors in Building
1
Listing Agency:
Charles Rutenberg Realty
(630) 929-1100
Listed By:
Mariano Rotondo · License #475212550
(630) 929-1100
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 12722261
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial property contains approximately 5,350 square feet and three storefronts. Two adjoining storefronts are vacant and provide open commercial areas, a private office, three half bathrooms, and an existing restaurant exhaust hood. The third storefront is occupied by a tire shop under lease. Built in 1924, the property is zoned B3-2, with potential for retail, restaurant, office, medical, personal service, educational, fitness, and automotive-related uses subject to city approval.
The property fronts Devon Avenue in Chicago and is positioned near Western Avenue and major expressways. The surrounding area includes established businesses, restaurants, medical offices, and dense residential development. Public transportation and both pedestrian and vehicle traffic are also identified as location features, supporting a range of commercial operating concepts.
The property fronts Devon Avenue in Chicago and is positioned near Western Avenue and major expressways. The surrounding area includes established businesses, restaurants, medical offices, and dense residential development. Public transportation and both pedestrian and vehicle traffic are also identified as location features, supporting a range of commercial operating concepts.
Key Highlights
- Approximately 5,350 square feet of mixed‑use commercial space
- Three storefronts, including two adjoining vacant spaces
- Leased tire shop occupies the third storefront
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
$33,550
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
5.70%
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%
$671,000
$671.0K
Cap Rate 7%
$479,286
$479.3K
Cap Rate 9%
$372,778
$372.8K
Market Conditions
NOI Build-Up for 5,350 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
$50.5K $9.43/SF
− Vacancy
−$2.5K −$0.47/SF
EGI
$47.9K $8.96/SF
− OpEx
−$14.4K −$2.69/SF
NOI
$33.5K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$671,000
Cap Rate 7%
$479,286
Cap Rate 9%
$372,778
Alternative Uses
Best Use
Mixed Use
$1.29M
$1.13M – $1.50M
NOI $90,281 @ 7.0% cap · market cap 15.33%
Second Best
Retail
$1.06M
$925.2K – $1.23M
NOI $74,016 @ 7.0% cap · market cap 12.57%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,576 @ 7.0% cap · market cap 29.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
50%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,680
Businesses Nearby
366k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Dining 29%
Home Improvements & Furnishings 16%
Apparel 13%
The Home Depot
Home Improvements & Furnishings
59,396 visits/mo
0.3 miles
T.J. Maxx
Apparel
37,330 visits/mo
0.2 miles
McDonald's
Dining
34,098 visits/mo
0.5 miles
Five Below
Shops & Services
32,290 visits/mo
0.2 miles
Aldi
Groceries
26,510 visits/mo
0.4 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
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 - Approximately 5,350 square feet with vacant commercial space, a leased tire shop, and B3-2 zoning.
Where is this mixed-use property located?
The property is located at 2114 W Devon Avenue 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: Approximately 5,350 square feet of mixed‑use commercial space; Three storefronts, including two adjoining vacant spaces; Leased tire shop occupies the third storefront
