Mixed-Use Property With Three
For Sale
$589,000
2114 W Devon Avenue, 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 Market15
Property Features for 2114 W Devon Avenue
General Information
Standard status
Active
Size
1,980 SF
Property subtype
COMMERCIAL
Zoning
B3-2
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$19,344
Amenities
commercial restaurant exhaust hood
private office
three half bathrooms
Building Details
Building Size
1,980 SF
Year Built
1924
Buildings
1
Tenancy
Multi
Listing Agency:
Charles Rutenberg Realty
(630) 917-9322
Listed By:
Mariano Rotondo · License #475212550
Source:
Dawnmckennagroup
Added: Aug 3
Changed: Aug 17
Last Checked: Aug 17 at 2:20AM
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
Investment Insights
Based on property information with market context.
This 1924 mixed-use commercial building contains three storefronts along W Devon Avenue. Two connected storefronts are vacant and include open areas, a private office, three half bathrooms, and an existing commercial restaurant exhaust hood. The third storefront is occupied by a tire shop under an existing lease, providing an established commercial use within the property.
Zoned B3-2, the building supports a range of commercial and mixed-use concepts subject to city approval, including retail, restaurant, medical, dental, office, fitness, personal service, educational, and automotive-related uses. The property is positioned on Devon Avenue near established businesses, restaurants, medical offices, and dense residential surroundings. Public transportation is convenient, with access to Western Avenue and major expressways also noted.
Zoned B3-2, the building supports a range of commercial and mixed-use concepts subject to city approval, including retail, restaurant, medical, dental, office, fitness, personal service, educational, and automotive-related uses. The property is positioned on Devon Avenue near established businesses, restaurants, medical offices, and dense residential surroundings. Public transportation is convenient, with access to Western Avenue and major expressways also noted.
Key Highlights
- Three storefronts, including two connected vacant spaces and one leased tire shop
- B3‑2 zoning supports varied commercial and mixed‑use concepts, subject to city approval
- Vacant storefronts include an existing commercial restaurant exhaust hood
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
$33,413
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
5.67%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
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 - 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 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: Three storefronts, including two connected vacant spaces and one leased tire shop; B3‑2 zoning supports varied commercial and mixed‑use concepts, subject to city approval; Vacant storefronts include an existing commercial restaurant exhaust hood
