Mixed-Use Redevelopment
For Sale
$6,500,000
2135-47 W Armitage Avenue, Chicago, IL 60647
Commercial Sale, Chicago, IL
Property Size23,632 SF
Lot Size0.33 Acres
Price / SF$275.05
Days on Market78
Property Features for 2135-47 W Armitage Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
LEAVITT AND ARMITAGE, EAST TO ADDRESS
Subdivision
CHI - Logan Square
Standard status
Active
APN
14313040140000
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
72020
Utilities
Utilities
Water Available
Cooling system
Central Air
Building Details
Year built
1908
Floors in Building
1
Number of units
6
Building materials
Brick, Concrete, Block
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Peter Fotopoulos · License #471010854
(312) 265-8000
Added: Jul 1
Changed: Sep 14
Last Checked: Sep 16 at 2:06AM
MLS# 12692365
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.
The property comprises six buildings totaling approximately 23,632 square feet on a 14,400-square-foot site. Improvements include a three-story commercial mixed-use building, a one-story commercial structure, two two-story mixed-use buildings, a partial two-story commercial building, and another two-story commercial property. Existing construction includes brick, concrete, and block, with central air, water available, and a 1908 year built. The site currently accommodates a USDA chicken processing and retail business, masonry 2-3 flats, and outdoor parking for 5 cars or 2 trucks.
Located at 2135-2147 W. Armitage Avenue, the property has 144 feet of frontage on Armitage Avenue and sits less than 2 blocks from the intersection of Armitage and Damen. Zoning is RT-4 for 2135, 2137, 2139, and 2147, with C1-2 applying to 2141 and 2145.
Located at 2135-2147 W. Armitage Avenue, the property has 144 feet of frontage on Armitage Avenue and sits less than 2 blocks from the intersection of Armitage and Damen. Zoning is RT-4 for 2135, 2137, 2139, and 2147, with C1-2 applying to 2141 and 2145.
Key Highlights
- 14,400 square feet of land with 144 feet of frontage on Armitage Avenue
- Approximately 23,632 square feet of existing building space across six buildings
- RT‑4 zoning at 2135, 2137, 2139, and 2147
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
$398,790
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
6.14%
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%
$7,975,800
$8.0M
Cap Rate 7%
$5,697,000
$5.7M
Cap Rate 9%
$4,431,000
$4.4M
Market Conditions
NOI Build-Up for 23,632 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
$709.0K $30.00/SF
− Vacancy
−$70.9K −$3.00/SF
EGI
$638.1K $27.00/SF
− OpEx
−$239.3K −$10.13/SF
NOI
$398.8K $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%
$7,975,800
Cap Rate 7%
$5,697,000
Cap Rate 9%
$4,431,000
Alternative Uses
Best Use
Mixed Use
$5.70M
$4.98M – $6.65M
NOI $398,790 @ 7.0% cap · market cap 6.14%
Second Best
Retail
$4.67M
$4.09M – $5.45M
NOI $326,944 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$11.14M
$9.75M – $13.00M
NOI $779,969 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,330
Businesses Nearby
195k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 32%
Groceries 16%
Electronics 2%
Barnes & Noble
Shops & Services
48,824 visits/mo
0.5 miles
McDonald's
Dining
43,397 visits/mo
0.3 miles
Aldi
Groceries
32,222 visits/mo
0.3 miles
Shell
Shops & Services
23,379 visits/mo
0.5 miles
7-Eleven
Shops & Services
5,878 visits/mo
0.2 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
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six-building assemblage with commercial and mixed-use structures under RT-4 and C1-2 zoning.
Where is this mixed-use property located?
The property is located at 2135-47 W Armitage Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 14,400 square feet of land with 144 feet of frontage on Armitage Avenue; Approximately 23,632 square feet of existing building space across six buildings; RT‑4 zoning at 2135, 2137, 2139, and 2147
