Multi-Building Mixed-Use Redevelopment
For Sale
$6,500,000
2135 W Armitage Avenue, Chicago, IL 60647
Commercial Sale, Chicago, IL
Property Size23,632 SF
Lot Size0.33 Acres
Price / SF$275.05
Days on Market51
Property Features for 2135 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: Aug 19
Last Checked: Aug 20 at 12:06PM
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.
This mixed-use redevelopment property spans six existing buildings and multiple parking areas along 2135–2147 W. Armitage Avenue in Chicago. The improvements total approximately 23,632 square feet and include commercial and mixed-use structures ranging from one to three stories. Construction includes brick, concrete, and block, with central air and water available. The site was built in 1908 and currently includes a USDA chicken processing and retail business alongside masonry 2–3 flats.
The property provides 144 feet of frontage on Armitage Avenue and encompasses 14,400 square feet of land measuring 144 by 101 feet. Outdoor parking accommodates 5 cars or 2 trucks. Its existing configuration combines commercial space, residential income components, and land suitable for future commercial, residential, or mixed-use redevelopment.
The property provides 144 feet of frontage on Armitage Avenue and encompasses 14,400 square feet of land measuring 144 by 101 feet. Outdoor parking accommodates 5 cars or 2 trucks. Its existing configuration combines commercial space, residential income components, and land suitable for future commercial, residential, or mixed-use redevelopment.
Key Highlights
- Six‑building mixed‑use property at 2135–2147 W. Armitage Avenue
- Approximately 23,632 square feet of existing building space
- 14,400‑square‑foot land area measuring 144 by 101 feet
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
Property Profile
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
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 - Existing commercial and mixed-use buildings support a range of commercial, residential, and redevelopment possibilities.
Where is this mixed-use property located?
The property is located at 2135 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: Six‑building mixed‑use property at 2135–2147 W. Armitage Avenue; Approximately 23,632 square feet of existing building space; 14,400‑square‑foot land area measuring 144 by 101 feet
