Mixed-Use Redevelopment
For Sale
$6,500,000
2135 W Armitage Avenue Chicago, Chicago, IL 60647
Redevelopment site with six existing buildings, 144 feet of frontage, and outdoor parking for 5 cars or 2 trucks.
Property Size23,632 SF
Lot Size0.33 Acres
Price / SF$275.05
Days on Market29
Property Features for 2135 W Armitage Avenue Chicago
General Information
Standard status
Active
Size
23,632 SF
Total Parking Spaces
5
Lot size
0.33 Acres
Property subtype
Mixed Use
Zoning
COMMR
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$72,019
Amenities
City Street,Public Road,State Road
144X101
Brick/Mortar,Concrete Perimeter
Building Details
Year Built
1908
Stories
1
Tenancy
Multi
Listing Agency:
Real People Realty
(815) 469-7449
Listed By:
Jerrell Dantzler
(815) 469-7449
Source:
Realpeoplerealty
Added: Jul 14
Changed: Aug 10
Last Checked: Aug 10 at 2:33AM
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 Real People Realty
Investment Insights
Based on property information with market context.
This mixed-use redevelopment site includes six separate buildings with approximately 23,632 square feet of existing space across 2135-2147 W. Armitage Ave. The property has 144 feet of frontage on W. Armitage Ave and a total land area of 14,400 square feet. Building mix consists of a 3-story commercial mixed-use building at 2135, a 1-story commercial structure at 2137, 2-story mixed-use properties at 2139 and 2147, a partial 2-story commercial building at 2141, and a 2-story commercial property at 2145.
Zoning is RT-4 for 2135, 2137, 2139, and 2147, and C1-2 for 2141 and 2145. The site is located less than 2 blocks from the intersection of Armitage and Damen. Current operations include a USDA chicken processing and retail business, along with masonry 2-3 flats. Outdoor parking is available for 5 cars or 2 trucks.
Zoning is RT-4 for 2135, 2137, 2139, and 2147, and C1-2 for 2141 and 2145. The site is located less than 2 blocks from the intersection of Armitage and Damen. Current operations include a USDA chicken processing and retail business, along with masonry 2-3 flats. Outdoor parking is available for 5 cars or 2 trucks.
Key Highlights
- Redevelopment site with six existing buildings across 2135‑2147 W. Armitage Ave
- 144 ft frontage on Armitage Ave with 14,400 SF lot size (144x101)
- Approximately 23,632 SF existing building space
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
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,330
Businesses Nearby
Explore this area
Business Placement
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 Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Redevelopment site with six existing buildings, 144 feet of frontage, and outdoor parking for 5 cars or 2 trucks.
Where is this mixed-use property located?
The property is located at 2135 W Armitage Avenue Chicago 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: Redevelopment site with six existing buildings across 2135‑2147 W. Armitage Ave; 144 ft frontage on Armitage Ave with 14,400 SF lot size (144x101); Approximately 23,632 SF existing building space
