6-Unit Mixed-Use
New
For Sale
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2149 W Division Street, Chicago, IL 60642
Renovated apartments sit above an established retail operation along a Chicago commercial corridor.
Property Size6,600 SF
Price / SF$347.73
Days on Market4
Property Features for 2149 W Division Street
General Information
Standard status
Active
Size
6,600 SF
Total Parking Spaces
3
Property subtype
Mixed Use, Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$147,776
Additional Details
Multifamily Units
5
Building Details
Year Built
1904
Year Renovated
2017
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Division Street Capital
Listed By:
Brian Moore · License #IL475164723
Source:
Crexi
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 2:25AM
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 Division Street Capital
Investment Insights
Based on property information with market context.
This 6,600-square-foot mixed-use building, constructed in 1904, combines five renovated apartments with a ground-floor retail space. The residential portion received a comprehensive renovation in 2016, including hardwood floors, updated kitchens with granite counters and stainless steel appliances, in-unit laundry, modern bathrooms, upgraded plumbing, rewiring, electrical panels, safety systems, and high-speed internet connections. The brick façade was rebuilt as part of the property improvements.
NABI Cleaners has operated at the address for 24 years and occupies the retail space under a lease extending through October 31, 2028, with 3% annual rent escalations. The property is located at 2149 W. Division Street in Chicago, along the commercial corridor serving Wicker Park and Ukrainian Village.
NABI Cleaners has operated at the address for 24 years and occupies the retail space under a lease extending through October 31, 2028, with 3% annual rent escalations. The property is located at 2149 W. Division Street in Chicago, along the commercial corridor serving Wicker Park and Ukrainian Village.
Key Highlights
- 6,600 SF mixed‑use building at 2149 W. Division Street, Chicago, IL
- Five apartments renovated in 2016 with in‑unit washers and dryers
- Ground‑floor NABI Cleaners operation has been at the location for 24 years
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
$111,375
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
4.85%
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%
$2,227,500
$2.2M
Cap Rate 7%
$1,591,071
$1.6M
Cap Rate 9%
$1,237,500
$1.2M
Market Conditions
NOI Build-Up for 6,600 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
$198.0K $30.00/SF
− Vacancy
−$19.8K −$3.00/SF
EGI
$178.2K $27.00/SF
− OpEx
−$66.8K −$10.13/SF
NOI
$111.4K $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%
$2,227,500
Cap Rate 7%
$1,591,071
Cap Rate 9%
$1,237,500
Alternative Uses
Best Use
Mixed Use
$1.59M
$1.39M – $1.86M
NOI $111,375 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$1.45M
$1.26M – $1.69M
NOI $101,172 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,832 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
5,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated apartments sit above an established retail operation along a Chicago commercial corridor.
Where is this mixed-use property located?
The property is located at 2149 W Division Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 6,600 SF mixed‑use building at 2149 W. Division Street, Chicago, IL; Five apartments renovated in 2016 with in‑unit washers and dryers; Ground‑floor NABI Cleaners operation has been at the location for 24 years
