Mixed-Use Apartment and Retail
For Sale
Contact for pricing
2150 North Halsted Street, Chicago, IL 60614
Four two-bedroom units plus one three-bedroom unit sit above a 2,000 SF retail space with a full basement.
Property Size7,650 SF
Price / SF$362.75
Days on Market112
Property Features for 2150 North Halsted Street
General Information
Standard status
Active
Size
7,650 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
B3-2
Additional Details
Multifamily Units
5
Building Details
Year Built
1901
Year Renovated
2022
Units
3
Listing Agency:
eXp Commercial, LLC.
Listed By:
Jordan Schnoll · License #IL 471000799
(847) 644-2757
Source:
Crexi
Added: May 18
Changed: Aug 22
Last Checked: Sep 4 at 11:29PM
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 eXp Commercial, LLC.
Investment Insights
Based on property information with market context.
This high-profile mixed-use property includes four two-bedroom, one-bath apartments and one three-bedroom, two-bath apartment. Each unit features an in-unit washer and dryer. In addition, there is a 2,000 SF retail space with a full basement.
A new HVAC unit has recently been installed in the retail space, supporting continued tenant comfort and building operations. The property is offered for sale.
Overall, the building is configured to combine residential income units with dedicated retail space, providing an integrated residential and commercial layout under one roof.
A new HVAC unit has recently been installed in the retail space, supporting continued tenant comfort and building operations. The property is offered for sale.
Overall, the building is configured to combine residential income units with dedicated retail space, providing an integrated residential and commercial layout under one roof.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments plus one 3‑bedroom, 2‑bath apartment
- All apartment units include in‑unit washer and dryer
- 2,000 SF retail space with a full basement
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
$117,268
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
4.23%
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%
$2,345,360
$2.3M
Cap Rate 7%
$1,675,257
$1.7M
Cap Rate 9%
$1,302,978
$1.3M
Market Conditions
NOI Build-Up for 7,650 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
$224.9K $29.40/SF
− Vacancy
−$11.7K −$1.53/SF
EGI
$213.2K $27.87/SF
− OpEx
−$95.9K −$12.54/SF
NOI
$117.3K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,345,360
Cap Rate 7%
$1,675,257
Cap Rate 9%
$1,302,978
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.95M
NOI $117,268 @ 7.0% cap · market cap 4.23%
Second Best
Retail
$1.51M
$1.32M – $1.76M
NOI $105,836 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,487 @ 7.0% cap · market cap 9.10%
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
5,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
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?
Apartment building - Four two-bedroom units plus one three-bedroom unit sit above a 2,000 SF retail space with a full basement.
Where is this apartment building located?
The property is located at 2150 North Halsted Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath apartments plus one 3‑bedroom, 2‑bath apartment; All apartment units include in‑unit washer and dryer; 2,000 SF retail space with a full basement
