Mixed-Use Building with Rooftop
New
For Sale
$1,000,000
2256 W Grand Avenue, Chicago, IL 60612
Vacant three-level property combines commercial space with two full-floor apartments.
Property Size3,600 SF
Price / SF$277.78
Days on Market2
Property Features for 2256 W Grand Avenue
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Neighborhood
West Town
Public Transit
Yes
Mixed-Use Components
retail, residential
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,453
Amenities
rooftop deck
backyard
lower-level storage
irrigated raised-bed garden
Building Details
Building Size
3,600 SF
Year Built
1912
Buildings
1
Stories
3
Units
3
Construction
brick
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
Ryan Preuett · License #475145699
(312) 751-0300
Source:
Fishmangroup
Added: Oct 23
Last Checked: Oct 23 at 1:25PM
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 Jameson Sotheby's Intl Realty
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Investment Insights
Based on property information with market context.
This 3,600-square-foot mixed-use building has a ground-level retail or office space, two upper-floor apartments, and storage on the lower level. Each residence contains three bedrooms and one bathroom; the third-floor apartment has more recent updates than the second-floor unit. Two kitchens and all three bathrooms have been remodeled. Outdoor features include a backyard, rooftop deck, and irrigated raised-bed garden.
Located at 2256 W Grand Avenue in West Town, the property is near public transportation, Mitchell Elementary School, restaurants, and shops. Its commercial and residential spaces are currently vacant. Zoning is COMMR.
Located at 2256 W Grand Avenue in West Town, the property is near public transportation, Mitchell Elementary School, restaurants, and shops. Its commercial and residential spaces are currently vacant. Zoning is COMMR.
Key Highlights
- 3,600‑square‑foot mixed‑use building
- Two full‑floor 1200 square foot apartments, each with 3 bedrooms and 1 bath
- Ground‑floor retail or office space with lower‑level storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,750
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,215,000
$1.2M
Cap Rate 7%
$867,857
$867.9K
Cap Rate 9%
$675,000
$675.0K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$108.0K $30.00/SF
− Vacancy
−$10.8K −$3.00/SF
EGI
$97.2K $27.00/SF
− OpEx
−$36.5K −$10.13/SF
NOI
$60.8K $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 Rate 5%
$1,215,000
Cap Rate 7%
$867,857
Cap Rate 9%
$675,000
Alternative Uses
Best Use
Mixed Use
$867.9K
$759.4K – $1.01M
NOI $60,750 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$788.4K
$689.8K – $919.8K
NOI $55,185 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,574
Businesses Nearby
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Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant three-level property combines commercial space with two full-floor apartments.
Where is this mixed-use property located?
The property is located at 2256 W Grand Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3,600‑square‑foot mixed‑use building; Two full‑floor 1200 square foot apartments, each with 3 bedrooms and 1 bath; Ground‑floor retail or office space with lower‑level storage
