Building Details

Year Built 1878

Buildings 1

Stories 3

Tenancy Multi

Listing Agency: Business Locations Inc.

Listed By: Scott Gordon · License #471.251001 Show Phone

Source: Crexi

Added: Jul 7 Changed: Oct 6 Last Checked: Oct 16 at 9:33AM

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Investment Insights

Based on property information with market context.

Located at 2349-2359 W Grand Ave in Chicago, this 5,586-square-foot mixed-use building was constructed in 1878 and includes both residential and commercial space. The apartment component consists of three two-bedroom, one-bath units and one studio. All four apartments are occupied under month-to-month leases.

A ground-floor retail area is leased to a restaurant tenant under a newly executed five-year lease. The property is zoned C 1-3 and combines ongoing residential occupancy with an established commercial tenancy in one building.

Key Highlights

• 5,586 SF mixed‑use building constructed in 1878
• Three 2‑bedroom, 1‑bath apartments and one studio apartment
• All residential units are occupied on month‑to‑month leases

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$94,264

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,885,280 $1.9M

Cap Rate 7%

$1,346,629 $1.3M

Cap Rate 9%

$1,047,378 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,586 SF

Gross rent

$167.6K $30.00/SF

− Vacancy

−$16.8K −$3.00/SF

EGI

$150.8K $27.00/SF

− OpEx

−$56.6K −$10.13/SF

NOI

$94.3K $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%

$1,885,280

Cap Rate 7%

$1,346,629

Cap Rate 9%

$1,047,378

Alternative Uses

Best Use

Mixed Use

$1.35M

$1.18M – $1.57M (±1% cap)

NOI $94,264 @ 7.0% cap · market cap 4.49%

Second Best

Multifamily LT 5

$1.33M

$1.16M – $1.55M (±1% cap)

NOI $93,118 @ 7.0% cap · market cap 4.43%

Theoretical Best

Office A

$2.63M

$2.30M – $3.07M (±1% cap)

NOI $184,365 @ 7.0% cap · market cap 8.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Nursing Home Accounting Firm (Bike/Boat/Book/etc) Store Pet Grooming Service Supermarket Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

2,574

Businesses Nearby

Explore this area 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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Residential apartments and a leased ground-floor restaurant space combine within this mixed-use building.

Where is this mixed-use property located?

The property is located at 2349-2359 W Grand Ave Chicago, IL.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: 5,586 SF mixed‑use building constructed in 1878; Three 2‑bedroom, 1‑bath apartments and one studio apartment; All residential units are occupied on month‑to‑month leases