Mixed-Use Building with
For Sale
Contact for pricing
2349-2359 W Grand Ave, Chicago, IL 60612
Residential apartments and a leased ground-floor restaurant space combine within this mixed-use building.
Property Size5,586 SF
Price / SF$402.79
Days on Market57
Property Features for 2349-2359 W Grand Ave
General Information
Standard status
Active
Size
5,586 SF
Class
C
Property subtype
Mixed Use
Zoning
C 1-3
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1878
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Business Locations Inc.
(312) 379-3992
Listed By:
Scott Gordon · License #471.251001
Source:
Crexi
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 31 at 4:27PM
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 Business Locations Inc.
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.
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 = 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
$94,264
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
4.19%
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%
$1,885,280
$1.9M
Cap Rate 7%
$1,346,629
$1.3M
Cap Rate 9%
$1,047,378
$1.0M
Market Conditions
NOI Build-Up for 5,586 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
$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 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%
$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
NOI $94,264 @ 7.0% cap · market cap 4.19%
Second Best
Multifamily LT 5
$1.33M
$1.16M – $1.55M
NOI $93,118 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $184,365 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $2,250,000.
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
