UK Village Mixed-Use
2350 West Grand Avenue Chicago, IL 60612
2350 West Grand Avenue, Chicago, IL, 60612
$1,150,000
For Sale
$1,150,000
Five-unit property with storefront and garage in UK Village.
Property Size3,500 SF
Price / SF$328.57
Days on Market131
Property Features for 2350 West Grand Avenue
General Information
- Standard status
- Active
- Size
- 3,500 SF
- Property subtype
- Multi Family 5+ / Multi Family 5+-Other
Building Details
- Year Built
- 1951
Listing Agency
Berkshire Hathaway HomeServices American Heritage
(312) 925-6897
Listed by
Joseph Caravette · License #475176313
(312) 925-6897
Source
Compass
Added: Mar 13 Updated: Jul 10 at 12:18 pm Checked: Jul 19 at 4:38 am
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 Berkshire Hathaway HomeServices American Heritage
Investment Insights
Based on property information with market context.
This is a three-story, all-brick, five-unit property located in the South UK Village. It features four apartments that were completely renovated within the last 15 years, including new electric and plumbing systems. The apartments have hardwood floors and gas furnaces with central air conditioning. The rents are currently below market value but have the potential to be increased. The property includes a storefront with a lease in place until 2027. Additionally, there is an attached one-plus car garage with ample storage space and 13-foot ceilings. The property generates additional income from advertising on the side of the building. The building size is approximately 3,500 square feet.
Key Highlights
- Rehabbed Apartments: Four of the five units have been completely renovated with updated electric and plumbing within the last 15 years.
- Income Potential: Rents are currently below market value, offering a significant opportunity to increase revenue.
- Storefront Lease: The storefront is currently leased until 2027, providing a stable income stream.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.9k | $29.40 |
| − Vacancy | −$5.4k | −$1.53 |
| EGI | $97.5k | $27.87 |
| − OpEx | −$43.9k | −$12.54 |
| NOI | $53.7k | $15.33 |
3,500 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$766.5K
$670.7K – $894.2K
NOI $53,652 @ 7.0% cap · market cap 4.67%
Second Best
Retail
$691.7K
$605.3K – $807.0K
NOI $48,422 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,517 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Five-unit property with storefront and garage in UK Village.
Where is this apartment building located?
The property is located at 2350 West Grand Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Rehabbed Apartments: Four of the five units have been completely renovated with updated electric and plumbing within the last 15 years.; Income Potential: Rents are currently below market value, offering a significant opportunity to increase revenue.; Storefront Lease: The storefront is currently leased until 2027, providing a stable income stream.
