Corner Mixed-Use Building with
For Sale
$1,475,000
2506 N Clybourn Avenue, Chicago, IL 60614
COMMERCIAL - Chicago, IL
Property Size5,500 SF
Lot Size0.23 Acres
Price / SF$268.18
Days on Market55
Property Features for 2506 N Clybourn Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Fireplace
1
Directions
Heading West on Fullerton go North on Clybourn Ave to 2506
Subdivision
CHI - Lincoln Park
Standard status
Active
APN
14304000020000
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
34719
Utilities
Utilities
Water Available
Cooling system
Central Air, Window Unit(s)
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Wood
Building materials
Brick
Roof type
Rubber, Membrane
Listing Agency:
Hometown Real Estate Group LLC
(773) 625-1121
Listed By:
Brian Costello · License #475143211
(773) 625-1121
Added: Jun 19
Changed: Aug 4
Last Checked: Aug 12 at 2:06AM
MLS# 12681126
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant brick corner mixed-use property combines a main-level restaurant and bar with residential units on the second floor. The main level features approximately 2,700 square feet with a fireplace, dual bar areas, exposed brick interior, two restrooms, and a commercial kitchen area. The second floor includes an owner’s apartment with one bedroom, a fireplace, full bathroom, in-unit laundry, and a private outdoor balcony, along with two additional residential units: one two-bedroom apartment and one non-conforming one-bedroom apartment.
The unfinished basement provides abundant storage and includes a walk-in cooler. Outside, there is a detached two-plus-car garage and a private patio area that could support outdoor dining or additional off-street parking; the site has potential to accommodate approximately 10-12 vehicles. The property is zoned COMMR and is offered “AS-IS.”
Built in 1900, the building includes window unit cooling and central air, wood and vinyl flooring, and a rubber/membrane roof. Utilities noted include water available.
The unfinished basement provides abundant storage and includes a walk-in cooler. Outside, there is a detached two-plus-car garage and a private patio area that could support outdoor dining or additional off-street parking; the site has potential to accommodate approximately 10-12 vehicles. The property is zoned COMMR and is offered “AS-IS.”
Built in 1900, the building includes window unit cooling and central air, wood and vinyl flooring, and a rubber/membrane roof. Utilities noted include water available.
Key Highlights
- Vacant brick corner mixed‑use property with restaurant/bar on the main level
- Approximately 2,700 sq ft restaurant and bar with dual bar areas and commercial kitchen
- Second floor includes owner’s 1‑bedroom plus one 2‑bedroom and one non‑conforming 1‑bedroom
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
$102,366
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
6.94%
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%
$2,047,320
$2.0M
Cap Rate 7%
$1,462,371
$1.5M
Cap Rate 9%
$1,137,400
$1.1M
Market Conditions
NOI Build-Up for 5,500 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
$145.2K $26.40/SF
− Vacancy
−$8.7K −$1.58/SF
EGI
$136.5K $24.82/SF
− OpEx
−$34.1K −$6.20/SF
NOI
$102.4K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,047,320
Cap Rate 7%
$1,462,371
Cap Rate 9%
$1,137,400
Alternative Uses
Best Use
Specialty Retail
$1.46M
$1.28M – $1.71M
NOI $102,366 @ 7.0% cap · market cap 6.94%
Second Best
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $92,813 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,526 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,639
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?
Mixed-use property - Vacant brick corner mixed-use building with a main-level restaurant and bar plus residential units upstairs.
Where is this mixed-use property located?
The property is located at 2506 N Clybourn Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Vacant brick corner mixed‑use property with restaurant/bar on the main level; Approximately 2,700 sq ft restaurant and bar with dual bar areas and commercial kitchen; Second floor includes owner’s 1‑bedroom plus one 2‑bedroom and one non‑conforming 1‑bedroom
