Brick Mixed-Use
For Sale
$375,000
Pending
2547 West 51st Street, Chicago, IL 60632
Brick construction combines a storefront with a three-bedroom apartment.
Property Size1,626 SF
Days on Market364
Property Features for 2547 West 51st Street
General Information
Standard status
Pending
Size
1,626 SF
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,743
Building Details
Year Built
1940
Buildings
1
Stories
1
Construction
brck
Listing Agency:
RE/MAX MI CASA
(708) 668-8602
Listed By:
Jose Rivera · License #475132230
(708) 668-8602
Source:
Compass
Added: Sep 3, 2025
Changed: Aug 31
Last Checked: Aug 31 at 10:28PM
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 RE/MAX MI CASA
Investment Insights
Based on property information with market context.
Built in 1940, this brick mixed-use property brings together a storefront and a three-bedroom apartment within the same building. The configuration provides both commercial and residential components in one asset.
The offering also includes the vacant lot immediately next to the building, providing additional parking area. The property is being offered in as-is condition.
The offering also includes the vacant lot immediately next to the building, providing additional parking area. The property is being offered in as-is condition.
Key Highlights
- Storefront and three‑bedroom apartment in one mixed‑use building
- Brick building constructed in 1940
- Adjacent vacant lot included for additional parking
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
$26,829
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
7.15%
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%
$536,580
$536.6K
Cap Rate 7%
$383,271
$383.3K
Cap Rate 9%
$298,100
$298.1K
Market Conditions
NOI Build-Up for 1,626 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
$48.8K $30.00/SF
− Vacancy
−$5.9K −$3.60/SF
EGI
$42.9K $26.40/SF
− OpEx
−$16.1K −$9.90/SF
NOI
$26.8K $16.50/SF
Area
ZIP 60632
Vacancy
12.00%
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%
$536,580
Cap Rate 7%
$383,271
Cap Rate 9%
$298,100
Alternative Uses
Best Use
Mixed Use
$383.3K
$335.4K – $447.2K
NOI $26,829 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$303.3K
$265.4K – $353.8K
NOI $21,229 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$715.5K
$626.1K – $834.8K
NOI $50,088 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
74k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 19%
Electronics 4%
Dollar Tree
Shops & Services
25,212 visits/mo
0.4 miles
Dunkin' Donuts
Dining
14,350 visits/mo
0.3 miles
Family Dollar
Shops & Services
11,013 visits/mo
0.2 miles
Shell
Shops & Services
7,047 visits/mo
0.3 miles
BP
Shops & Services
6,996 visits/mo
0.3 miles
Demographics for 60632, IL
92,237
Population
28,860
Households
3.2
Avg Household Size
33
Median Age
13%
College-Educated
69%
High-School Grad
7.4 sq mi
ZIP Area
12,464
Density / Sq Mi
$60,576
Median Household Income
$35,203
Median Earnings
$1,057
Median Rent
$240,600
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick construction combines a storefront with a three-bedroom apartment.
Where is this mixed-use property located?
The property is located at 2547 West 51st Street Chicago, IL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Storefront and three‑bedroom apartment in one mixed‑use building; Brick building constructed in 1940; Adjacent vacant lot included for additional parking
