Little Village Mixed-Use
For Sale
$485,000
2620 S Central Park Avenue, Chicago, IL 60623
Mixed-use building in Chicago's Little Village with flexible layout.
Property Size733 SF
Price / SF$661.66
Days on Market142
Property Features for 2620 S Central Park Avenue
General Information
Standard status
Active
Size
733 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,036
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1961
Listing Agency:
DUARTE REALTY COMPANY
(708) 589-5855
Listed By:
MARITZA RODRIGUEZ
Source:
Corcoran
Added: Apr 3
Changed: Aug 21
Last Checked: Aug 21 at 7:49AM
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 DUARTE REALTY COMPANY
Investment Insights
Based on property information with market context.
Located in the heart of Chicago's vibrant Little Village, this mixed-use building presents an investment opportunity in a culturally rich and economically active area. Zoned B3-2, the property accommodates higher-intensity commercial uses, including automotive, production, retail, and restaurant concepts. The layout includes a 733 square foot storefront suitable for retail or a cafe, a large open warehouse-style space in the rear, and a second-floor commercial office space connected to the storefront. Additionally, there is a 2-bedroom residential unit upstairs with full HVAC. The property features a 124 ft deep lot from storefront to alley, a freight elevator, 220 amp electrical service, a double exhaust stack, and 10 ft ceilings with a wide 21 ft layout. This building offers the space, zoning, and infrastructure to bring almost any concept to life.
Key Highlights
- B3‑2 zoning allows for higher‑intensity commercial uses.
- Mixed‑use building with storefront, warehouse space, office space, and a 2‑bedroom residential unit.
- Located in Chicago's Little Village, a culturally rich and economically active area.
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
$15,727
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
3.24%
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%
$314,540
$314.5K
Cap Rate 7%
$224,671
$224.7K
Cap Rate 9%
$174,744
$174.7K
Market Conditions
NOI Build-Up for 733 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
$28.1K $38.40/SF
− Vacancy
−$7.2K −$9.79/SF
EGI
$21.0K $28.61/SF
− OpEx
−$5.2K −$7.15/SF
NOI
$15.7K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$314,540
Cap Rate 7%
$224,671
Cap Rate 9%
$174,744
Alternative Uses
Best Use
Office B
$224.7K
$196.6K – $262.1K
NOI $15,727 @ 7.0% cap · market cap 3.24%
Second Best
Mixed Use
$176.7K
$154.6K – $206.2K
NOI $12,369 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$345.6K
$302.4K – $403.2K
NOI $24,193 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,191
Businesses Nearby
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in Chicago's Little Village with flexible layout.
Where is this mixed-use property located?
The property is located at 2620 S Central Park Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: B3‑2 zoning allows for higher‑intensity commercial uses.; Mixed‑use building with storefront, warehouse space, office space, and a 2‑bedroom residential unit.; Located in Chicago's Little Village, a culturally rich and economically active area.
