Remodeled Mixed-Use
New
For Sale
$375,000
2708 W Chicago Avenue #1, Chicago, IL 60622
Three flexible rooms, two full baths, and a modern kitchen support a range of potential configurations.
Property Size1,336 SF
Price / SF$280.69
Days on Market2
Property Features for 2708 W Chicago Avenue #1
General Information
Standard status
Active
Size
1,336 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,674
Amenities
11' ceilings throughout
modern kitchen with marble counters and breakfast bar
ensuite bathroom with a standing shower and dual vanities
laundry access
separate newer furnace and hot water heater
ample storage
Central air
Central Air Cooling
Building Details
Year Built
2007
Listing Agency:
HOMESMART REALTY GROUP
(708) 320-0002
Listed By:
JAMES KOLAR · License #471004472
Source:
Corcoran
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 10 at 2:47AM
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 HOMESMART REALTY GROUP
Investment Insights
Based on property information with market context.
This 1,336-square-foot unit was remodeled and includes three rooms suited to bedroom or office use, two full bathrooms, and 11-foot ceilings. The kitchen has marble counters and a breakfast bar; one bathroom is ensuite and features a standing shower and dual vanities. Laundry access, a separate newer furnace and hot water heater, and ample storage are also included. The property is offered as-is.
Potential uses identified for the space include retail, business support, personal services, residential occupancy, and artist live/work. Located on Chicago Avenue in West Town, the unit has access to downtown, parks, Metra, CTA, restaurants, shops, and schools.
Potential uses identified for the space include retail, business support, personal services, residential occupancy, and artist live/work. Located on Chicago Avenue in West Town, the unit has access to downtown, parks, Metra, CTA, restaurants, shops, and schools.
Key Highlights
- 1,336‑square‑foot mixed‑use unit
- Three bedrooms or offices and two full baths
- 11‑foot ceilings throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,665
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$573,300
$573.3K
Cap Rate 7%
$409,500
$409.5K
Cap Rate 9%
$318,500
$318.5K
Market Conditions
NOI Build-Up for 1,336 SF
Gross rent
$51.3K $38.40/SF
− Vacancy
−$13.1K −$9.79/SF
EGI
$38.2K $28.61/SF
− OpEx
−$9.6K −$7.15/SF
NOI
$28.7K $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 Rate 5%
$573,300
Cap Rate 7%
$409,500
Cap Rate 9%
$318,500
Alternative Uses
Best Use
Office B
$409.5K
$358.3K – $477.8K
NOI $28,665 @ 7.0% cap · market cap 7.64%
Second Best
Mixed Use
$322.1K
$281.8K – $375.8K
NOI $22,545 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$629.9K
$551.2K – $734.9K
NOI $44,094 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three flexible rooms, two full baths, and a modern kitchen support a range of potential configurations.
Where is this mixed-use property located?
The property is located at 2708 W Chicago Avenue #1 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: 1,336‑square‑foot mixed‑use unit; Three bedrooms or offices and two full baths; 11‑foot ceilings throughout
