Renovated Mixed-Use
For Sale
$1,600,000
2712 West North Avenue, Chicago, IL 60647
Column-free commercial space supports flexible retail, office, or service configurations.
Property Size6,000 SF
Price / SF$266.67
Days on Market210
Property Features for 2712 West North Avenue
General Information
Standard status
Active
Size
6,000 SF
Zoning
B3-2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$18,740
Building Details
Year Built
1915
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Sobiko Brokerage Services, LLC
Listed By:
Derek Sobieraj · License #471021787
(312) 488-9825
Source:
Compass
Added: Feb 4
Changed: Sep 1
Last Checked: Aug 31 at 10:06PM
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 Sobiko Brokerage Services, LLC
Investment Insights
Based on property information with market context.
This 6,000-square-foot mixed-use building includes recently gut-renovated commercial space with a column-free floor plan. The open configuration can accommodate retail, office, or service uses. The property also includes apartments, with current rents below market.
Zoned B3-2, the property may support conversion of two additional ground-floor dwelling units through a special use permit, without a zoning change. The building is located at 2712 West North Avenue in Chicago’s East Humboldt Park and offers access to public transportation. Constructed in 1915, it occupies a position along North Avenue within an evolving commercial corridor.
Zoned B3-2, the property may support conversion of two additional ground-floor dwelling units through a special use permit, without a zoning change. The building is located at 2712 West North Avenue in Chicago’s East Humboldt Park and offers access to public transportation. Constructed in 1915, it occupies a position along North Avenue within an evolving commercial corridor.
Key Highlights
- 6,000‑square‑foot mixed‑use building
- Recently gut‑renovated, column‑free commercial space
- B3‑2 zoning supports retail, office, and service uses
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
$128,736
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
8.05%
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%
$2,574,720
$2.6M
Cap Rate 7%
$1,839,086
$1.8M
Cap Rate 9%
$1,430,400
$1.4M
Market Conditions
NOI Build-Up for 6,000 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
$230.4K $38.40/SF
− Vacancy
−$58.8K −$9.79/SF
EGI
$171.6K $28.61/SF
− OpEx
−$42.9K −$7.15/SF
NOI
$128.7K $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%
$2,574,720
Cap Rate 7%
$1,839,086
Cap Rate 9%
$1,430,400
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.15M
NOI $128,736 @ 7.0% cap · market cap 8.05%
Second Best
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,250 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,029 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Column-free commercial space supports flexible retail, office, or service configurations.
Where is this mixed-use property located?
The property is located at 2712 West North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6,000‑square‑foot mixed‑use building; Recently gut‑renovated, column‑free commercial space; B3‑2 zoning supports retail, office, and service uses
