Mixed-Use Building with
For Sale
$580,000
2724 W 51st St, Chicago, IL 60632
Commercial space at street level is combined with two upper-floor residential units under B3-1 zoning.
Property Size4,368 SF
Price / SF$132.78
Days on Market82
Property Features for 2724 W 51st St
General Information
Standard status
Active
Size
4,368 SF
Property subtype
Commercial
Zoning
B3-1
Additional Details
Floor
Ground
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
Realty of America, LLC
Listed By:
Alexander Partida · License #475149866
(708) 788-1900
Source:
Searchillinoishomesforsale
Added: Jul 26
Changed: Oct 1
Last Checked: Oct 14 at 11:09PM
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 Realty of America, LLC
Investment Insights
Based on property information with market context.
This mixed-use property contains 4,368 square feet across a street-facing commercial area and two residential units positioned above. The ground-floor space supports several potential commercial formats identified in the property information, including storefront retail, professional office, neighborhood services, and medical use. Two apartments provide the building’s residential component and complement the commercial occupancy configuration.
Built in 1965, the property sits at 2724 W 51st St in Chicago’s Gage Park neighborhood, along the 51st Street commercial corridor. Kedzie Avenue, public transit options, and neighborhood anchor businesses are located nearby. B3-1 Community Shopping District zoning supports the stated mix of commercial and residential functions.
Built in 1965, the property sits at 2724 W 51st St in Chicago’s Gage Park neighborhood, along the 51st Street commercial corridor. Kedzie Avenue, public transit options, and neighborhood anchor businesses are located nearby. B3-1 Community Shopping District zoning supports the stated mix of commercial and residential functions.
Key Highlights
- 4,368 SF mixed‑use property built in 1965
- Ground‑floor commercial space with two residential units above
- B3‑1 Community Shopping District zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,001
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$940,020
$940.0K
Cap Rate 7%
$671,443
$671.4K
Cap Rate 9%
$522,233
$522.2K
Market Conditions
NOI Build-Up for 4,368 SF
Gross rent
$73.4K $16.80/SF
− Vacancy
−$6.2K −$1.43/SF
EGI
$67.1K $15.37/SF
− OpEx
−$20.1K −$4.61/SF
NOI
$47.0K $10.76/SF
Area
ZIP 60632
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$940,020
Cap Rate 7%
$671,443
Cap Rate 9%
$522,233
Alternative Uses
Best Use
Mixed Use
$1.03M
$900.9K – $1.20M
NOI $72,072 @ 7.0% cap · market cap 12.43%
Second Best
Apartment 5plus
$814.7K
$712.9K – $950.5K
NOI $57,029 @ 7.0% cap · market cap 9.83%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,554 @ 7.0% cap · market cap 23.20%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space at street level is combined with two upper-floor residential units under B3-1 zoning.
Where is this mixed-use property located?
The property is located at 2724 W 51st St Chicago, IL.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 4,368 SF mixed‑use property built in 1965; Ground‑floor commercial space with two residential units above; B3‑1 Community Shopping District zoning
