Building Details

Year Built 2008

Listing Agency: RE/MAX Premier

Listed By: Elizabeth Sidorowicz Show Phone

Source: Saladinosells

Added: Oct 5 Changed: Oct 6 Last Checked: Oct 5 at 3:31PM

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Investment Insights

Based on property information with market context.

This first-floor commercial condominium in Chicago’s Avondale area was built in 2008. Marble flooring, 14-foot ceilings, and large windows define the interior, while rear space accommodates an employee kitchen, laundry, and storage. The unit is currently occupied by a hair salon and is described for potential use as retail, a nail spa, professional office, or restaurant space.

Key Highlights

• First‑floor commercial condominium at 2946 W Belmont Avenue, Unit 1, Chicago
• Built in 2008 with marble flooring and 14‑foot ceilings
• Large windows bring natural light into the space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,878

Cap Rate

4.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$337,560 $337.6K

Cap Rate 7%

$241,114 $241.1K

Cap Rate 9%

$187,533 $187.5K

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$26.4K $21.96/SF

− Vacancy

−$2.2K −$1.87/SF

EGI

$24.1K $20.09/SF

− OpEx

−$7.2K −$6.03/SF

NOI

$16.9K $14.07/SF

Area

ZIP 60618

Vacancy

8.50%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$337,560

Cap Rate 7%

$241,114

Cap Rate 9%

$187,533

Alternative Uses

Best Use

Retail

$241.1K

$211.0K – $281.3K (±1% cap)

NOI $16,878 @ 7.0% cap · market cap 4.50%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$524.3K

$458.8K – $611.7K (±1% cap)

NOI $36,701 @ 7.0% cap · market cap 9.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Carlos Hair Studio Hair Salon

Suggested Use

Top Pick Law Firm Barber Shop (Bike/Boat/Book/etc) Store Skin Care Clinic Nursing Home Fish Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,096

Businesses Nearby

135k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 58% Dining 41%

Dollar Tree Shops & Services

34,747 visits/mo 0.5 miles

Popeyes Louisiana Kitchen Dining

24,987 visits/mo 0.5 miles

Bank of America Shops & Services

17,336 visits/mo 0.4 miles

IHOP Dining

16,091 visits/mo 0.5 miles

Burger King Dining

14,567 visits/mo 0.1 miles

Demographics for 60618, IL

90,316

Population

41,053

Households

2.2

Avg Household Size

35

Median Age

55%

College-Educated

89%

High-School Grad

5.0 sq mi

ZIP Area

18,063

Density / Sq Mi

$101,558

Median Household Income

$60,263

Median Earnings

$1,534

Median Rent

$538,300

Median Home Value

Market

Vacancy Rate% for Retail in Chicago, IL

9.1% 2019

9.2% 2020

8.8% 2021

8.1% 2022

7% 2023

6.6% 2024

7.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - The first-floor unit is operating as a hair salon and includes employee kitchen, laundry, and storage areas.

Where is this storefront property located?

The property is located at 2946 W Belmont Ave Unit 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: First‑floor commercial condominium at 2946 W Belmont Avenue, Unit 1, Chicago; Built in 2008 with marble flooring and 14‑foot ceilings; Large windows bring natural light into the space