11-Unit Mixed-Use
New
For Sale
$1,345,000
2957 N Cicero Avenue, Chicago, IL 60641
Masonry construction combines residential apartments with vacant ground-floor retail space.
Property Size8,200 SF
Price / SF$164.02
Days on Market7
Property Features for 2957 N Cicero Avenue
General Information
Standard status
Active
Size
8,200 SF
Property subtype
Commercial
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x studio, 1 x 1BR, 4 x 2BR
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$25,857
Amenities
Central air
Rubber Roof
Window Unit(s) Cooling
Building Details
Year Built
1927
Buildings
1
Construction
masonry
Tenancy
Multi
Listing Agency:
TRITON REALTY GROUP LLC
(312) 788-9379
Listed By:
JAMES THOMPSON
Source:
Corcoran
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 4:28AM
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 TRITON REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This 11-unit mixed-use building was constructed in 1927 with masonry brick construction and contains 8,200 SF. The upper level includes nine apartments: four studios, one one-bedroom unit, and four two-bedroom units. Two ground-floor storefronts totaling 3,000 SF are currently vacant, creating a separate commercial component within the property. Residential units are separately metered, and the building currently generates residential income.
The property occupies the corner of Cicero Avenue and Wellington Avenue in Belmont Cragin, with CTA bus service along Cicero Avenue. I-90/94 provides access toward downtown Chicago and O'Hare. The retail spaces are positioned for future build-out and leasing, while the residential portion is already in operation.
The property occupies the corner of Cicero Avenue and Wellington Avenue in Belmont Cragin, with CTA bus service along Cicero Avenue. I-90/94 provides access toward downtown Chicago and O'Hare. The retail spaces are positioned for future build-out and leasing, while the residential portion is already in operation.
Key Highlights
- 11‑unit mixed‑use building with 9 apartments and 2 ground‑floor storefronts
- 8,200 SF masonry brick building constructed in 1927
- Apartment mix includes 4 studios, 1 one‑bedroom, and 4 two‑bedrooms
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
$113,445
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
8.43%
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%
$2,268,900
$2.3M
Cap Rate 7%
$1,620,643
$1.6M
Cap Rate 9%
$1,260,500
$1.3M
Market Conditions
NOI Build-Up for 8,200 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
$177.1K $21.60/SF
− Vacancy
−$15.1K −$1.84/SF
EGI
$162.1K $19.76/SF
− OpEx
−$48.6K −$5.93/SF
NOI
$113.4K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,268,900
Cap Rate 7%
$1,620,643
Cap Rate 9%
$1,260,500
Alternative Uses
Best Use
Mixed Use
$1.98M
$1.73M – $2.31M
NOI $138,375 @ 7.0% cap · market cap 10.29%
Second Best
Apartment 5plus
$1.80M
$1.57M – $2.09M
NOI $125,699 @ 7.0% cap · market cap 9.35%
Theoretical Best
Office A
$3.87M
$3.38M – $4.51M
NOI $270,639 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Masonry construction combines residential apartments with vacant ground-floor retail space.
Where is this mixed-use property located?
The property is located at 2957 N Cicero Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,345,000.
What are key features of this property?
This property features: 11‑unit mixed‑use building with 9 apartments and 2 ground‑floor storefronts; 8,200 SF masonry brick building constructed in 1927; Apartment mix includes 4 studios, 1 one‑bedroom, and 4 two‑bedrooms
