Theater with Residential Income
3014 W Irving Park Road Chicago, IL 60618
For Sale
$1,099,000
Mixed-use property featuring a theater and two renovated apartments.
Property Size5,183 SF
Price / SF$212.04
Days on Market101
Property Features for 3014 W Irving Park Road
General Information
Standard status
Active
Size
5,183 SF
Property subtype
Commercial
Building Details
Year Built
1915
Listing Agency:
STRAUSS REALTY LTD
(773) 736-3600
Listed By:
CRAIG WOLF · License #475163046
Source:
Corcoran
Added: Apr 21
Changed: Jul 10
Last Checked: Jul 29 at 6:17PM
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 STRAUSS REALTY LTD
Investment Insights
Based on property information with market context.
This mixed-use property in Irving Park features a 5,183 square foot, 150-seat theater with 25-foot ceilings, along with two fully renovated two-bedroom, one-bathroom apartments completed in 2016. The theater is a turn-key space with a stage, seating, bar, and dressing rooms. The residential units offer modern finishes and provide income. The property is ideal for an owner-user, with apartment revenue and a commercial lease in place through December. Located on Irving Park Road, the property benefits from high visibility with over 41,000 vehicles per day and convenient access to CTA buses and the Blue Line.
Key Highlights
- Turn‑key 150‑seat theater with stage, seating, bar, and dressing rooms.
- Two fully renovated 2BD/1BA apartments providing reliable income.
- High‑visibility Irving Park Road location with 41,000+ vehicles per day.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $155.5k | $30.00 |
| − Vacancy | −$15.5k | −$3.00 |
| EGI | $139.9k | $27.00 |
| − OpEx | −$52.5k | −$10.13 |
| NOI | $87.5k | $16.88 |
5,183 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.25M
$1.09M – $1.46M
NOI $87,463 @ 7.0% cap · market cap 7.96%
Second Best
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,450 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,519 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a theater and two renovated apartments.
Where is this mixed-use property located?
The property is located at 3014 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Turn‑key 150‑seat theater with stage, seating, bar, and dressing rooms.; Two fully renovated 2BD/1BA apartments providing reliable income.; High‑visibility Irving Park Road location with 41,000+ vehicles per day.
