Theater with Residential Income
For Sale
$1,099,000
Pending
3014 West Irving Park Road, Chicago, IL 60618
Mixed-use property featuring a theater and two renovated apartments.
Property Size5,850 SF
Days on Market127
Property Features for 3014 West Irving Park Road
General Information
Standard status
Pending
Size
5,850 SF
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$16,282
Building Details
Year Built
1915
Stories
2
Listing Agency:
Strauss Realty Ltd
(847) 989-9653
Listed By:
Craig Wolf · License #475163046
(847) 989-9653
Source:
Compass
Added: Apr 20
Changed: Aug 23
Last Checked: Aug 3 at 12:38PM
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
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
$98,719
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
8.98%
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%
$1,974,380
$2.0M
Cap Rate 7%
$1,410,271
$1.4M
Cap Rate 9%
$1,096,878
$1.1M
Market Conditions
NOI Build-Up for 5,850 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
$175.5K $30.00/SF
− Vacancy
−$17.6K −$3.00/SF
EGI
$158.0K $27.00/SF
− OpEx
−$59.2K −$10.13/SF
NOI
$98.7K $16.88/SF
Area
ZIP 60618
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,974,380
Cap Rate 7%
$1,410,271
Cap Rate 9%
$1,096,878
Alternative Uses
Best Use
Mixed Use
$1.41M
$1.23M – $1.65M
NOI $98,719 @ 7.0% cap · market cap 8.98%
Second Best
Multifamily LT 5
$1.35M
$1.18M – $1.57M
NOI $94,189 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,919 @ 7.0% cap · market cap 16.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,116
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Midwest region
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 - Mixed-use property featuring a theater and two renovated apartments.
Where is this mixed-use property located?
The property is located at 3014 West 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.
