Mixed-Use Building with
For Sale
Contact for pricing
3018 W North Ave, Chicago, IL 60647
Bar operations, two apartments, and adjacent development parcels create a varied mixed-use property profile.
Property Size3,975 SF
Price / SF$451.57
Days on Market194
Property Features for 3018 W North Ave
General Information
Standard status
Active
Size
3,975 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
B3-3
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Land Use
mixed-use
Building Details
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Strauss Realty
(773) 736-3600
Listed By:
JOSE DIAZ · License #IL 475146948
Source:
Crexi
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 4:23AM
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
Investment Insights
Based on property information with market context.
This 3,975-square-foot mixed-use building combines an operating bar with two residential units: one one-bedroom, one-bath apartment and one three-bedroom, two-bath apartment. The property is zoned B3-3 and includes two adjacent vacant city lots that expand the site’s development component.
The lots measure 50 feet by 125 feet and are positioned directly across from historic Humboldt Park. Their documented potential includes additional parking, an enlarged outdoor patio, or future new development, subject to applicable approvals. The existing commercial and residential components provide a combination of bar space and apartment occupancy within the same property.
The lots measure 50 feet by 125 feet and are positioned directly across from historic Humboldt Park. Their documented potential includes additional parking, an enlarged outdoor patio, or future new development, subject to applicable approvals. The existing commercial and residential components provide a combination of bar space and apartment occupancy within the same property.
Key Highlights
- 3,975‑square‑foot mixed‑use building
- Operating bar plus one 1‑bedroom/1‑bath and one 3‑bedroom/2‑bath apartment
- Two adjacent vacant city lots measuring 50' x 125'
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
$73,983
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
4.12%
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%
$1,479,660
$1.5M
Cap Rate 7%
$1,056,900
$1.1M
Cap Rate 9%
$822,033
$822.0K
Market Conditions
NOI Build-Up for 3,975 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
$104.9K $26.40/SF
− Vacancy
−$6.3K −$1.58/SF
EGI
$98.6K $24.82/SF
− OpEx
−$24.7K −$6.20/SF
NOI
$74.0K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,479,660
Cap Rate 7%
$1,056,900
Cap Rate 9%
$822,033
Alternative Uses
Best Use
Specialty Retail
$1.06M
$924.8K – $1.23M
NOI $73,983 @ 7.0% cap · market cap 4.12%
Second Best
Mixed Use
$958.3K
$838.5K – $1.12M
NOI $67,078 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,194 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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 - Bar operations, two apartments, and adjacent development parcels create a varied mixed-use property profile.
Where is this mixed-use property located?
The property is located at 3018 W North Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 3,975‑square‑foot mixed‑use building; Operating bar plus one 1‑bedroom/1‑bath and one 3‑bedroom/2‑bath apartment; Two adjacent vacant city lots measuring 50' x 125'
