Mixed-Use Building with
New
For Sale
$1,399,000
3034 W Montrose Ave, Chicago, IL 60618
Five commercial spaces and two apartments occupy a building with gated rear parking.
Property Size6,500 SF
Lot Size0.26 Acres
Price / SF$215.23
Days on Market3
Property Features for 3034 W Montrose Ave
General Information
Standard status
Active
Size
6,500 SF
Total Parking Spaces
15
Lot size
0.26 Acres
Additional Details
Corner Location
Yes
Building Details
Year Built
1921
Buildings
1
Tenancy
Multi
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Amyboston.realtopiare
Added: Sep 28
Last Checked: Sep 29 at 2:22PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This mixed-use property includes a 6,500-square-foot building on approximately 11,500 square feet of land. The commercial level contains five storefronts, with one currently vacant; three tenants or users occupy the other spaces. Two second-floor apartments each have two bedrooms and one bathroom. The property has two parcel identification numbers, and the rear parcel at 4410 N. Whipple Ave. is used for parking. A gated metal lot provides 15 spaces. Improvements were made in 2024.
The building sits at Montrose Avenue and Whipple Avenue, at a signalized intersection just east of Kedzie Avenue. Nearby retailers include Walgreens, Starbucks, and Dunkin’, along with restaurants and shops. Public transportation is within walking distance, and the property is described as close to major roads, interstate highways, O’Hare Airport, downtown, and Lake Shore Drive.
The building sits at Montrose Avenue and Whipple Avenue, at a signalized intersection just east of Kedzie Avenue. Nearby retailers include Walgreens, Starbucks, and Dunkin’, along with restaurants and shops. Public transportation is within walking distance, and the property is described as close to major roads, interstate highways, O’Hare Airport, downtown, and Lake Shore Drive.
Key Highlights
- 6,500‑square‑foot mixed‑use building on approximately 11,500 square feet of land
- Five commercial storefronts; one is vacant, while the others serve three tenants or users
- Two second‑floor apartments, each with 2 bedrooms and 1 bathroom
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
$109,688
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
7.84%
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%
$2,193,760
$2.2M
Cap Rate 7%
$1,566,971
$1.6M
Cap Rate 9%
$1,218,756
$1.2M
Market Conditions
NOI Build-Up for 6,500 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
$195.0K $30.00/SF
− Vacancy
−$19.5K −$3.00/SF
EGI
$175.5K $27.00/SF
− OpEx
−$65.8K −$10.13/SF
NOI
$109.7K $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%
$2,193,760
Cap Rate 7%
$1,566,971
Cap Rate 9%
$1,218,756
Alternative Uses
Best Use
Mixed Use
$1.57M
$1.37M – $1.83M
NOI $109,688 @ 7.0% cap · market cap 7.84%
Second Best
Retail
$1.31M
$1.14M – $1.52M
NOI $91,425 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,799 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,479
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Shops & Services 16%
Home Improvements & Furnishings 3%
McDonald's
Dining
28,743 visits/mo
0.3 miles
7-Eleven
Shops & Services
4,380 visits/mo
0.2 miles
Pantry
Shops & Services
1,813 visits/mo
0.4 miles
Golden Krust Caribbean Bakery and Grill
Dining
1,772 visits/mo
0.4 miles
Jays True Value
Home Improvements & Furnishings
1,216 visits/mo
0.4 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five commercial spaces and two apartments occupy a building with gated rear parking.
Where is this mixed-use property located?
The property is located at 3034 W Montrose Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 6,500‑square‑foot mixed‑use building on approximately 11,500 square feet of land; Five commercial storefronts; one is vacant, while the others serve three tenants or users; Two second‑floor apartments, each with 2 bedrooms and 1 bathroom
