Corner Mixed-Use
For Sale
$1,429,000
3034 W Montrose Avenue, Chicago, IL 60618
Commercial Sale, Chicago, IL
Property Size6,500 SF
Lot Size0.26 Acres
Price / SF$219.85
Days on Market78
Property Features for 3034 W Montrose Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Kedzie Ave.,-Montrose Ave. east-address California Ave.-Montrose Ave. west-address
Subdivision
CHI - Albany Park
Standard status
Active
APN
13131270330000
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
20079
Utilities
Cooling system
Central Air
Building Details
Year built
1921
Floors in Building
2
Number of units
7
Building materials
Concrete, Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Jun 8
Changed: Aug 20
Last Checked: Aug 24 at 1:06AM
MLS# 12655125
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property combines a 6,500-square-foot building with approximately 11,500 square feet of land. The existing configuration includes five commercial stores leased to three different tenants or users, along with two second-level residential units. Each residence has two bedrooms and one bathroom. Recent improvements were completed in 2024. The property is zoned COMMR and includes concrete and brick construction with central air.
The building occupies the corner of Montrose Avenue and Whipple Avenue, just east of Kedzie Avenue, at a signalized intersection. Nearby retailers include Walgreens, Starbucks, Dunkin’ Donuts, restaurants, and shops. The property is within walking distance of retail, entertainment, and public transportation. A rear metal-gated parking area provides 15 spaces, and one commercial space is currently vacant.
The building occupies the corner of Montrose Avenue and Whipple Avenue, just east of Kedzie Avenue, at a signalized intersection. Nearby retailers include Walgreens, Starbucks, Dunkin’ Donuts, restaurants, and shops. The property is within walking distance of retail, entertainment, and public transportation. A rear metal-gated parking area provides 15 spaces, and one commercial space is currently vacant.
Key Highlights
- 6,500 square feet of mixed‑use building on approximately 11,500 square feet of land
- Five commercial stores leased to three different tenants or users
- Two residential units, 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
7.68%
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 7.68%
Second Best
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,159 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,799 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,479
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant retail space is paired with two residential units and gated on-site parking.
Where is this mixed-use property located?
The property is located at 3034 W Montrose Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,429,000.
What are key features of this property?
This property features: 6,500 square feet of mixed‑use building on approximately 11,500 square feet of land; Five commercial stores leased to three different tenants or users; Two residential units, each with 2 bedrooms and 1 bathroom
