For Sale
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3100 W Montrose Avenue, Chicago, IL 60618
Auto shops
Property Size4,800 SF
Lot Size0.17 Acres
Price / SF$249.79
Days on Market786
Property Features for 3100 W Montrose Avenue
General Information
Standard status
Active
Size
4,800 SF
Lot size
0.17 Acres
Property subtype
Special Purpose
Zoning
COMMR
Building Details
Stories
2
Listing Agency:
CENTURY 21 Circle
(773) 983-1553
Listed By:
Mark Ahmad · License #IL 471007186
Source:
Crexi
Added: Jun 27, 2024
Changed: Aug 8
Last Checked: Aug 20 at 11:42AM
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.
Key Highlights
- Prime location at the intersection of Kedzie Ave. and Montrose Ave. with high business corridor and pedestrian traffic.
- Substantial property size: Approximately 7,300 sq. ft. of land with a 4,800 sq. ft. building.
- Includes 3 city business licenses: Mechanical repairs, Auto parts sales, and Car sale lot.
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
$67,514
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
5.63%
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%
$1,350,280
$1.4M
Cap Rate 7%
$964,486
$964.5K
Cap Rate 9%
$750,156
$750.2K
Market Conditions
NOI Build-Up for 4,800 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
$105.4K $21.96/SF
− Vacancy
−$9.0K −$1.87/SF
EGI
$96.4K $20.09/SF
− OpEx
−$28.9K −$6.03/SF
NOI
$67.5K $14.07/SF
Area
ZIP 60618
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,350,280
Cap Rate 7%
$964,486
Cap Rate 9%
$750,156
Alternative Uses
Best Use
Retail
$964.5K
$843.9K – $1.13M
NOI $67,514 @ 7.0% cap · market cap 5.63%
Second Best
Industrial
$292.1K
$255.6K – $340.8K
NOI $20,445 @ 7.0% cap · market cap 1.71%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,805 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,479
Businesses Nearby
38k
Monthly Visits Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Prompt Electric Motors — 3841 N Kedzie Ave, Chicago, IL 60618
- B&L Automotive Repairs, Inc. — 3830 N Kedzie Ave, Chicago, IL 60618
- American & Foreign Car Services — 3866 N Elston Ave, Chicago, IL 60618
- Autohause Motor Werks Ltd — 3801 N Elston Ave, Chicago, IL 60618
- Kedzie Cash Junk Cars LLC — 3825 N Kedzie Ave, Chicago, IL 60618
Frequently Asked Questions
Where is this auto shop located?
The property is located at 3100 W Montrose Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Prime location at the intersection of Kedzie Ave. and Montrose Ave. with high business corridor and pedestrian traffic.; Substantial property size: Approximately 7,300 sq. ft. of land with a 4,800 sq. ft. building.; Includes 3 city business licenses: Mechanical repairs, Auto parts sales, and Car sale lot.
