Two-Story Brick Mixed-Use
For Sale
$620,000
3108 W Irving Park Road, Chicago, IL 60618
Fully occupied commercial building with a brick exterior and multiple business-use possibilities.
Property Size3,500 SF
Days on Market38
Property Features for 3108 W Irving Park Road
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Commercial
Zoning
COMMR
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$10,366
Building Details
Building Size
3,500 SF
Year Built
1928
Stories
2
Units
2
Construction
brick
Listing Agency:
Compass
(773) 482-1917
Listed By:
Amy Duong · License #471005863
(773) 482-1917
Source:
Perillorealestategroup
Added: Jul 14
Changed: Aug 13
Last Checked: Aug 20 at 1:47PM
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 Compass
Investment Insights
Based on property information with market context.
This two-story mixed-use building features brick construction and was built in 1928. The property is fully occupied, providing an established operating profile for its next owner.
Located at 3108 W Irving Park Road in Chicago, the building combines commercial space with a multi-level configuration. Its mixed-use format supports a range of business applications within an established urban setting.
Located at 3108 W Irving Park Road in Chicago, the building combines commercial space with a multi-level configuration. Its mixed-use format supports a range of business applications within an established urban setting.
Key Highlights
- Two‑story mixed‑use building
- Brick construction
- Built in 1928
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
$49,229
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
7.94%
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%
$984,580
$984.6K
Cap Rate 7%
$703,271
$703.3K
Cap Rate 9%
$546,989
$547.0K
Market Conditions
NOI Build-Up for 3,500 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
$76.9K $21.96/SF
− Vacancy
−$6.5K −$1.87/SF
EGI
$70.3K $20.09/SF
− OpEx
−$21.1K −$6.03/SF
NOI
$49.2K $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%
$984,580
Cap Rate 7%
$703,271
Cap Rate 9%
$546,989
Alternative Uses
Best Use
Mixed Use
$843.8K
$738.3K – $984.4K
NOI $59,063 @ 7.0% cap · market cap 9.53%
Second Best
Retail
$703.3K
$615.4K – $820.5K
NOI $49,229 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,046 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
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 Retail in Chicago, IL
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 - Fully occupied commercial building with a brick exterior and multiple business-use possibilities.
Where is this mixed-use property located?
The property is located at 3108 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Two‑story mixed‑use building; Brick construction; Built in 1928
