Mixed-Use Ground-Floor Retail
For Sale
Contact for pricing
3122 South Morgan Street, Chicago, IL 60608
New construction with raw ground-floor retail space and two residential units above, zoned B1-2.
Property Size1,500 SF
Price / SF$306.67
Days on Market107
Property Features for 3122 South Morgan Street
General Information
Standard status
Active
Size
1,500 SF
Total Parking Spaces
1
Property subtype
Retail, Office
Zoning
B1-2
Additional Details
Multifamily Units
2
Building Details
Year Built
2026
Units
1
Tenancy
Single
Listing Agency:
Century 21 Realty Associate
(312) 428-9123
Listed By:
Ivan Man · License #475145659
Source:
Crexi
Added: Apr 29
Changed: Aug 10
Last Checked: Aug 12 at 10:14AM
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 Realty Associate
Investment Insights
Based on property information with market context.
New construction at 3122 S Morgan St includes a ground-floor commercial space in vanilla/raw condition, ready for build-out, along with two residential units above. The design includes large windows intended to provide abundant natural light, and the property offers one on-site parking space.
The building is located in Chicago’s Bridgeport neighborhood, positioned near the 31st St & Morgan corridor. It sits within a dense residential and commercial area.
Zoned B1-2, the space is described as suitable for retail, medical, and office uses. The property may be purchased as a whole building or by individual units.
The building is located in Chicago’s Bridgeport neighborhood, positioned near the 31st St & Morgan corridor. It sits within a dense residential and commercial area.
Zoned B1-2, the space is described as suitable for retail, medical, and office uses. The property may be purchased as a whole building or by individual units.
Key Highlights
- Approx. 1,500 SF ground‑floor commercial space in vanilla/raw condition, ready for build‑out
- New construction with 2026 build year
- B1‑2 zoning suitable for retail, medical, and office uses
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
$32,184
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
7.00%
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%
$643,680
$643.7K
Cap Rate 7%
$459,771
$459.8K
Cap Rate 9%
$357,600
$357.6K
Market Conditions
NOI Build-Up for 1,500 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
$57.6K $38.40/SF
− Vacancy
−$14.7K −$9.79/SF
EGI
$42.9K $28.61/SF
− OpEx
−$10.7K −$7.15/SF
NOI
$32.2K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$643,680
Cap Rate 7%
$459,771
Cap Rate 9%
$357,600
Alternative Uses
Best Use
Office B
$459.8K
$402.3K – $536.4K
NOI $32,184 @ 7.0% cap · market cap 7.00%
Second Best
Retail
$296.5K
$259.4K – $345.9K
NOI $20,752 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,815
Businesses Nearby
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New construction with raw ground-floor retail space and two residential units above, zoned B1-2.
Where is this retail space located?
The property is located at 3122 South Morgan Street Chicago, IL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Approx. 1,500 SF ground‑floor commercial space in vanilla/raw condition, ready for build‑out; New construction with 2026 build year; B1‑2 zoning suitable for retail, medical, and office uses
