Listing Agency: @Properties | Chicago (North) Show Phone

Listed By: Joyce Gallo Show Phone

Source: Moodyscre

Added: Dec 17, 2024 Changed: Sep 13 Last Checked: Oct 5 at 7:37PM

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Investment Insights

Based on property information with market context.

Located at the intersection of Belmont, California, and Elston Avenues, this mixed-use property benefits from high daily traffic volume. The corner building has 18,812 square feet with 159 linear feet on Belmont Avenue. The property at 3173 Elston Avenue includes a 4,500 square foot lot with a 4,200 square foot one-story brick building under a triple net lease. The property features seven stores, nine apartments, and income from a rooftop sign. Each apartment and store has individual forced air conditioning and heating units. Each apartment includes a private roof deck, and there is also a common roof deck for all tenants. A shared parking lot with 19 spaces adjoins the properties. The tenants are long-term, and there is potential to increase apartment rents to current market rates. The properties are meticulously cleaned and well-kept and will be sold as is. The sale is subject to a 1031 Exchange. The same ownership has maintained the property for over 55 years. The properties will not be divided.

Key Highlights

• Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.
• Significant potential to increase rental income by raising rents to current market rates.
• Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$317,453

Cap Rate

6.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,349,060 $6.3M

Cap Rate 7%

$4,535,043 $4.5M

Cap Rate 9%

$3,527,256 $3.5M

Market Conditions

NOI Build-Up for 18,812 SF

Gross rent

$564.4K $30.00/SF

− Vacancy

−$56.4K −$3.00/SF

EGI

$507.9K $27.00/SF

− OpEx

−$190.5K −$10.13/SF

NOI

$317.5K $16.88/SF

Area

Chicago, IL

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 Rate 5%

$6,349,060

Cap Rate 7%

$4,535,043

Cap Rate 9%

$3,527,256

Alternative Uses

Best Use

Mixed Use

$4.54M

$3.97M – $5.29M (±1% cap)

NOI $317,453 @ 7.0% cap · market cap 6.41%

Second Best

Apartment 5plus

$4.12M

$3.60M – $4.81M (±1% cap)

NOI $288,372 @ 7.0% cap · market cap 5.83%

Theoretical Best

Office A

$8.87M

$7.76M – $10.35M (±1% cap)

NOI $620,886 @ 7.0% cap · market cap 12.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Nursing Home Acupuncture Parking Lot & Garage Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,187

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - High-traffic corner location with long-term tenants and value-add potential.

Where is this mixed-use property located?

The property is located at 3159 W Belmont Ave Chicago, IL.

What is the asking price?

The asking price for this property is $4,950,000.

What are key features of this property?

This property features: Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.; Significant potential to increase rental income by raising rents to current market rates.; Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.