Storefront Property with Operating
For Sale
$459,000
3214 W Bryn Mawr Avenue, Chicago, IL 60659
Established dry-cleaning and alterations operation with real estate included, rear parking, and nearby public transportation.
Property Size2,900 SF
Price / SF$158.28
Days on Market538
Property Features for 3214 W Bryn Mawr Avenue
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Business Opportunity
Zoning
COMMR
Financials
Gross Income
$33,600
Business Included
Yes
Additional Details
Corner Location
No
Taxes and HOA fees
Annual Taxes
$9,162
Building Details
Building Size
2,900 SF
Buildings
1
Stories
1
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Midwestrealestate
Added: Mar 11, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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.
This storefront property includes the real estate and an operating dry-cleaning and alterations business. The building contains approximately 2,900 square feet, with rear parking spaces and a location surrounded by other retailers. The property is positioned west of the intersection of Kedzie Ave. and Bryn Mawr Ave. at 3214 W Bryn Mawr Ave., Chicago, Illinois.
The site is within a densely populated neighborhood and offers access to nearby major roads and expressways. Public transportation, community colleges, and schools are within walking distance. Albany Park and Logan Square entertainment corridors are also a short drive away.
The site is within a densely populated neighborhood and offers access to nearby major roads and expressways. Public transportation, community colleges, and schools are within walking distance. Albany Park and Logan Square entertainment corridors are also a short drive away.
Key Highlights
- Real estate and operating dry‑cleaning and alterations business included
- Approximately 2,900 square feet of building area
- Rear parking spaces
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
$40,121
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
8.74%
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%
$802,420
$802.4K
Cap Rate 7%
$573,157
$573.2K
Cap Rate 9%
$445,789
$445.8K
Market Conditions
NOI Build-Up for 2,900 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
$62.6K $21.60/SF
− Vacancy
−$5.3K −$1.84/SF
EGI
$57.3K $19.76/SF
− OpEx
−$17.2K −$5.93/SF
NOI
$40.1K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$802,420
Cap Rate 7%
$573,157
Cap Rate 9%
$445,789
Alternative Uses
Best Use
Retail
$573.2K
$501.5K – $668.7K
NOI $40,121 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,714 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,781
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Established dry-cleaning and alterations operation with real estate included, rear parking, and nearby public transportation.
Where is this storefront property located?
The property is located at 3214 W Bryn Mawr Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Real estate and operating dry‑cleaning and alterations business included; Approximately 2,900 square feet of building area; Rear parking spaces
