Brick Storefront with Rear
For Sale
$459,000
3214 W Bryn Mawr Avenue, Chicago, IL 60659
Business Opportunity, Chicago, IL
Property Size2,900 SF
Lot Size0.10 Acres
Price / SF$158.28
Days on Market529
Property Features for 3214 W Bryn Mawr Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Kedzie Ave. at Bryn Mawr Ave Between California Ave and Kimball Ave.
Subdivision
CHI - North Park
Standard status
Active
APN
13024330240000
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
9162
Utilities
Cooling system
Central Air
Amenities
public transportation
community colleges
schools
Building Details
Floors in Building
1
Building materials
Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Mar 11, 2025
Changed: Aug 20
Last Checked: Aug 21 at 5:06AM
MLS# 12309550
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick storefront property includes an operating dry-cleaning and alterations business, along with the underlying real estate. The building is approximately 2,900 square feet on a 0.0975-acre lot, with central air and rear parking spaces. Zoning is designated COMMR.
The property is positioned just west of the intersection of Kedzie Avenue and Bryn Mawr Avenue in Chicago. Retailers surround the site within a densely populated neighborhood, while major roads and expressways are a short distance away. Public transportation, community colleges, and schools are also within walking distance.
The property is positioned just west of the intersection of Kedzie Avenue and Bryn Mawr Avenue in Chicago. Retailers surround the site within a densely populated neighborhood, while major roads and expressways are a short distance away. Public transportation, community colleges, and schools are also within walking distance.
Key Highlights
- Operating dry‑cleaning and alterations business included with the real estate
- Approximately 2,900 sq. ft. brick building
- 0.0975‑acre lot with 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Operating dry-cleaning and alterations business with the real estate included.
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: Operating dry‑cleaning and alterations business included with the real estate; Approximately 2,900 sq. ft. brick building; 0.0975‑acre lot with rear parking spaces
