Mixed-Use Restaurant and
New
For Sale
$4,000,000
3215 N Sheffield Ave, Chicago, IL 60657
Restaurant space with existing commercial infrastructure, four apartments, dedicated parking, and an operable glass storefront.
Property Size11,970 SF
Price / SF$632.81
Days on Market5
Property Features for 3215 N Sheffield Ave
General Information
Standard status
Active
Size
11,970 SF
Property subtype
Mixed-Use
Site & Location
Road Access
Yes
Utilities to Site
Yes
Restaurant
Commercial Hood
Yes
Patio
No
Building Details
Building Size
11,970 SF
Listing Agency:
SVN Commercial Partners
Listed By:
Scott R. Maesel · License #BK3436826
(312) 676-1860
Source:
Svnchicago
Added: Sep 16
Last Checked: Sep 20 at 6:00AM
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 SVN Commercial Partners
Investment Insights
Based on property information with market context.
This mixed-use property combines 6,321 SF of second-generation restaurant space with four 2BD/1BA apartment units and dedicated on-site parking. The restaurant includes in-place black iron, walk-in coolers, 800A electrical service, multiple kitchen hoods, additional basement storage, and a folding accordion glass storefront. More than 70 feet of Sheffield Avenue frontage supports the storefront configuration, while the operable glass system allows for potential outdoor patio seating. The residential units offer spacious layouts, expansive living areas, natural light, hardwood floors, and in-unit laundry. Unit 2S has upgraded kitchen finishes and a bathroom with heated floors.
The property is located in Chicago’s Lakeview area near Wrigley Field, The Vic Theatre, Target, Whole Foods, and the Southport retail corridor. CTA Belmont Station, served by the Red, Brown, and Purple Lines, is nearby, along with multiple bus routes.
The property is located in Chicago’s Lakeview area near Wrigley Field, The Vic Theatre, Target, Whole Foods, and the Southport retail corridor. CTA Belmont Station, served by the Red, Brown, and Purple Lines, is nearby, along with multiple bus routes.
Key Highlights
- 6,321 SF of second‑generation restaurant space with four 2BD/1BA apartment units
- Restaurant includes 800A electrical service, multiple hoods, black iron, and walk‑in coolers
- Over 70 feet of Sheffield Avenue frontage with folding accordion glass storefront
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
$117,646
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
2.94%
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%
$2,352,920
$2.4M
Cap Rate 7%
$1,680,657
$1.7M
Cap Rate 9%
$1,307,178
$1.3M
Market Conditions
NOI Build-Up for 6,321 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
$166.9K $26.40/SF
− Vacancy
−$10.0K −$1.58/SF
EGI
$156.9K $24.82/SF
− OpEx
−$39.2K −$6.20/SF
NOI
$117.6K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /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%
$2,352,920
Cap Rate 7%
$1,680,657
Cap Rate 9%
$1,307,178
Alternative Uses
Best Use
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,646 @ 7.0% cap · market cap 2.94%
Second Best
Mixed Use
$1.52M
$1.33M – $1.78M
NOI $106,667 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,623 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
7,240
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant space with existing commercial infrastructure, four apartments, dedicated parking, and an operable glass storefront.
Where is this mixed-use property located?
The property is located at 3215 N Sheffield Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 6,321 SF of second‑generation restaurant space with four 2BD/1BA apartment units; Restaurant includes 800A electrical service, multiple hoods, black iron, and walk‑in coolers; Over 70 feet of Sheffield Avenue frontage with folding accordion glass storefront
