Leased Retail Condo in Albany
3217 Montrose, Chicago, IL 60618
Commercial Building, Mid-rise - Chicago, IL
Property size:
4,000 SFLot size:
0.12 AcresPrice / SF:
$243/SF- Added:
- May 15, 2025
- Days on Market:
- 397
- Last Refresh:
- Jun 15 at 10:06 am
Property Features for 3217 Montrose
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- 200
- Parking features
- Garage
- Standard status
- Active
- Size
- 4,000 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 17848
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1920
- Year renovated
- 1920
- Floors in Building
- 1
- Flooring type
- Carpet, Laminate, Tile
- Building materials
- Brick
- Roof type
- Rubber
- Architectural style
- Other
Listing agent Randolph Taylor (630) 474-6441
Listing office eXp Commercial 50 South Main St, Naperville, IL (630) 474-6441
Listing date May 15, 2025
MLS# 11736265
Listing URL
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Value‑add opportunity: Current rents average ~$20/SF, while nearby market rents are approaching ~$28/SF.
- Fully leased: Six storefronts provide stabilized income with diverse tenants.
- Flexible leases: Month‑to‑month and short‑term leases allow for near‑term repositioning and increased rental income.
- High‑traffic location: Montrose Avenue frontage with over 21,000 vehicles per day and strong foot traffic.
- Low retail vacancy: Submarket vacancy rate of only 3.1% indicates sustained demand.
- Excellent location: Albany Park location with convenient access to CTA bus routes and the Brown Line.
Overview
Located in Chicago's Albany Park neighborhood, this is a ground-floor retail condominium offering approximately 4,000 square feet of space. The property consists of six individual storefronts within a mixed-use building. The storefronts are fully leased and occupied by a mix of local service, food, and professional tenants. Several tenants operate under month-to-month or short-term leases, providing flexibility for investors to capitalize on rising market rents or strategically re-tenant as leases roll. Current rents average approximately $20 per square foot, while nearby market rates are approaching $28 per square foot. The property is positioned along Montrose Avenue, a high-traffic retail corridor with over 21,000 vehicles per day. The location benefits from strong visibility, a dense surrounding residential population, and proximity to CTA bus routes and the Brown Line. Retail vacancy in the surrounding submarket is 3.1%, highlighting the sustained demand for small-format neighborhood retail in this area. It is ideal for investors seeking stabilized income with clear upside.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $87.8k | $21.96 |
| − Vacancy | −$7.5k | −$1.87 |
| EGI | $80.4k | $20.09 |
| − OpEx | −$24.1k | −$6.03 |
| NOI | $56.3k | $14.07 |
4,000 SF · lease $21.96/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$803.7K
$703.3K – $937.7K
NOI $56,262 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,338 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Rent Apartment Leasing
Real Estate Agency
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.70916
- Latitude
- 41.961146
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - Fully leased retail condo with value-add potential in Chicago.
Where is this retail space located?
The property is located at 3217 Montrose Chicago, IL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Value‑add opportunity: Current rents average ~$20/SF, while nearby market rents are approaching ~$28/SF.; Fully leased: Six storefronts provide stabilized income with diverse tenants.; Flexible leases: Month‑to‑month and short‑term leases allow for near‑term repositioning and increased rental income.
