Ground-Floor Retail
For Sale
$895,000
3217 Montrose, Chicago, IL 60618
COMMERCIAL - Other - Chicago, IL
Property Size4,000 SF
Lot Size0.12 Acres
Price / SF$223.75
Days on Market443
Property Features for 3217 Montrose
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Security features
Security System
Subdivision
Irving Park
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
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Flooring type
Carpet, Laminate, Tile
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
eXp Commercial
(630) 474-6441
Listed By:
Randolph Taylor · License #475142701
(630) 474-6441
Added: May 15, 2025
Changed: Jul 22
Last Checked: Jul 31 at 1:06AM
MLS# 11736265
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.
Investment Insights
Based on property information with market context.
Approximately +/-4,000 SF ground-floor retail condominium at 3217–3229 W Montrose Avenue in Chicago’s Albany Park neighborhood. The space is configured as six individual storefronts within a mixed-use building and is currently fully leased to a mix of local service, food, and professional tenants. Several tenants are on month-to-month or short-term leases, creating flexibility to adjust occupancy as lease terms roll.
The property is positioned on Montrose Avenue, described in the listing remarks as a high-traffic retail corridor with 21,000+ vehicles per day, supporting strong visibility. The location also provides access to nearby CTA bus routes and the Brown Line.
According to the provided remarks, current rents average approximately $20/SF with nearby market rates approaching $28/SF. Retail vacancy in the surrounding submarket is reported at 3.1%, indicating sustained demand for small-format neighborhood retail.
The property is positioned on Montrose Avenue, described in the listing remarks as a high-traffic retail corridor with 21,000+ vehicles per day, supporting strong visibility. The location also provides access to nearby CTA bus routes and the Brown Line.
According to the provided remarks, current rents average approximately $20/SF with nearby market rates approaching $28/SF. Retail vacancy in the surrounding submarket is reported at 3.1%, indicating sustained demand for small-format neighborhood retail.
Key Highlights
- +/-4,000 SF ground‑floor retail condominium in a mixed‑use building at 3217‑3229 W Montrose Ave
- Six fully leased storefronts with service, food, and professional tenants
- Current rents average about $20/SF with nearby market rates approaching $28/SF
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 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,338 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,599
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 22%
Home Improvements & Furnishings 6%
Mobil
Shops & Services
12,054 visits/mo
0.5 miles
Dunkin' Donuts
Dining
6,276 visits/mo
0.4 miles
BP
Shops & Services
6,272 visits/mo
0.5 miles
Bank of America
Shops & Services
6,221 visits/mo
0.4 miles
Osaka Sushi
Dining
1,687 visits/mo
0.3 miles
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
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.
Similar Off Market Nearby
- Albany Park Blooms — 4009 N Albany Ave Suite back, Chicago, IL 60618
- Botanica Lucero Flowers — 4644 N Kedzie Ave, Chicago, IL 60625
- FTD — 4012 N Kimball Ave, Chicago, IL 60618
- Fely & Gaby Flower And Gifts Shop — 4644 N Kedzie Ave, Chicago, IL 60625
Frequently Asked Questions
What type of property is this?
Storefront property - Fully leased ground-floor retail condo with six storefronts in a mixed-use building along Montrose Avenue.
Where is this storefront property located?
The property is located at 3217 Montrose Chicago, IL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: +/-4,000 SF ground‑floor retail condominium in a mixed‑use building at 3217‑3229 W Montrose Ave; Six fully leased storefronts with service, food, and professional tenants; Current rents average about $20/SF with nearby market rates approaching $28/SF
