Remodeled Mixed-Use
For Sale
$1,499,000
3239 Grove Avenue, Berwyn, IL 60402
Brick property combines updated apartments with ground-level commercial spaces in a multi-tenant configuration.
Property Size3,750 SF
Price / SF$399.73
Days on Market270
Property Features for 3239 Grove Avenue
General Information
Standard status
Active
Size
3,750 SF
Net Operating Income
$117,780
Additional Details
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$68,500
Building Details
Year Built
1959
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Century 21 Affiliated
(708) 460-7922
Listed By:
Richard · License #475170269
(708) 460-7922
Source:
Compass
Added: Dec 3, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:30AM
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 Affiliated
Investment Insights
Based on property information with market context.
Located at 3239 Grove Avenue in Berwyn, this 3,750-square-foot mixed-use property combines residential and commercial components within a solid brick building constructed in 1959. The upper portion contains 5 residential apartments, while the lower level includes 4 commercial units. Interior improvements include updated finishes and functional layouts throughout the residential and commercial spaces.
Recent capital work includes a new roof and new electric meters. The property is positioned near shopping, dining, schools, and public transportation, providing a setting that serves both residential occupants and commercial users.
Recent capital work includes a new roof and new electric meters. The property is positioned near shopping, dining, schools, and public transportation, providing a setting that serves both residential occupants and commercial users.
Key Highlights
- 5 residential apartments in the upper portion
- 4 renovated commercial units on the lower level
- 3,750 SF mixed‑use building
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
$63,281
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
4.22%
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%
$1,265,620
$1.3M
Cap Rate 7%
$904,014
$904.0K
Cap Rate 9%
$703,122
$703.1K
Market Conditions
NOI Build-Up for 3,750 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
$112.5K $30.00/SF
− Vacancy
−$11.3K −$3.00/SF
EGI
$101.3K $27.00/SF
− OpEx
−$38.0K −$10.13/SF
NOI
$63.3K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,265,620
Cap Rate 7%
$904,014
Cap Rate 9%
$703,122
Alternative Uses
Best Use
Mixed Use
$904.0K
$791.0K – $1.05M
NOI $63,281 @ 7.0% cap · market cap 4.22%
Second Best
Retail
$743.6K
$650.6K – $867.5K
NOI $52,051 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,629 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,818
Businesses Nearby
Explore this area
Business Placement
Demographics for 60402, IL
64,706
Population
25,111
Households
2.6
Avg Household Size
37
Median Age
25%
College-Educated
85%
High-School Grad
5.7 sq mi
ZIP Area
11,352
Density / Sq Mi
$73,993
Median Household Income
$42,802
Median Earnings
$1,168
Median Rent
$277,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick property combines updated apartments with ground-level commercial spaces in a multi-tenant configuration.
Where is this mixed-use property located?
The property is located at 3239 Grove Avenue Berwyn, IL.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 5 residential apartments in the upper portion; 4 renovated commercial units on the lower level; 3,750 SF mixed‑use building
