Lakeview Mixed-Use Renovated
For Sale
$1,745,000
3240 North Clark Street, Chicago, IL 60657
Renovated 8-unit mixed-use property in prime Lakeview location.
Property Size3,750 SF
Price / SF$465.33
Days on Market267
Property Features for 3240 North Clark Street
General Information
Standard status
Active
Size
3,750 SF
Net Operating Income
$100,157
Taxes and HOA fees
Annual Taxes
$28,872
Building Details
Year Built
1898
Stories
3
Listing Agency:
Triton Realty Group LLC
(847) 778-8746
Listed By:
Matthew Fritzshall · License #471016941
(847) 778-8746
Source:
Compass
Added: Nov 29, 2025
Changed: Aug 23
Last Checked: Aug 21 at 10:09AM
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 Triton Realty Group LLC
Investment Insights
Based on property information with market context.
Located in the heart of Lakeview, Chicago, this renovated 8-unit mixed-use asset is situated along the Clark Street corridor. The fully occupied property features six renovated 1-bedroom/1-bathroom apartments and two commercial storefronts totaling 2,432 square feet. The property was comprehensively renovated in 2017, including updated kitchens with granite countertops and stainless steel appliances. A full roof replacement was completed in 2013, along with new gutters and downspouts. Exterior upgrades in 2022 include new face brick and modern commercial storefront windows. All units have individual central HVAC and are separately metered for gas and electric. The property includes four rear parking spaces and is located steps from the Belmont CTA station. This property is designed for operational efficiency and offers a path to a pro-forma yield through market rent adjustments.
Key Highlights
- Prime Lakeview location on the Clark Street corridor, a highly desirable retail and residential area.
- Fully occupied mixed‑use asset with six renovated 1‑bedroom apartments and two commercial storefronts.
- Comprehensive renovation in 2017 including updated kitchens with granite countertops and stainless steel appliances.
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
3.63%
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
Chicago, 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 3.63%
Second Best
Apartment 5plus
$821.2K
$718.6K – $958.1K
NOI $57,484 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,768 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Renovated 8-unit mixed-use property in prime Lakeview location.
Where is this mixed-use property located?
The property is located at 3240 North Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,745,000.
What are key features of this property?
This property features: Prime Lakeview location on the Clark Street corridor, a highly desirable retail and residential area.; Fully occupied mixed‑use asset with six renovated 1‑bedroom apartments and two commercial storefronts.; Comprehensive renovation in 2017 including **updated kitchens with granite countertops and stainless steel appliances.**
