Roscoe Village Investment
For Sale
$800,000
3243 N Western Avenue, Chicago, IL 60618
Three-unit building with bar, apartments, and licenses included.
Property Size2,400 SF
Lot Size0.06 Acres
Price / SF$333.33
Days on Market164
Property Features for 3243 N Western Avenue
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.06 Acres
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$23,506
Building Details
Year Built
1920
Stories
2
Units
3
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Beth Gomez · License #475109414
(312) 751-0300
Source:
Allinonerealestateco
Added: Mar 13
Changed: Aug 23
Last Checked: Jul 20 at 4:10AM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This three-unit building in Roscoe Village presents a fantastic investment opportunity. Anchored by an owner-occupied, classic Chicago neighborhood saloon, the property includes a full, unfinished basement. The sale encompasses both late-night and tavern licenses. The second story features a two-bedroom, one-bath apartment with a 60-day kick-out clause. Shared laundry facilities for the bar and apartment are located in the basement. A detached coach house offers two bedrooms and two baths, also subject to a 60-day kick-out clause. The coach house includes a wide-open main living level suitable for lounging and dining, along with a full bath and office nook. The upper level boasts vaulted ceilings, skylights, and ample closet space. The unfinished basement provides storage, laundry facilities, and houses the mechanicals. A sign on the side of the building generates additional income. Please note that there is no on-site parking. The property is situated on a 24x100 lot and is zoned C1-2.
Key Highlights
- Three‑unit building in Roscoe Village.
- Includes operating neighborhood saloon with late‑night and tavern licenses.
- Detached two‑bedroom/two‑bath coach house with vaulted ceilings and skylights.
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
$40,176
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
5.02%
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%
$803,520
$803.5K
Cap Rate 7%
$573,943
$573.9K
Cap Rate 9%
$446,400
$446.4K
Market Conditions
NOI Build-Up for 2,400 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
$57.6K $24.00/SF
− Vacancy
−$4.0K −$1.68/SF
EGI
$53.6K $22.32/SF
− OpEx
−$13.4K −$5.58/SF
NOI
$40.2K $16.74/SF
Area
ZIP 60618
Vacancy
7.00%
Lease Rate
$24.00 /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%
$803,520
Cap Rate 7%
$573,943
Cap Rate 9%
$446,400
Alternative Uses
Best Use
Specialty Retail
$573.9K
$502.2K – $669.6K
NOI $40,176 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$496.7K
$434.6K – $579.5K
NOI $34,767 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$1.05M
$917.5K – $1.22M
NOI $73,403 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,213
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Three-unit building with bar, apartments, and licenses included.
Where is this bar & pub located?
The property is located at 3243 N Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three‑unit building in Roscoe Village.; Includes operating neighborhood saloon with late‑night and tavern licenses.; Detached **two‑bedroom/two‑bath coach house with vaulted ceilings and skylights.**
