Brick Mixed-Use
For Sale
$650,000
3248 N Lincoln Ave, Chicago, IL 60657
Two-level property with restaurant space, apartment residence, B1-3 zoning, and an unfinished basement.
Property Size3,050 SF
Price / SF$213.11
Days on Market47
Property Features for 3248 N Lincoln Ave
General Information
Standard status
Active
Size
3,050 SF
Zoning
B1-3
Site & Location
Neighborhood
Lakeview
Additional Details
Floor
Ground
Building Details
Year Built
1931
Buildings
2
Stories
2
Construction
brick
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
Robert Munds · License #475131063
(312) 399-9841
Source:
Bktchicago
Added: Sep 9
Changed: Oct 15
Last Checked: Oct 7 at 1:07PM
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
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Investment Insights
Based on property information with market context.
Built in 1931, this 3,050-square-foot brick mixed-use property combines commercial and residential space. The ground floor is configured for restaurant use and has a lease extending through October 2027. An unfinished basement adds additional building area.
The second floor contains a two-bedroom, one-bath apartment with an updated kitchen and bathroom, a spacious living room, and a separate dining room. The residential tenancy is month-to-month. The property carries B1-3 zoning and is being offered in as-is condition. Sale is required together with 1630 W. Melrose.
The second floor contains a two-bedroom, one-bath apartment with an updated kitchen and bathroom, a spacious living room, and a separate dining room. The residential tenancy is month-to-month. The property carries B1-3 zoning and is being offered in as-is condition. Sale is required together with 1630 W. Melrose.
Key Highlights
- 3,050‑square‑foot brick mixed‑use building constructed in 1931
- Ground‑floor restaurant space leased through October 2027
- Second‑floor 2‑bedroom, 1‑bath apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,767
Cap Rate
8.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,135,340
$1.1M
Cap Rate 7%
$810,957
$811.0K
Cap Rate 9%
$630,744
$630.7K
Market Conditions
NOI Build-Up for 3,050 SF
Gross rent
$80.5K $26.40/SF
− Vacancy
−$4.8K −$1.58/SF
EGI
$75.7K $24.82/SF
− OpEx
−$18.9K −$6.20/SF
NOI
$56.8K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,135,340
Cap Rate 7%
$810,957
Cap Rate 9%
$630,744
Alternative Uses
Best Use
Specialty Retail
$811.0K
$709.6K – $946.1K
NOI $56,767 @ 7.0% cap · market cap 8.73%
Second Best
Mixed Use
$735.3K
$643.4K – $857.8K
NOI $51,469 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,665 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,158
Businesses Nearby
303k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Shops & Services 20%
Dining 11%
Superstores 11%
Whole Foods Market
Groceries
64,387 visits/mo
0.1 miles
Jewel-Osco
Groceries
55,541 visits/mo
0.4 miles
Target
Superstores
32,877 visits/mo
0.1 miles
Shell
Shops & Services
15,013 visits/mo
0.4 miles
Anthropologie
Apparel
14,685 visits/mo
0.4 miles
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
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Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level property with restaurant space, apartment residence, B1-3 zoning, and an unfinished basement.
Where is this mixed-use property located?
The property is located at 3248 N Lincoln Ave Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,050‑square‑foot brick mixed‑use building constructed in 1931; Ground‑floor restaurant space leased through October 2027; Second‑floor 2‑bedroom, 1‑bath apartment
