Corner Mixed-Use
For Sale
$1,199,000
3256 N Elston Avenue, Chicago, IL 60618
Mixed-use building with commercial space, two apartments, and basement storage in Chicago’s Avondale neighborhood.
Property Size5,368 SF
Price / SF$223.36
Days on Market92
Property Features for 3256 N Elston Avenue
General Information
Standard status
Active
Size
5,368 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2-bedroom
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,049
Building Details
Building Size
5,368 SF
Year Built
1916
Stories
2
Units
3
Listing Agency:
Chicagoland Brokers, Inc.
(773) 745-1000
Listed By:
Petru Amarei · License #471013177
(773) 745-1000
Source:
Gia-sells
Added: Jun 1
Changed: Aug 28
Last Checked: Aug 29 at 10:23AM
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 Chicagoland Brokers, Inc.
Investment Insights
Based on property information with market context.
This 5,368-square-foot mixed-use property, built in 1916, combines a commercial component with two 2-bedroom apartments. The commercial area includes approximately 2,500 square feet of open space, complemented by two full basements offering an additional 2,000 square feet of storage. The building occupies a corner location with exposure to more than 15,000 vehicles daily.
The property is located in Avondale near ongoing residential development, including proposed townhouse projects within a few blocks. Access to the Kennedy Expressway is available via Sacramento, Kedzie, and California Avenue. The CTA Blue Line at Kimball is approximately a 15-minute walk away.
The property is located in Avondale near ongoing residential development, including proposed townhouse projects within a few blocks. Access to the Kennedy Expressway is available via Sacramento, Kedzie, and California Avenue. The CTA Blue Line at Kimball is approximately a 15-minute walk away.
Key Highlights
- 5,368‑square‑foot mixed‑use property built in 1916
- Approximately 2,500 square feet of commercial open space
- Two full basements provide an additional 2,000 square feet of storage
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
$90,585
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
7.56%
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%
$1,811,700
$1.8M
Cap Rate 7%
$1,294,071
$1.3M
Cap Rate 9%
$1,006,500
$1.0M
Market Conditions
NOI Build-Up for 5,368 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
$161.0K $30.00/SF
− Vacancy
−$16.1K −$3.00/SF
EGI
$144.9K $27.00/SF
− OpEx
−$54.4K −$10.13/SF
NOI
$90.6K $16.88/SF
Area
ZIP 60618
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%
$1,811,700
Cap Rate 7%
$1,294,071
Cap Rate 9%
$1,006,500
Alternative Uses
Best Use
Mixed Use
$1.29M
$1.13M – $1.51M
NOI $90,585 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$1.11M
$972.0K – $1.30M
NOI $77,761 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,177 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,819
Businesses Nearby
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?
Mixed-use property - Mixed-use building with commercial space, two apartments, and basement storage in Chicago’s Avondale neighborhood.
Where is this mixed-use property located?
The property is located at 3256 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 5,368‑square‑foot mixed‑use property built in 1916; Approximately 2,500 square feet of commercial open space; Two full basements provide an additional 2,000 square feet of storage
