Corner Mixed-Use
For Sale
Under Contract
$1,199,000
3256 N Elston Avenue, Chicago, IL 60618
Commercial Sale, Chicago, IL
Property Size5,368 SF
Lot Size0.14 Acres
Price / SF$223.36
Days on Market97
Property Features for 3256 N Elston Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
North or south on Elston Ave to the property. Corner of Elston and Francisco.
Subdivision
CHI - Avondale
Standard status
Active Under Contract
APN
13243220250000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16049
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1916
Floors in Building
2
Number of units
3
Building materials
Brick
Listing Agency:
Chicagoland Brokers, Inc.
(773) 745-1000
Listed By:
Petru Amarei · License #471013177
(773) 440-1700
Added: Jun 1
Changed: Aug 19
Last Checked: Sep 5 at 3:06PM
MLS# 12664077
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 3256 N Elston Avenue, this 1916 brick property contains approximately 5,368 square feet. The commercial component includes approximately 2,500 square feet of open space and two full basements totaling an additional 2,000 square feet of storage. Central air is installed, and natural gas is available.
Two 2-bedroom apartments are positioned above the commercial unit. The corner site receives exposure to more than 15,000 vehicles daily. Access to the Kennedy Expressway is available via Sacramento, Kedzie, and California Avenue, while the CTA Blue Line at Kimball is approximately a 15-minute walk away. Several proposed townhouse developments are located within a few blocks, alongside other new residential projects in the surrounding area.
Two 2-bedroom apartments are positioned above the commercial unit. The corner site receives exposure to more than 15,000 vehicles daily. Access to the Kennedy Expressway is available via Sacramento, Kedzie, and California Avenue, while the CTA Blue Line at Kimball is approximately a 15-minute walk away. Several proposed townhouse developments are located within a few blocks, alongside other new residential projects in the surrounding area.
Key Highlights
- Approximately 5,368 square feet on a 0.1435‑acre lot
- Approximately 2,500 square feet of open commercial 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
15,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road 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 - Brick building with central air combines open commercial space, basement storage, and apartments on the upper level.
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: Approximately 5,368 square feet on a 0.1435‑acre lot; Approximately 2,500 square feet of open commercial space; Two full basements provide an additional 2,000 square feet of storage
