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    Corner Mixed-Use Investment Property Title is generated by Realmo AI

    3256 N Elston Avenue, Chicago, IL 60618

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    For Sale
    $1,199,000

    COMMERCIAL - Chicago, IL

    Property size:
    5,368 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $223/SF
    Added:
    Jun 1, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 5 at 10:06 pm

    Property Features for 3256 N Elston Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    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

    We can help!

    Listing Contact
    Petru Amarei

    Listing agent Petru Amarei License #471013177

    Listing office Chicagoland Brokers, Inc. 5151 N Harlem Suite 201, Chicago, IL

    Listing date Jun 1, 2026

    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.

    HighLights

    • Brick mixed‑use corner property in Avondale built in 1916 with central air
    • Total approx. 5,368 SF includes commercial space and two full basements with approx. 2,000 SF storage
    • Commercial unit offers approx. 3,000 SF currently open space; estimated rent approx. $5,000/month
    • Two 2‑bedroom apartments above the commercial space with combined estimated rent approx. $4,000/month
    • Utilities: natural gas available
    • Access near Kennedy Expressway via Sacramento, Kedzie, and California Avenue; about 15‑minute walk to CTA Blue Line at Kimball

    Overview

    This corner mixed-use property totals approximately 5,368 square feet and is set up for both owner-operator use and investment. The commercial level is approximately 3,000 square feet of open space, supported by two full basements that provide an additional approximately 2,000 square feet for storage. Above, there are two well-sized 2-bedroom apartments.

    The building is located in Avondale and benefits from strong street visibility as a corner site. Public remarks indicate more than 15,000 vehicles pass daily, supporting customer exposure for the retail component. Accessibility is described as being just minutes from the Kennedy Expressway via Sacramento, Kedzie, and California Avenue, and approximately a 15-minute walk to the CTA Blue Line at Kimball.

    For tenants, buyers, or operators, the structure offers a practical live-work layout option with commercial space on the ground level and residential units overhead. For an investor, the property combines retail income (estimated at approximately $5,000 per month for the commercial space) with residential income (estimated at approximately $4,000 per month for the two apartments). The listing also notes ongoing area development, including nearby residential projects, that may support continued neighborhood density.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $161.0k $30.00
    − Vacancy −$16.1k −$3.00
    EGI $144.9k $27.00
    − OpEx −$54.4k −$10.13
    NOI $90.6k $16.88
    5,368 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $1.29M
    $1.13M – $1.51M (±1% cap)
    NOI $90,585 @ 7.0% cap · market cap 7.56%
    Second Best
    Multifamily LT 5
    $1.23M
    $1.08M – $1.44M (±1% cap)
    NOI $86,429 @ 7.0% cap · market cap 7.21%
    Theoretical Best
    Office A
    $2.35M
    $2.05M – $2.74M (±1% cap)
    NOI $164,177 @ 7.0% cap · market cap 13.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7003378
    Latitude
    41.9404425

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    FAQs

    What type of property is this?
    Mixed-use property - Corner mixed-use building with retail space, basement storage, and two 2-bedroom apartments for combined income potential.
    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: Brick mixed‑use corner property in Avondale built in 1916 with central air; Total approx. 5,368 SF includes commercial space and two full basements with approx. 2,000 SF storage; Commercial unit offers approx. 3,000 SF currently open space; estimated rent approx. $5,000/month
    (773) 745-1000
    We can help!
    Listing Contact
    Petru Amarei
    Real Estate License ID: 471013177
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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