Storefront Retail
For Sale
$155,000
3451 W Montrose Avenue #1, Chicago, IL 60618
Commercial unit with one rear parking space and suitability for retail, office, salon/spa, or cafe use.
Property Size1,000 SF
Price / SF$155
Days on Market212
Property Features for 3451 W Montrose Avenue #1
General Information
Standard status
Active
Size
1,000 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$4,812
Building Details
Building Size
1,000 SF
Year Built
1960
Stories
2
Listing Agency:
Illinois Real Estate Partners Inc
(630) 560-1001
Listed By:
Deniz Cileci · License #475182545
(630) 560-1001
Source:
Gia-sells
Added: Jan 11
Changed: Aug 10
Last Checked: Aug 10 at 4:16AM
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 Illinois Real Estate Partners Inc
Investment Insights
Based on property information with market context.
This 1,000 SF storefront commercial unit was built in 1960 and is identified under COMMR zoning. The property includes one car space behind the building and can accommodate the retail, office, salon/spa, or cafe uses described for the space.
The unit is located at 3451 W Montrose Avenue #1 in Chicago, at the intersection of Montrose Avenue and Kimball Avenue. Its position at a busy intersection provides access to a high-traffic commercial setting within Albany Park.
The unit is located at 3451 W Montrose Avenue #1 in Chicago, at the intersection of Montrose Avenue and Kimball Avenue. Its position at a busy intersection provides access to a high-traffic commercial setting within Albany Park.
Key Highlights
- 1,000 SF storefront commercial unit
- One car space located behind the building
- Positioned at Montrose Avenue and Kimball Avenue
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
$14,065
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
9.07%
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%
$281,300
$281.3K
Cap Rate 7%
$200,929
$200.9K
Cap Rate 9%
$156,278
$156.3K
Market Conditions
NOI Build-Up for 1,000 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
$22.0K $21.96/SF
− Vacancy
−$1.9K −$1.87/SF
EGI
$20.1K $20.09/SF
− OpEx
−$6.0K −$6.03/SF
NOI
$14.1K $14.07/SF
Area
ZIP 60618
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$281,300
Cap Rate 7%
$200,929
Cap Rate 9%
$156,278
Alternative Uses
Best Use
Office B
$316.6K
$277.0K – $369.3K
NOI $22,159 @ 7.0% cap · market cap 14.30%
Second Best
Retail
$200.9K
$175.8K – $234.4K
NOI $14,065 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$436.9K
$382.3K – $509.7K
NOI $30,584 @ 7.0% cap · market cap 19.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,720
Businesses Nearby
Under-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 Office in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
- Rosys Flowers & Gifts — 3914 W Lawrence Ave, Chicago, IL 60625
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- Botanica Lucero Flowers — 4644 N Kedzie Ave, Chicago, IL 60625
- FTD — 4012 N Kimball Ave, Chicago, IL 60618
- Fely & Gaby Flower And Gifts Shop — 4644 N Kedzie Ave, Chicago, IL 60625
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial unit with one rear parking space and suitability for retail, office, salon/spa, or cafe use.
Where is this storefront property located?
The property is located at 3451 W Montrose Avenue #1 Chicago, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: 1,000 SF storefront commercial unit; One car space located behind the building; Positioned at Montrose Avenue and Kimball Avenue
