Storefront Property with Rear
For Sale
$155,000
3451 W Montrose Avenue #1, Chicago, IL 60618
The property has COMMR zoning and one rear parking space.
Property Size1,000 SF
Days on Market224
Property Features for 3451 W Montrose Avenue #1
General Information
Standard status
Active
Size
1,000 SF
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:
Midwestrealestate
Added: Jan 11
Changed: Aug 22
Last Checked: Aug 23 at 12:22PM
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 storefront property at 3451 W Montrose Avenue #1 provides a commercial space with one car parking space located behind the building. The property was built in 1960 and carries COMMR zoning.
The site is positioned at the intersection of Montrose Avenue and Kimball Avenue in Chicago. The described occupancy options include boutique retail, office, salon or spa, and cafe uses, offering flexibility for several commercial formats.
The site is positioned at the intersection of Montrose Avenue and Kimball Avenue in Chicago. The described occupancy options include boutique retail, office, salon or spa, and cafe uses, offering flexibility for several commercial formats.
Key Highlights
- Storefront property at 3451 W Montrose Avenue #1, Chicago, IL 60618
- Located at the intersection of Montrose Avenue and Kimball Avenue
- One car parking space located at the rear
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
Retail
$200.9K
$175.8K – $234.4K
NOI $14,065 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
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
34k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 91%
Shops & Services 5%
Home Improvements & Furnishings 4%
McDonald's
Dining
28,743 visits/mo
0.4 miles
Pantry
Shops & Services
1,813 visits/mo
0.5 miles
Golden Krust Caribbean Bakery and Grill
Dining
1,772 visits/mo
0.5 miles
Jays True Value
Home Improvements & Furnishings
1,216 visits/mo
0.4 miles
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 Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rosys Flowers & Gifts — 3914 W Lawrence Ave, Chicago, IL 60625
- Albany Park Blooms — 4009 N Albany Ave Suite back, Chicago, IL 60618
- 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 - The property has COMMR zoning and one rear parking space.
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: Storefront property at 3451 W Montrose Avenue #1, Chicago, IL 60618; Located at the intersection of Montrose Avenue and Kimball Avenue; One car parking space located at the rear
