Storefront with Rear
For Sale
$155,000
3451 W Montrose Ave Unit 1, Chicago, IL 60618
Positioned where Montrose Avenue meets Kimball Avenue, the space includes a single rear parking space.
Property Size1,000 SF
Price / SF$155
Days on Market35
Property Features for 3451 W Montrose Ave Unit 1
General Information
Standard status
Active
Size
1,000 SF
Total Parking Spaces
1
Building Details
Year Built
1960
Listing Agency:
Illinois Real Estate Partners Inc
(773) 807-4909
Listed By:
Deniz Cileci · License #475182545
Source:
Saladinosells
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 30 at 9:00PM
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 commercial storefront is located at 3451 W Montrose Ave Unit 1 in Chicago, at the intersection of Montrose Avenue and Kimball Avenue. The property includes one car space behind the building and was constructed in 1960. The available use profile identified for the space includes boutique retail, office, salon or spa, and cafe operations. Its storefront configuration and intersection location support a range of customer-facing or service-oriented commercial applications.
Key Highlights
- Commercial storefront at 3451 W Montrose Ave Unit 1, Chicago, IL 60618
- Located at the intersection of Montrose Avenue and Kimball Avenue
- One car space positioned at the rear of the property
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
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Frequently Asked Questions
What type of property is this?
Storefront property - Positioned where Montrose Avenue meets Kimball Avenue, the space includes a single rear parking space.
Where is this storefront property located?
The property is located at 3451 W Montrose Ave Unit 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: Commercial storefront at 3451 W Montrose Ave Unit 1, Chicago, IL 60618; Located at the intersection of Montrose Avenue and Kimball Avenue; One car space positioned at the rear of the property
