Mixed-Use Property with Restaurant
For Sale
$750,000
350 E 71st Street, Chicago, IL 60619
Apartments and commercial suites share a building with separately metered utilities and rear parking.
Property Size3,600 SF
Price / SF$208.33
Days on Market26
Property Features for 350 E 71st Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
COMMR
Financials
Asking Price
$750,000
Gross Income
$144,000
Average Monthly Rent
$1,000
Site & Location
Neighborhood
Park Manor
Utilities to Site
Yes
Mixed-Use Components
residential, retail
Units
Multifamily Units
8
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$25,301
Building Details
Building Size
3,600 SF
Year Built
1916
Stories
3
Units
12
Tenancy
Multi
Listing Agency:
Listing Leaders Northwest, Inc
Listed By:
Shawna Jeninga
(219) 961-5478
Source:
Fishmangroup
Added: Sep 28
Changed: Oct 23
Last Checked: Oct 23 at 1:24PM
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 Listing Leaders Northwest, Inc
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Investment Insights
Based on property information with market context.
This mixed-use building, constructed in 1916, contains 8 apartments and 4 commercial spaces. Seven apartments and three commercial spaces are occupied; one apartment and one commercial space are vacant. The available commercial space has been identified as a restaurant space. Utilities are separately metered, and rear parking is provided. The property is zoned COMMR and is being sold as-is.
At 350 E 71st Street in Chicago, the property is in Greater Grand Crossing, with access to transportation, neighborhood businesses, and major Chicago thoroughfares.
At 350 E 71st Street in Chicago, the property is in Greater Grand Crossing, with access to transportation, neighborhood businesses, and major Chicago thoroughfares.
Key Highlights
- 12‑unit mixed‑use property with 8 apartments and 4 commercial spaces
- Seven apartments and three commercial spaces are occupied
- Vacant commercial space identified as a restaurant space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,750
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,215,000
$1.2M
Cap Rate 7%
$867,857
$867.9K
Cap Rate 9%
$675,000
$675.0K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$108.0K $30.00/SF
− Vacancy
−$10.8K −$3.00/SF
EGI
$97.2K $27.00/SF
− OpEx
−$36.5K −$10.13/SF
NOI
$60.8K $16.88/SF
Area
Chicago, IL
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 Rate 5%
$1,215,000
Cap Rate 7%
$867,857
Cap Rate 9%
$675,000
Alternative Uses
Best Use
Mixed Use
$867.9K
$759.4K – $1.01M
NOI $60,750 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$788.4K
$689.8K – $919.8K
NOI $55,185 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 15.84%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
Explore this area
Business Placement
Demographics for 60619, IL
63,303
Population
33,547
Households
1.9
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
10,378
Density / Sq Mi
$43,403
Median Household Income
$35,672
Median Earnings
$1,054
Median Rent
$213,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Apartments and commercial suites share a building with separately metered utilities and rear parking.
Where is this mixed-use property located?
The property is located at 350 E 71st Street Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 12‑unit mixed‑use property with 8 apartments and 4 commercial spaces; Seven apartments and three commercial spaces are occupied; Vacant commercial space identified as a restaurant space
