Remodeled Mixed-Use
For Sale
$825,000
3511 S Halsted St, Chicago, IL 60609
Fully leased property combining neighborhood retail with two residential apartments and flexible month-to-month tenancy.
Property Size5,000 SF
Price / SF$165
Days on Market14
Property Features for 3511 S Halsted St
General Information
Standard status
Active
Size
5,000 SF
Occupancy
100%
Building Details
Year Built
1886
Year Renovated
2019
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Top Performers
(847) 295-0800
Listed By:
Khaliun Amarjargal · License #475182338
Source:
Realtopiare
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:14PM
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 RE/MAX Top Performers
Investment Insights
Based on property information with market context.
This mixed-use property combines a retail storefront with two residential units, each configured with two bedrooms and one bathroom. The building was constructed in 1886 and remodeled in 2019. It is zoned COMMR and currently reports 100% occupancy, with long-term tenants in place. Residential and retail components provide distinct spaces within one commercial asset.
Lease arrangements include month-to-month terms, while one tenant has a lease extension running through June 2027. The property is located at 3511 S Halsted Street in Chicago’s Bridgeport area, near neighborhood amenities, dining, shopping, and public transportation. Showings are available with advance notice.
Lease arrangements include month-to-month terms, while one tenant has a lease extension running through June 2027. The property is located at 3511 S Halsted Street in Chicago’s Bridgeport area, near neighborhood amenities, dining, shopping, and public transportation. Showings are available with advance notice.
Key Highlights
- One retail storefront plus 2 residential units
- Both residential units offer 2 bedrooms and 1 bathroom
- Remodeled in 2019; original construction dates to 1886
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
$69,174
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
8.38%
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%
$1,383,480
$1.4M
Cap Rate 7%
$988,200
$988.2K
Cap Rate 9%
$768,600
$768.6K
Market Conditions
NOI Build-Up for 5,000 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
$108.0K $21.60/SF
− Vacancy
−$9.2K −$1.84/SF
EGI
$98.8K $19.76/SF
− OpEx
−$29.6K −$5.93/SF
NOI
$69.2K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$1,383,480
Cap Rate 7%
$988,200
Cap Rate 9%
$768,600
Alternative Uses
Best Use
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,375 @ 7.0% cap · market cap 10.23%
Second Best
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,349 @ 7.0% cap · market cap 10.10%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,897
Businesses Nearby
Explore this area
Business Placement
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property combining neighborhood retail with two residential apartments and flexible month-to-month tenancy.
Where is this mixed-use property located?
The property is located at 3511 S Halsted St Chicago, IL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: One retail storefront plus 2 residential units; Both residential units offer 2 bedrooms and 1 bathroom; Remodeled in 2019; original construction dates to 1886
