Mixed-Use Building with
New
For Sale
$799,900
3511 S Halsted St, Chicago, IL 60609
Remodeled in 2019, the property combines a commercial storefront with leased residential units and public-transit access.
Property Size5,000 SF
Price / SF$159.98
Days on Market2
Property Features for 3511 S Halsted St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Year Built
1886
Listing Agency:
RE/MAX Top Performers
Listed By:
Khaliun Amarjargal · License #475182338
(847) 295-0800
Source:
Bktchicago
Added: Sep 8
Last Checked: Sep 8 at 2:47PM
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.
Located at 3511 S Halsted St in Chicago, this 5000-square-foot mixed-use building contains one retail storefront and two residential units. Each residence is configured with 2 bedrooms and 1 bathroom. The property underwent a full remodel in 2019 and has been maintained since the renovation.
The building is 100% leased and includes tenants occupying both the commercial and residential components. Lease terms are currently month-to-month, while one tenant has an extension in place through June of 2027. The property is situated near neighborhood amenities, dining, shopping, and public transportation.
The building is 100% leased and includes tenants occupying both the commercial and residential components. Lease terms are currently month-to-month, while one tenant has an extension in place through June of 2027. The property is situated near neighborhood amenities, dining, shopping, and public transportation.
Key Highlights
- 5000‑square‑foot mixed‑use building at 3511 S Halsted St, Chicago, IL 60609
- One retail storefront plus two residential units
- Each residential unit includes 2 bedrooms and 1 bathroom
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
8.65%
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 10.55%
Second Best
Apartment 5plus
$1.09M
$958.1K – $1.28M
NOI $76,646 @ 7.0% cap · market cap 9.58%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 20.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,897
Businesses Nearby
223k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Dining 31%
Groceries 24%
Home Improvements & Furnishings 3%
Jewel-Osco
Groceries
36,425 visits/mo
0.2 miles
Shell
Shops & Services
21,286 visits/mo
0.1 miles
Chick-fil-A
Dining
19,353 visits/mo
0.3 miles
Fifth Third Bank & ATM
Shops & Services
17,071 visits/mo
0.4 miles
Whole Foods Market
Groceries
16,040 visits/mo
0.2 miles
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 Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled in 2019, the property combines a commercial storefront with leased residential units and public-transit access.
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 $799,900.
What are key features of this property?
This property features: 5000‑square‑foot mixed‑use building at 3511 S Halsted St, Chicago, IL 60609; One retail storefront plus two residential units; Each residential unit includes 2 bedrooms and 1 bathroom
