Elston Avenue Retail/Showroom
For Sale
$1,300,000
3541-3545 Elston Ave, Chicago, IL 60618
3541 N. Elston
Property Size5,000 SF
Lot Size0.28 Acres
Price / SF$260
Days on Market147
Property Features for 3541-3545 Elston Ave
General Information
Standard status
Active
Property type
Other retail properties, Banks, Showrooms, Retail properties & Spaces
Size
5,000 SF
Net Rentable
5,000 SF
Class
C
Total Parking Spaces
25
Elevators
No
Lot size
0.28 Acres
Investment Type
Redevelopment
Building Details
Year Built
1924
Year Renovated
2022
Buildings
1
Stories
1
Units
1
Listing Agency:
(312) 446-5018
Listed By:
Michael
(312) 446-5018
Added: Mar 27
Investment Insights
Based on property information with market context.
Located on Elston Avenue, this property offers a remodeled space suitable for various businesses. The location benefits from high traffic, with approximately 29,300 vehicles passing daily. The property features a 10' x 10' drive-in door for loading and includes parking space for 25 cars at the rear of the building. The C1-1 zoning allows for multiple uses, including wholesale plumbing or cabinet showroom, furniture store, daycare, dog daycare, veterinary services, artist workshop, body art/tattoo studio, employment agency, contractor office, restaurant, convenience store, liquor store, medical/dental office, barber shop, hair/nail salon, massage therapy, light equipment sales and rental, catering, and shared kitchen. The property has 5,000 square feet of space. It is located approximately 5 minutes from the Kennedy Expressway.
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
$83,700
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
6.44%
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%
$1,674,000
$1.7M
Cap Rate 7%
$1,195,714
$1.2M
Cap Rate 9%
$930,000
$930.0K
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
$120.0K $24.00/SF
− Vacancy
−$8.4K −$1.68/SF
EGI
$111.6K $22.32/SF
− OpEx
−$27.9K −$5.58/SF
NOI
$83.7K $16.74/SF
Area
ZIP 60618
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,674,000
Cap Rate 7%
$1,195,714
Cap Rate 9%
$930,000
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,700 @ 7.0% cap · market cap 6.44%
Second Best
Retail
$1.00M
$879.1K – $1.17M
NOI $70,327 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,922 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,245
Businesses Nearby
260k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Groceries 22%
Home Improvements & Furnishings 16%
Shops & Services 10%
Mariano's
Groceries
56,899 visits/mo
0.4 miles
HomeGoods
Home Improvements & Furnishings
42,023 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
24,987 visits/mo
0.4 miles
Golden Nugget Pancake House
Dining
19,594 visits/mo
0.3 miles
IHOP
Dining
16,091 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?
Other retail property - 3541 N. Elston
Where is this other retail property located?
The property is located at 3541-3545 Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,300,000.
