Mixed-Use Property with
For Sale
$845,000
3635 South Halsted Street, Chicago, IL 60609
Brick construction combines a first-floor commercial layout with two upper-level residential units.
Property Size3,125 SF
Price / SF$270.40
Days on Market195
Property Features for 3635 South Halsted Street
General Information
Standard status
Active
Size
3,125 SF
Additional Details
Floor
1
Taxes and HOA fees
Annual Taxes
$10,447
Building Details
Year Built
1884
Stories
2
Construction
brick
Listing Agency:
Kale Realty
(312) 515-4617
Listed By:
QianKun Chen · License #475171061
(312) 515-4617
Source:
Compass
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 2:11PM
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 Kale Realty
Investment Insights
Based on property information with market context.
Built in 1884, this 3,125-square-foot mixed-use property combines commercial and residential components. The ground level offers a storefront configuration with multiple areas, four office rooms, and two bathrooms. Two one-bedroom, one-bath rental units occupy the upper floor.
The building is located at 3635 South Halsted Street in Chicago, Illinois. Its brick face and roof are 2 years old, providing recently updated exterior and roofing components for the property.
The building is located at 3635 South Halsted Street in Chicago, Illinois. Its brick face and roof are 2 years old, providing recently updated exterior and roofing components for the property.
Key Highlights
- 3,125 SF mixed‑use property at 3635 South Halsted Street
- First‑floor commercial storefront with multiple areas
- Four office rooms and two bathrooms on the ground level
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
$67,050
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
7.93%
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%
$1,341,000
$1.3M
Cap Rate 7%
$957,857
$957.9K
Cap Rate 9%
$745,000
$745.0K
Market Conditions
NOI Build-Up for 3,125 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 $38.40/SF
− Vacancy
−$30.6K −$9.79/SF
EGI
$89.4K $28.61/SF
− OpEx
−$22.4K −$7.15/SF
NOI
$67.1K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$1,341,000
Cap Rate 7%
$957,857
Cap Rate 9%
$745,000
Alternative Uses
Best Use
Office B
$957.9K
$838.1K – $1.12M
NOI $67,050 @ 7.0% cap · market cap 7.93%
Second Best
Mixed Use
$753.3K
$659.2K – $878.9K
NOI $52,734 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,140 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,339
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 Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick construction combines a first-floor commercial layout with two upper-level residential units.
Where is this mixed-use property located?
The property is located at 3635 South Halsted Street Chicago, IL.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: 3,125 SF mixed‑use property at 3635 South Halsted Street; First‑floor commercial storefront with multiple areas; Four office rooms and two bathrooms on the ground level
