Mixed-Use Building with
For Sale
$899,999
3643 West 55th Street, Chicago, IL 60632
Two commercial spaces and six apartments create a combined commercial and residential configuration.
Property Size4,750 SF
Price / SF$189.47
Days on Market169
Property Features for 3643 West 55th Street
General Information
Standard status
Active
Size
4,750 SF
Total Parking Spaces
6
Zoning
COMMR
Units
Unit Mix
2 x 2BR, 4 x 1BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$16,511
Building Details
Year Built
1929
Buildings
1
Stories
2
Listing Agency:
R.A. Homes & Associates, Inc.
(773) 818-5781
Listed By:
Reynaldo Arteaga · License #475130754
(773) 818-5781
Source:
Compass
Added: Mar 15
Changed: Aug 30
Last Checked: Aug 30 at 6:33AM
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 R.A. Homes & Associates, Inc.
Investment Insights
Based on property information with market context.
This 4,750-square-foot mixed-use building, constructed in 1929, includes two commercial spaces and six apartments: two two-bedroom units and four one-bedroom units. Each apartment has separate electric and gas metering. One commercial space operates as a hair salon, while the second was planned as a restaurant and includes restaurant equipment in the sale. One apartment and the restaurant space are currently vacant.
The property is located at 3643 West 55th Street in Chicago, Illinois, and carries COMMR zoning. A partially finished basement adds interior utility, while the rear of the building provides 5-6 parking spaces. The combination of commercial and residential components offers a defined mixed-use layout with existing apartment, retail-service, and restaurant-related improvements.
The property is located at 3643 West 55th Street in Chicago, Illinois, and carries COMMR zoning. A partially finished basement adds interior utility, while the rear of the building provides 5-6 parking spaces. The combination of commercial and residential components offers a defined mixed-use layout with existing apartment, retail-service, and restaurant-related improvements.
Key Highlights
- Two commercial spaces and six apartments: 2 two‑bedroom units and 4 one‑bedroom units
- 4,750 square feet; constructed in 1929
- Separate electrical and gas meters for each apartment unit
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
$78,375
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
8.71%
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%
$1,567,500
$1.6M
Cap Rate 7%
$1,119,643
$1.1M
Cap Rate 9%
$870,833
$870.8K
Market Conditions
NOI Build-Up for 4,750 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
$142.5K $30.00/SF
− Vacancy
−$17.1K −$3.60/SF
EGI
$125.4K $26.40/SF
− OpEx
−$47.0K −$9.90/SF
NOI
$78.4K $16.50/SF
Area
ZIP 60632
Vacancy
12.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,567,500
Cap Rate 7%
$1,119,643
Cap Rate 9%
$870,833
Alternative Uses
Best Use
Mixed Use
$1.12M
$979.7K – $1.31M
NOI $78,375 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$886.0K
$775.2K – $1.03M
NOI $62,017 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,321 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 60632, IL
92,237
Population
28,860
Households
3.2
Avg Household Size
33
Median Age
13%
College-Educated
69%
High-School Grad
7.4 sq mi
ZIP Area
12,464
Density / Sq Mi
$60,576
Median Household Income
$35,203
Median Earnings
$1,057
Median Rent
$240,600
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 - Two commercial spaces and six apartments create a combined commercial and residential configuration.
Where is this mixed-use property located?
The property is located at 3643 West 55th Street Chicago, IL.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Two commercial spaces and six apartments: 2 two‑bedroom units and 4 one‑bedroom units; 4,750 square feet; constructed in 1929; Separate electrical and gas meters for each apartment unit
