Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3701 N Elston Ave Chicago, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use building with commercial and residential units in Chicago.

    Type:RETAIL
    Property size:
    5,940 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $151/SF
    Added:
    Mar 26, 2024
    Days on Market:
    764
    Last Refresh:
    Apr 5 at 11:21 pm

    Property Features for 3701 N Elston Ave

    General Information

    Standard status
    Active
    Size
    5,940 SF
    Lot size
    0.09 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Craig Wolf
    Craig Wolf

    Listing agent Craig Wolf License #475163046

    Listing office Strauss Realty, Ltd.

    Listing date Mar 26, 2024

    Source Moodyscre

    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 Strauss Realty, Ltd.

    Overview

    Mixed-Use Building in Irving Park

    This mixed-use building is located in the Irving Park neighborhood of Chicago. The building features 4 commercial office spaces and 2 residential units, including a one-bedroom unit and a two-bedroom unit. The property has a size of 5940 square feet. Rent roll can be made available upon request.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Household Inspection Team Home Inspector Amazon Hub Counter ... Courier Service Chicago Health Inc Home Health Care Service The Electric Bike Store (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7118
    Latitude
    41.9489

    Nearby Similar for Sale

    • $779,900

      Chicago Commercial Brick Storefronts For Sale

      Income-producing commercial property with long-term tenants on a busy corner.
      5600 W Division Street, Chicago, IL 60651
      View Details
    • $459,000

      Chicago Commercial Buildings For Sale

      Three commercial buildings in a busy Chicago neighborhood retail location.
      1753-1759 W 79th Street, Chicago, IL 60620
      View Details
    • $420,000

      Turn-Key Restaurant & Retail Asset

      High-traffic location with restaurant infrastructure and dedicated parking.
      5419 W Madison Street, Chicago, IL 60644
      View Details
    • $611,000

      Live/Work Space in Printer's Row

      Flexible live/work space in thriving Printer's Row neighborhood.
      124 W Polk Street, Chicago, IL 60605
      View Details
    • $675,000

      Brighton Park Commercial Strip Center

      Well-maintained commercial strip center in high-traffic location, fully leased.
      4044-48 S ARCHER Avenue, Chicago, IL 60632
      View Details
    • $399,900

      Chicago Commercial Retail Storefront For Sale

      Versatile commercial retail storefront with parking near Elston and Irving.
      3541 W IRVING PARK Road, Chicago, IL 60618
      View Details
    • $349,900

      Chicago Commercial Space with Visibility

      Versatile office space ideal for medical or professional services.
      8036 S WESTERN Avenue, Chicago, IL 60620
      View Details
    • $759,000

      Prime Retail Space in Chicago

      Commercial property in a high-traffic retail district.
      4411 N Kedzie Avenue, Chicago, IL 60625
      View Details
    • $375,000

      Chicago Mixed-Use Commercial Property

      Mixed-use commercial property in Chicago's Woodlawn neighborhood with retail spaces.
      6501 - 6507 1/2 S Saint Lawrence Avenue, Chicago, IL 60637
      View Details
    • $174,900

      Downtown Chicago Commercial Condo

      2,800 SF commercial condo in the Garland Building.
      111 N Wabash Avenue, Chicago, IL 60602
      View Details
    • $550,000

      Lincoln Park Commercial Office Building

      Two-story office building in the heart of Lincoln Park.
      1727 N Burling Street, Chicago, IL 60614
      View Details
    • $449,000

      Chicago Commercial Property For Sale

      Commercial property in Chicago's Austin neighborhood with diverse business potential.
      4940 W North Avenue, Chicago, IL 60639
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with commercial and residential units in Chicago.
    Where is this mixed-use property located?
    The property is located at 3701 N Elston Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: Mixed‑use building in Irving Park, Chicago.; Features 4 commercial office spaces.; Includes a two‑bedroom residential unit.
    (847) 989-9653 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Wolf
    Craig Wolf
    Real Estate License ID: 475163046
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!