Wrigleyville Mixed-Use Corner
For Sale
Contact for pricing
Pending
3801 N Clark St, Chicago, IL 60613
Prime corner property near Wrigley Field with retail and apartments.
Property Size11,168 SF
Days on Market177
Property Features for 3801 N Clark St
General Information
Standard status
Pending
Size
11,168 SF
Class
A
Property subtype
Retail, Multifamily, Hospitality, Mixed Use
Zoning
B3-2
Building Details
Year Renovated
2022
Buildings
1
Stories
2
Units
7
Listing Agency:
Jameson Commercial Real Estate
Listed By:
Matthew Neistat · License #475.156088
Source:
Crexi
Added: Feb 26
Changed: Aug 14
Last Checked: Aug 14 at 6:04AM
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 Jameson Commercial Real Estate
Investment Insights
Based on property information with market context.
Located directly across from Wrigley Field, 3801 N Clark Street is a mixed-use brick building in Chicago's Clark Street entertainment corridor. The property features seven units, including five renovated apartment units situated above two established retail tenants. The location benefits from consistent pedestrian and vehicular traffic throughout the year, driven by Cubs games, concerts, bars, restaurants, and the Hotel Zachary. The residential units feature modern finishes, stainless steel appliances, updated bathrooms, hardwood floors, and exposed brick. The ground-floor retail spaces are leased to long-standing operators who benefit from visibility and signage along Clark Street. Capital improvements have been made, including structural reinforcement, roof and façade work, upgraded utilities, and mechanical systems. The property offers income growth potential as leases renew. The building has a total size of 11,168 square feet.
Key Highlights
- Prime Wrigleyville location directly across from Wrigley Field, ensuring constant high traffic and visibility.
- Mixed‑use building with five renovated apartments and two established retail tenants, providing diversified income streams.
- Modern residential units featuring stainless appliances, updated baths, hardwood floors, and exposed brick, attracting high‑quality renters.
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
$188,460
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
4.72%
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%
$3,769,200
$3.8M
Cap Rate 7%
$2,692,286
$2.7M
Cap Rate 9%
$2,094,000
$2.1M
Market Conditions
NOI Build-Up for 11,168 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
$335.0K $30.00/SF
− Vacancy
−$33.5K −$3.00/SF
EGI
$301.5K $27.00/SF
− OpEx
−$113.1K −$10.13/SF
NOI
$188.5K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
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%
$3,769,200
Cap Rate 7%
$2,692,286
Cap Rate 9%
$2,094,000
Alternative Uses
Best Use
Mixed Use
$2.69M
$2.36M – $3.14M
NOI $188,460 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$2.45M
$2.14M – $2.85M
NOI $171,196 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$5.27M
$4.61M – $6.14M
NOI $368,598 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
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 - Prime corner property near Wrigley Field with retail and apartments.
Where is this mixed-use property located?
The property is located at 3801 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: Prime Wrigleyville location directly across from Wrigley Field, ensuring constant high traffic and visibility.; Mixed‑use building with five renovated apartments and two established retail tenants, providing diversified income streams.; Modern residential units featuring stainless appliances, updated baths, hardwood floors, and exposed brick, attracting high‑quality renters.
