Office Units with Central
For Sale
$754,900
3942 N CENTRAL Avenue, Chicago, IL 60634
Office units offer central air and zoned interior climate control.
Property Size2,700 SF
Days on Market36
Property Features for 3942 N CENTRAL Avenue
General Information
Standard status
Active
Size
2,700 SF
Zoning
COMMR
Net Operating Income
$86,000
Taxes and HOA fees
Annual Taxes
$22,000
Amenities
Central Air, Zoned
Building Details
Building Size
2,700 SF
Year Built
1964
Stories
2
Listing Agency:
Stellar Pref. The Re Clinic
(773) 759-0608
Listed By:
Adriana Correa
(773) 759-0608
Source:
Evrealestate
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 20 at 5:45AM
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 Stellar Pref. The Re Clinic
Investment Insights
Based on property information with market context.
This office property at 3942 N Central Avenue provides units with central air and zoned interior climate control. The building was constructed in 1964 and carries COMMR zoning.
The property is in Chicago’s Cook County, positioned just south of Irving Park Road on Central Avenue. Its office-unit configuration and existing climate-control features provide the primary physical characteristics for evaluating the asset.
The property is in Chicago’s Cook County, positioned just south of Irving Park Road on Central Avenue. Its office-unit configuration and existing climate-control features provide the primary physical characteristics for evaluating the asset.
Key Highlights
- Office‑unit configuration
- Central air conditioning
- Zoned interior climate control
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
$37,229
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
4.93%
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%
$744,580
$744.6K
Cap Rate 7%
$531,843
$531.8K
Cap Rate 9%
$413,656
$413.7K
Market Conditions
NOI Build-Up for 2,700 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
$66.1K $24.48/SF
− Vacancy
−$16.5K −$6.10/SF
EGI
$49.6K $18.38/SF
− OpEx
−$12.4K −$4.60/SF
NOI
$37.2K $13.79/SF
Area
ZIP 60634
Vacancy
24.90%
Lease Rate
$24.48 /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%
$744,580
Cap Rate 7%
$531,843
Cap Rate 9%
$413,656
Alternative Uses
Best Use
Office B
$531.8K
$465.4K – $620.5K
NOI $37,229 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.2K
$644.2K – $858.9K
NOI $51,536 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,496
Businesses Nearby
Explore this area
Business Placement
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
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?
Office units - Office units offer central air and zoned interior climate control.
Where is this office units located?
The property is located at 3942 N CENTRAL Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $754,900.
What are key features of this property?
This property features: Office‑unit configuration; Central air conditioning; Zoned interior climate control
