Remodeled 3-Unit Mixed-Use
For Sale
$725,000
Pending
4209 West North Avenue, Chicago, IL 60639
Combines a commercial storefront with two residential units, separate utilities, central air, and updated interior finishes.
Property Size3,000 SF
Days on Market306
Property Features for 4209 West North Avenue
General Information
Standard status
Pending
Size
3,000 SF
Zoning
MULTI
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,656
Amenities
central air
separate utilities
modern finishes
Building Details
Year Built
1914
Buildings
1
Stories
3
Listing Agency:
HomeSmart Connect LLC
(773) 704-7151
Listed By:
Charles Jackson · License #475215355
(773) 704-7151
Source:
Compass
Added: Oct 29, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:43PM
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 HomeSmart Connect LLC
Investment Insights
Based on property information with market context.
This remodeled mixed-use property contains 3,000 square feet with one commercial storefront and two residential units. Built in 1914 and updated with modern finishes, the building provides central air throughout the units and separate utilities for each space. The MULTI zoning designation supports its mixed-use configuration.
The property fronts West North Avenue in Chicago’s Humboldt Park area, along a busy commercial corridor with cafes, shops, and ongoing development nearby. Humboldt Park’s 200-acre green space, the 606 trail, and public transit are close to the property, with access toward Logan Square, Wicker Park, and downtown also noted in the surrounding context.
The property fronts West North Avenue in Chicago’s Humboldt Park area, along a busy commercial corridor with cafes, shops, and ongoing development nearby. Humboldt Park’s 200-acre green space, the 606 trail, and public transit are close to the property, with access toward Logan Square, Wicker Park, and downtown also noted in the surrounding context.
Key Highlights
- 3,000‑square‑foot mixed‑use building with one commercial storefront and two residential units
- Remodeled property with modern finishes and updated systems
- Central air provided throughout all units
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
$46,575
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
6.42%
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%
$931,500
$931.5K
Cap Rate 7%
$665,357
$665.4K
Cap Rate 9%
$517,500
$517.5K
Market Conditions
NOI Build-Up for 3,000 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
$82.8K $27.60/SF
− Vacancy
−$8.3K −$2.76/SF
EGI
$74.5K $24.84/SF
− OpEx
−$27.9K −$9.32/SF
NOI
$46.6K $15.53/SF
Area
ZIP 60639
Vacancy
10.00%
Lease Rate
$27.60 /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%
$931,500
Cap Rate 7%
$665,357
Cap Rate 9%
$517,500
Alternative Uses
Best Use
Mixed Use
$665.4K
$582.2K – $776.3K
NOI $46,575 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,851 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
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 - Combines a commercial storefront with two residential units, separate utilities, central air, and updated interior finishes.
Where is this mixed-use property located?
The property is located at 4209 West North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,000‑square‑foot mixed‑use building with one commercial storefront and two residential units; Remodeled property with modern finishes and updated systems; Central air provided throughout all units
