Mixed-Use Brick Building with
For Sale
$799,000
4369 N Elston Avenue, Chicago, IL 60641
Commercial Sale, Other - Chicago, IL
Property Size5,000 SF
Lot Size2,950.00 Acres
Price / SF$159.80
Days on Market62
Property Features for 4369 N Elston Avenue
General Information
Property type
Commercial Sale
Property subtype
Mixed Use
Directions
Irving Park Road east of I90 (Kennedy Expressway) Pulaski Road north Elston Avenue northwest
Standard status
Active
APN
13154050130000
Lot size
2,950.00 Acres
Utilities
Cooling system
Central Air
Building Details
Year built
1924
Roof type
Tar/Gravel
Architectural style
Other
Listing Agency:
Engel & Völkers Chicago
(773) 797-9500
Listed By:
Jazmyne Zasanski
(773) 797-9500
Added: Jun 12
Changed: Jul 15
Last Checked: Aug 12 at 7:06AM
MLS# 12571331
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use brick building offers a ground-floor commercial unit and two updated apartment units on the second floor. The ground-floor space includes expansive windows and two commercial-grade restrooms, and it is set up for a range of commercial uses. Upstairs features two 2-bedroom, 1-bath apartments, with one unit occupied on a month-to-month basis and the other vacant. Each apartment includes in-unit side-by-side washer and dryer, central AC, separate water heaters, and hardwood floors with modern finishes.
Located in the Irving Park/Old Irving Park area at 4369 N Elston Avenue, the property is positioned for access to public transit, with proximity to the Montrose Blue Line. The listing also notes minutes to the I-90/94 interchange.
Recent upgrades include new windows, water heater replacement, and washer/dryer updates. The units have fully separated utilities, supporting reduced owner overhead.
Located in the Irving Park/Old Irving Park area at 4369 N Elston Avenue, the property is positioned for access to public transit, with proximity to the Montrose Blue Line. The listing also notes minutes to the I-90/94 interchange.
Recent upgrades include new windows, water heater replacement, and washer/dryer updates. The units have fully separated utilities, supporting reduced owner overhead.
Key Highlights
- Prime location in Irving Park/Old Irving Park with high visibility and strong foot traffic.
- B3‑2 zoning offers redevelopment flexibility and a wide range of commercial uses.
- Strong income potential from ground‑floor commercial space and two updated apartments.
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
$69,174
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
8.66%
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%
$1,383,480
$1.4M
Cap Rate 7%
$988,200
$988.2K
Cap Rate 9%
$768,600
$768.6K
Market Conditions
NOI Build-Up for 5,000 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
$108.0K $21.60/SF
− Vacancy
−$9.2K −$1.84/SF
EGI
$98.8K $19.76/SF
− OpEx
−$29.6K −$5.93/SF
NOI
$69.2K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,383,480
Cap Rate 7%
$988,200
Cap Rate 9%
$768,600
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,060 @ 7.0% cap · market cap 11.65%
Second Best
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,375 @ 7.0% cap · market cap 10.56%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 20.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,568
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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 - Five thousand-plus square foot brick mixed-use building with a ground-floor commercial space and two second-floor apartments.
Where is this mixed-use property located?
The property is located at 4369 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Prime location in Irving Park/Old Irving Park with high visibility and strong foot traffic.; B3‑2 zoning offers redevelopment flexibility and a wide range of commercial uses.; Strong income potential from ground‑floor commercial space and two updated apartments.
