Mixed-Use Retail and Apartment
For Sale
Contact for pricing
4507 North Clark Street, Chicago, IL 60640
A four-unit mixed-use building with retail space on the ground level and two apartments above.
Property Size6,000 SF
Price / SF$158.33
Days on Market55
Property Features for 4507 North Clark Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Land, Mixed Use
Zoning
C1-2
Additional Details
Multifamily Units
2
Building Details
Tenancy
Multi
Listing Agency:
Chicago Real Estate Resources Inc
Listed By:
Steven Rapoport, CCIM · License #IL 471006648
(847) 863-2707
Source:
Crexi
Added: Jul 15
Changed: Aug 13
Last Checked: Sep 6 at 6:04PM
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 Chicago Real Estate Resources Inc
Investment Insights
Based on property information with market context.
This four-unit mixed-use property includes approximately 8,000 square feet of total building area. The building features about 2,700 square feet of retail space with two apartments on the upper level, each approximately 1,250 square feet.
The site is presented as transit-oriented and is positioned in Sheridan Park, with convenient access to the Ravenwood Metra and the Montrose Brown line, as well as the Wilson Avenue red line. Public remarks also note the area is walkable to restaurants, retail, and entertainment, and that the site is surrounded by Lakeview, Ravenswood, and Uptown.
For buyers seeking a small mixed-use configuration, the property’s combination of street-level retail and apartment units provides a straightforward live-and-work style income structure within one building.
The site is presented as transit-oriented and is positioned in Sheridan Park, with convenient access to the Ravenwood Metra and the Montrose Brown line, as well as the Wilson Avenue red line. Public remarks also note the area is walkable to restaurants, retail, and entertainment, and that the site is surrounded by Lakeview, Ravenswood, and Uptown.
For buyers seeking a small mixed-use configuration, the property’s combination of street-level retail and apartment units provides a straightforward live-and-work style income structure within one building.
Key Highlights
- Four‑unit mixed‑use building with 2,700 SF of retail on the ground level
- Two apartments above totaling 2,500 SF (1,250 SF each)
- Building is approximately 8,000 SF and includes a mix of retail and residential space
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
$83,009
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
8.74%
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%
$1,660,180
$1.7M
Cap Rate 7%
$1,185,843
$1.2M
Cap Rate 9%
$922,322
$922.3K
Market Conditions
NOI Build-Up for 6,000 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
$129.6K $21.60/SF
− Vacancy
−$11.0K −$1.84/SF
EGI
$118.6K $19.76/SF
− OpEx
−$35.6K −$5.93/SF
NOI
$83.0K $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%
$1,660,180
Cap Rate 7%
$1,185,843
Cap Rate 9%
$922,322
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $100,019 @ 7.0% cap · market cap 10.53%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,975 @ 7.0% cap · market cap 9.68%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,029 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,049
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - A four-unit mixed-use building with retail space on the ground level and two apartments above.
Where is this quadplex located?
The property is located at 4507 North Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four‑unit mixed‑use building with 2,700 SF of retail on the ground level; Two apartments above totaling 2,500 SF (1,250 SF each); Building is approximately 8,000 SF and includes a mix of retail and residential space
