Mixed-Use Loft Building
For Sale
Contact for pricing
Pending
4848 N Clark St, Chicago, IL 60640
Vacant three-story mixed-use building with large freight elevator, full basement, and substantial on-site parking and garage.
Property Size12,231 SF
Days on Market625
Property Features for 4848 N Clark St
General Information
Standard status
Pending
Size
12,231 SF
Property subtype
RETAIL
Zoning
C2-2
Additional Details
Multifamily Units
11
Amenities
freight elevator
full basement
roof access
garage
Building Details
Stories
3
Tenancy
Multi
Listing Agency:
@Properties | Chicago (North)
(773) 772-0200
Listed By:
Christopher Olson · License #9032966
(773) 294-5449
Source:
Moodyscre
Added: Dec 31, 2024
Changed: Sep 7
Last Checked: Sep 16 at 12:44PM
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 @Properties | Chicago (North)
Investment Insights
Based on property information with market context.
This vacant three-story mixed-use brick and concrete building offers a loft-like layout with a large freight elevator and a full basement with 8' ceilings. The upper floors feature ceiling heights upward of 13' and include stair access to the roof. Side drive access supports an outdoor parking area with 8+ spaces and an attached 4-car garage.
The site is on an oversized lot in Andersonville and is currently zoned C2-2. Public remarks indicate the zoning supports up to 11 dwelling units on the upper floors and commercial units on the first floor, with an F.A.R. allowing a maximum interior square footage of 24,200 sf and a building height of 50'.
The site is on an oversized lot in Andersonville and is currently zoned C2-2. Public remarks indicate the zoning supports up to 11 dwelling units on the upper floors and commercial units on the first floor, with an F.A.R. allowing a maximum interior square footage of 24,200 sf and a building height of 50'.
Key Highlights
- 12,200 SF three‑story mixed‑use loft‑like brick and concrete building with a large freight elevator
- Full basement with 8' ceilings; upper floors feature upwards of 13' ceilings and stair access to the roof
- Vacant building in Andersonville, suitable for development or conversion
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
$169,213
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
9.15%
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%
$3,384,260
$3.4M
Cap Rate 7%
$2,417,329
$2.4M
Cap Rate 9%
$1,880,144
$1.9M
Market Conditions
NOI Build-Up for 12,231 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
$264.2K $21.60/SF
− Vacancy
−$22.5K −$1.84/SF
EGI
$241.7K $19.76/SF
− OpEx
−$72.5K −$5.93/SF
NOI
$169.2K $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%
$3,384,260
Cap Rate 7%
$2,417,329
Cap Rate 9%
$1,880,144
Alternative Uses
Best Use
Apartment 5plus
$2.68M
$2.34M – $3.12M
NOI $187,491 @ 7.0% cap · market cap 10.13%
Second Best
Retail
$2.42M
$2.12M – $2.82M
NOI $169,213 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$5.77M
$5.05M – $6.73M
NOI $403,682 @ 7.0% cap · market cap 21.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,421
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Vacant three-story mixed-use building with large freight elevator, full basement, and substantial on-site parking and garage.
Where is this apartment building located?
The property is located at 4848 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 12,200 SF three‑story mixed‑use loft‑like brick and concrete building with a large freight elevator; Full basement with 8' ceilings; upper floors feature upwards of 13' ceilings and stair access to the roof; Vacant building in Andersonville, suitable for development or conversion
