Vacant Mixed-Use
For Sale
$469,900
5316 W North Avenue, Chicago, IL 60639
Commercial Sale, Chicago, IL
Property Size1,044 SF
Lot Size0.07 Acres
Price / SF$450.10
Days on Market50
Property Features for 5316 W North Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Located on the North side of North Avenue, One Block West of Laramie Avenue.
Subdivision
CHI - Austin
Standard status
Active
APN
13333240330000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
3376
Utilities
Utilities
Water Available
Building Details
Year built
1926
Floors in Building
3
Number of units
3
Flooring type
Tile, Wood, Carpet
Building materials
Brick
Listing Agency:
RLB Realty Group, Inc.
Listed By:
Latangela Ward
(773) 268-2000
Added: Jul 29
Changed: Sep 12
Last Checked: Sep 16 at 7:06AM
MLS# 12714643
Copyright © 2026 Midwest Real Estate Data, LLC. 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.
Built in 1926, this brick mixed-use property is currently vacant and includes approximately 1,044 square feet of street-level commercial space. The residential component consists of two two-bedroom, one-bath apartments, each with separate living and dining rooms. A detached two-car garage adds additional utility to the property, which also includes wood, tile, and carpet flooring and water availability.
The property fronts North Avenue in Chicago, with access to public transportation, shopping, restaurants, and major expressways. It is offered in as-is condition, allowing the next owner to evaluate the commercial and residential spaces for leasing, occupancy, customization, or renovation in accordance with applicable municipal requirements.
The property fronts North Avenue in Chicago, with access to public transportation, shopping, restaurants, and major expressways. It is offered in as-is condition, allowing the next owner to evaluate the commercial and residential spaces for leasing, occupancy, customization, or renovation in accordance with applicable municipal requirements.
Key Highlights
- Approximately 1,044 square feet of street‑level commercial space
- Two 2‑bedroom, 1‑bath residential apartments
- Detached 2‑car garage
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
$16,208
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
3.45%
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%
$324,160
$324.2K
Cap Rate 7%
$231,543
$231.5K
Cap Rate 9%
$180,089
$180.1K
Market Conditions
NOI Build-Up for 1,044 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
$28.8K $27.60/SF
− Vacancy
−$2.9K −$2.76/SF
EGI
$25.9K $24.84/SF
− OpEx
−$9.7K −$9.32/SF
NOI
$16.2K $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%
$324,160
Cap Rate 7%
$231,543
Cap Rate 9%
$180,089
Alternative Uses
Best Use
Mixed Use
$231.5K
$202.6K – $270.1K
NOI $16,208 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$227.2K
$198.8K – $265.0K
NOI $15,902 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$461.6K
$403.9K – $538.5K
NOI $32,312 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,167
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
Check the figures for this property
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?
Mixed-use property - Brick property combines street-level commercial space, two apartments, and a detached garage in a flexible vacant configuration.
Where is this mixed-use property located?
The property is located at 5316 W North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Approximately 1,044 square feet of street‑level commercial space; Two 2‑bedroom, 1‑bath residential apartments; Detached 2‑car garage
