Leased Mixed-Use
For Sale
$1,099,000
5481 North Northwest Highway, Chicago, IL 60630
Includes a restaurant/cafe space, three apartments, a full basement, and an attached garage.
Property Size3,750 SF
Price / SF$293.07
Days on Market372
Property Features for 5481 North Northwest Highway
General Information
Standard status
Active
Size
3,750 SF
Zoning
COMMR
Occupancy
100%
Net Operating Income
$71,342
Taxes and HOA fees
Annual Taxes
$13,082
Amenities
full basement
attached garage
Building Details
Year Built
1926
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Properties Northwest
Listed By:
Cassidy Gooding · License #475182959
(847) 970-0752
Source:
Compass
Added: Sep 1, 2025
Changed: Sep 5
Last Checked: Mar 25 at 6:45PM
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 RE/MAX Properties Northwest
Investment Insights
Based on property information with market context.
Located at 5481 N Northwest Highway in Chicago, this 1926 mixed-use building combines a commercial restaurant/cafe space with three residential apartments and an attached garage. The commercial area includes a full basement, while the residential component consists of one 2 bed/2 bath apartment with the garage and two 1 bed/1 bath apartments. The property is fully leased and zoned COMMR.
The building sits directly across from the Gladstone Park Metra station on Northwest Highway. Parks, schools, and walkable residential blocks are nearby, with downtown Chicago and O'Hare International Airport also identified as nearby destinations.
Residential improvements completed within the past five years include HVAC, plumbing, electrical systems, and water heaters. The commercial space received plumbing, electrical, and HVAC updates in 2009, along with a newer water heater. The rubber-coated roof was recoated in 2020.
The building sits directly across from the Gladstone Park Metra station on Northwest Highway. Parks, schools, and walkable residential blocks are nearby, with downtown Chicago and O'Hare International Airport also identified as nearby destinations.
Residential improvements completed within the past five years include HVAC, plumbing, electrical systems, and water heaters. The commercial space received plumbing, electrical, and HVAC updates in 2009, along with a newer water heater. The rubber-coated roof was recoated in 2020.
Key Highlights
- Fully leased mixed‑use building at 5481 N Northwest Highway
- Commercial restaurant/cafe space with full basement
- Three apartments: one 2 bed/2 bath and two 1 bed/1 bath 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
$69,795
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
6.35%
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%
$1,395,900
$1.4M
Cap Rate 7%
$997,071
$997.1K
Cap Rate 9%
$775,500
$775.5K
Market Conditions
NOI Build-Up for 3,750 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
$99.0K $26.40/SF
− Vacancy
−$5.9K −$1.58/SF
EGI
$93.1K $24.82/SF
− OpEx
−$23.3K −$6.20/SF
NOI
$69.8K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,395,900
Cap Rate 7%
$997,071
Cap Rate 9%
$775,500
Alternative Uses
Best Use
Specialty Retail
$997.1K
$872.4K – $1.16M
NOI $69,795 @ 7.0% cap · market cap 6.35%
Second Best
Mixed Use
$904.0K
$791.0K – $1.05M
NOI $63,281 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,768 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 60630, IL
54,064
Population
23,393
Households
2.3
Avg Household Size
40
Median Age
44%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
11,503
Density / Sq Mi
$97,134
Median Household Income
$54,576
Median Earnings
$1,357
Median Rent
$362,900
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 - Includes a restaurant/cafe space, three apartments, a full basement, and an attached garage.
Where is this mixed-use property located?
The property is located at 5481 North Northwest Highway Chicago, IL.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Fully leased mixed‑use building at 5481 N Northwest Highway; Commercial restaurant/cafe space with full basement; Three apartments: one 2 bed/2 bath and two 1 bed/1 bath units
