Renovated Mixed-Use
New
For Sale
$550,000
5959 N Elston Avenue, Chicago, IL 60646
Street-level commercial space features an open layout, support areas, and a finished basement.
Property Size2,977 SF
Price / SF$229.17
Days on Market5
Property Features for 5959 N Elston Avenue
General Information
Standard status
Active
Size
2,977 SF
Property subtype
Commercial
Zoning
MULTI
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
Ground Floor
Taxes and HOA fees
Annual Taxes
$7,032
Amenities
grand storefront windows
open floorplan
back office
kitchenette
bathroom
shower
fully-finished basement
garage parking
Building Details
Building Size
2,977 SF
Year Built
1939
Stories
2
Units
3
Tenancy
Single
Listing Agency:
Century 21 S.G.R., Inc.
(312) 326-3697
Listed By:
Scott Powers · License #475192535
(312) 326-3697
Source:
Allinonerealestateco
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 10 at 11:51AM
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 Century 21 S.G.R., Inc.
Investment Insights
Based on property information with market context.
This 2,400-square-foot mixed-use property, built in 1939, combines renovated street-level commercial space with residential income. The 1,200-square-foot retail and office area has an open floorplan, a back office, updated kitchenette, bathroom, and shower. A fully finished basement expands the usable space, while garage parking is available.
The property sits on Elston Avenue near the point where I-90 and I-94 divide and Milwaukee Avenue connects. Its location places the building between Jefferson Park and Norwood Park, with direct exposure along a commercial avenue. Zoning is designated MULTI.
Two residential units occupy the second floor and are leased on month-to-month terms. Together with the ground-floor commercial configuration, the building offers a combination of retail, office, and residential components within one property.
The property sits on Elston Avenue near the point where I-90 and I-94 divide and Milwaukee Avenue connects. Its location places the building between Jefferson Park and Norwood Park, with direct exposure along a commercial avenue. Zoning is designated MULTI.
Two residential units occupy the second floor and are leased on month-to-month terms. Together with the ground-floor commercial configuration, the building offers a combination of retail, office, and residential components within one property.
Key Highlights
- 2,400‑square‑foot mixed‑use property built in 1939
- Renovated 1,200‑square‑foot retail and office area
- Open floorplan with back office, kitchenette, bathroom, and shower
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
$40,500
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
7.36%
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%
$810,000
$810.0K
Cap Rate 7%
$578,571
$578.6K
Cap Rate 9%
$450,000
$450.0K
Market Conditions
NOI Build-Up for 2,400 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
$72.0K $30.00/SF
− Vacancy
−$7.2K −$3.00/SF
EGI
$64.8K $27.00/SF
− OpEx
−$24.3K −$10.13/SF
NOI
$40.5K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /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%
$810,000
Cap Rate 7%
$578,571
Cap Rate 9%
$450,000
Alternative Uses
Best Use
Office B
$735.6K
$643.7K – $858.2K
NOI $51,494 @ 7.0% cap · market cap 9.36%
Second Best
Mixed Use
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 14.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,217
Businesses Nearby
Explore this area
Business Placement
Demographics for 60646, IL
28,383
Population
11,636
Households
2.4
Avg Household Size
44
Median Age
58%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
6,451
Density / Sq Mi
$111,115
Median Household Income
$66,105
Median Earnings
$1,241
Median Rent
$493,600
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space features an open layout, support areas, and a finished basement.
Where is this mixed-use property located?
The property is located at 5959 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,400‑square‑foot mixed‑use property built in 1939; Renovated 1,200‑square‑foot retail and office area; Open floorplan with back office, kitchenette, bathroom, and shower
