Mixed-Use Building with Retail
For Sale
$2,995,000
6 S Clark Street, Chicago, IL 60603
Vacant ground-floor and lower-level retail areas complement leased upper floors and rooftop cell antenna income.
Property Size18,306 SF
Lot Size0.09 Acres
Days on Market333
Property Features for 6 S Clark Street
General Information
Standard status
Active
Size
18,306 SF
Lot size
0.09 Acres
Property subtype
Commercial
Zoning
DC-16
Taxes and HOA fees
Annual Taxes
$184,427
Building Details
Building Size
18,306 SF
Year Built
1874
Buildings
1
Stories
4
Units
4
Listing Agency:
Chicago Real Estate Resources
(773) 327-9300
Listed By:
Steven Rapoport · License #471006648
(773) 327-9300
Source:
Cavanaghrealty
Added: Sep 22, 2025
Changed: Aug 15
Last Checked: Aug 19 at 3:31PM
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
Investment Insights
Based on property information with market context.
This mixed-use building combines street-level retail with occupied upper-floor space. The ground floor contains 3,419 square feet of retail area, while the lower level adds 3,487 square feet. Both spaces are vacant and remain in shell condition, with black-iron infrastructure from the prior Wendy's occupancy. Floors two through four provide 11,400 square feet of leased area, creating a blend of vacant retail and existing tenancy. A rooftop cell antenna provides an additional income source.
The property occupies a 4,108-square-foot lot and carries DC-16 zoning. Its downtown Chicago location places it across from Chase Tower, with frontage along Clark Street. The 1874 building offers a combination of existing improvements, leased upper levels, vacant retail space, and zoning that supports high-density redevelopment.
The property occupies a 4,108-square-foot lot and carries DC-16 zoning. Its downtown Chicago location places it across from Chase Tower, with frontage along Clark Street. The 1874 building offers a combination of existing improvements, leased upper levels, vacant retail space, and zoning that supports high-density redevelopment.
Key Highlights
- 3,419 SF ground‑floor retail space and 3,487 SF lower level
- Both retail areas are vacant and in shell condition
- 11,400 SF leased across floors 2‑4
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
$253,260
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
8.46%
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%
$5,065,200
$5.1M
Cap Rate 7%
$3,618,000
$3.6M
Cap Rate 9%
$2,814,000
$2.8M
Market Conditions
NOI Build-Up for 18,306 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
$395.4K $21.60/SF
− Vacancy
−$33.6K −$1.84/SF
EGI
$361.8K $19.76/SF
− OpEx
−$108.5K −$5.93/SF
NOI
$253.3K $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%
$5,065,200
Cap Rate 7%
$3,618,000
Cap Rate 9%
$2,814,000
Alternative Uses
Best Use
Mixed Use
$4.41M
$3.86M – $5.15M
NOI $308,914 @ 7.0% cap · market cap 10.31%
Second Best
Retail
$3.62M
$3.17M – $4.22M
NOI $253,260 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$8.63M
$7.55M – $10.07M
NOI $604,186 @ 7.0% cap · market cap 20.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37,490
Businesses Nearby
92k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 39%
Shops & Services 33%
Apparel 15%
Dining 13%
theWit Chicago - a DoubleTree by Hilton Hotel
Hotels & Casinos
35,939 visits/mo
0.4 miles
BP
Shops & Services
25,664 visits/mo
0.5 miles
Saks OFF 5TH
Apparel
13,751 visits/mo
0.1 miles
McDonald's
Dining
9,419 visits/mo
0.5 miles
Fifth Third Bank & ATM
Shops & Services
4,367 visits/mo
0.5 miles
Demographics for 60603, IL
1,288
Population
984
Households
1.3
Avg Household Size
38
Median Age
92%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
12,880
Density / Sq Mi
$128,107
Median Household Income
$86,484
Median Earnings
$2,104
Median Rent
$608,100
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant ground-floor and lower-level retail areas complement leased upper floors and rooftop cell antenna income.
Where is this mixed-use property located?
The property is located at 6 S Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 3,419 SF ground‑floor retail space and 3,487 SF lower level; Both retail areas are vacant and in shell condition; 11,400 SF leased across floors 2‑4
