Mixed-Use Building with Gated
For Sale
Contact for pricing
6135 N Elston Ave, Chicago, IL 60646
Vacant B3-1 property combining office, warehouse, apartment, and secured outdoor space.
Property Size3,800 SF
Price / SF$236.84
Days on Market145
Property Features for 6135 N Elston Ave
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Land, Mixed Use
Zoning
B3-1
Investment Type
Owner/User
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
1,000 SF
Office Build-Out
1,375 SF
Building Details
Year Built
1967
Year Renovated
2020
Buildings
1
Stories
2
Units
3
Owner Occupied
No
Listing Agency:
Eprus Group, Inc
Listed By:
Jim Tsevis · License #471.010909
Source:
Crexi
Added: Apr 13
Changed: Sep 4
Last Checked: Sep 3 at 7:02AM
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 Eprus Group, Inc
Investment Insights
Based on property information with market context.
This mixed-use property in Chicago’s Norwood Park area combines commercial, residential, and outdoor components within a 3,800-square-foot offering. The first-floor office area measures approximately 1,375 SF and includes two private offices, a conference room, reception space, two washrooms, and a front lobby or showroom. An attached 1,000 SF warehouse and garage provides a clean work and storage area with an epoxied floor. A second-floor apartment adds residential space above the commercial improvements.
The sale also includes an adjacent 3,000 SF paved, gated lot. The lot expands the property’s usable outdoor area for parking or storage. Built in 1967, the property is fully vacant and zoned B3-1, with the office, warehouse, apartment, and lot available for immediate buyer control.
The sale also includes an adjacent 3,000 SF paved, gated lot. The lot expands the property’s usable outdoor area for parking or storage. Built in 1967, the property is fully vacant and zoned B3-1, with the office, warehouse, apartment, and lot available for immediate buyer control.
Key Highlights
- 3,800‑square‑foot mixed‑use property in Norwood Park
- Approximately 1,375 SF office with two private offices, conference room, reception, two washrooms, and lobby/showroom
- Attached 1,000 SF warehouse/garage with epoxied floor
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
$81,533
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
9.06%
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%
$1,630,660
$1.6M
Cap Rate 7%
$1,164,757
$1.2M
Cap Rate 9%
$905,922
$905.9K
Market Conditions
NOI Build-Up for 3,800 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
$145.9K $38.40/SF
− Vacancy
−$37.2K −$9.79/SF
EGI
$108.7K $28.61/SF
− OpEx
−$27.2K −$7.15/SF
NOI
$81.5K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /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%
$1,630,660
Cap Rate 7%
$1,164,757
Cap Rate 9%
$905,922
Alternative Uses
Best Use
Office B
$1.16M
$1.02M – $1.36M
NOI $81,533 @ 7.0% cap · market cap 9.06%
Second Best
Mixed Use
$916.1K
$801.6K – $1.07M
NOI $64,125 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,418 @ 7.0% cap · market cap 13.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,098
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 - Vacant B3-1 property combining office, warehouse, apartment, and secured outdoor space.
Where is this mixed-use property located?
The property is located at 6135 N Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,800‑square‑foot mixed‑use property in Norwood Park; Approximately 1,375 SF office with two private offices, conference room, reception, two washrooms, and lobby/showroom; Attached 1,000 SF warehouse/garage with epoxied floor
