Brick Mixed-Use
For Sale
$629,813
6348 W Grand Ave, Chicago, IL 60639
Three-unit property combining a commercial storefront with two residential apartments and a partially finished basement.
Property Size2,987 SF
Price / SF$210.85
Days on Market178
Property Features for 6348 W Grand Ave
General Information
Standard status
Active
Size
2,987 SF
Total Parking Spaces
2
Occupancy
100%
Additional Details
Gross Income
$33,000
Building Details
Year Built
1939
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
Listed By:
Eugenia Canepa · License #475130445
(773) 216-0675
Source:
Grandviewrealtyservices
Added: Mar 17
Changed: Sep 8
Last Checked: Sep 10 at 12:01AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 6,250-square-foot brick mixed-use property, built in 1939, contains a first-floor storefront and two apartments. The front commercial space offers two large rooms, hardwood flooring, and a half bath. The first-floor rear apartment includes one bedroom, three rooms, a renovated kitchen and bath, hardwood floors, a gas fireplace, sliding patio doors, and newer electrical, plumbing, drywall, windows, and flooring completed 3 years ago. The second-floor residence provides six rooms, three bedrooms, one bath, hardwood floors, a large kitchen, a walk-in closet, and a skylit bathroom.
A partially finished basement adds a laundry area, full bathroom with shower, kitchen stove, and a 2 year old sump pump. Building systems include 1 ghw boiler, 2 separate gas meters, and 3 cb panels. The property also includes a brick 2 car garage and iron security fencing at the front and rear. The address is 6348 West Grand Avenue, Chicago, IL 60639. The property is sold as-is and is zoned RTAIL.
A partially finished basement adds a laundry area, full bathroom with shower, kitchen stove, and a 2 year old sump pump. Building systems include 1 ghw boiler, 2 separate gas meters, and 3 cb panels. The property also includes a brick 2 car garage and iron security fencing at the front and rear. The address is 6348 West Grand Avenue, Chicago, IL 60639. The property is sold as-is and is zoned RTAIL.
Key Highlights
- 6,250‑square‑foot brick mixed‑use property built in 1939
- Three‑unit layout with a first‑floor storefront and two apartments
- First‑floor rear apartment rehab completed 3 years ago
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
$50,439
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
8.01%
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%
$1,008,780
$1.0M
Cap Rate 7%
$720,557
$720.6K
Cap Rate 9%
$560,433
$560.4K
Market Conditions
NOI Build-Up for 2,987 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
$77.1K $25.80/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$72.1K $24.12/SF
− OpEx
−$21.6K −$7.24/SF
NOI
$50.4K $16.89/SF
Area
ZIP 60639
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,008,780
Cap Rate 7%
$720,557
Cap Rate 9%
$560,433
Alternative Uses
Best Use
Multifamily LT 5
$720.6K
$630.5K – $840.7K
NOI $50,439 @ 7.0% cap · market cap 8.01%
Second Best
Mixed Use
$662.5K
$579.7K – $772.9K
NOI $46,373 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,449 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
843
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
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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 - Three-unit property combining a commercial storefront with two residential apartments and a partially finished basement.
Where is this mixed-use property located?
The property is located at 6348 W Grand Ave Chicago, IL.
What is the asking price?
The asking price for this property is $629,813.
What are key features of this property?
This property features: 6,250‑square‑foot brick mixed‑use property built in 1939; Three‑unit layout with a first‑floor storefront and two apartments; First‑floor rear apartment rehab completed 3 years ago
