Historic Mixed-Use
New
For Sale
$2,100,000
642 N DEARBORN Street, Chicago, IL 60654
Commercial Sale, Chicago, IL
Property Size6,100 SF
Lot Size0.06 Acres
Price / SF$344.26
Days on Market2
Property Features for 642 N DEARBORN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MULTI
Directions
Ontario east to Dearborn North
Subdivision
CHI - Near North Side
Standard status
Active
APN
17092260070000
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
36330
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
private courtyard
Building Details
Year built
1872
Floors in Building
4
Number of units
5
Flooring type
Carpet, Vinyl
Building materials
Brick, Stone
Roof type
Rubber
Buildings
2
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Oltita Brennan
(312) 335-3291
Added: Oct 26
Last Checked: Oct 27 at 11:06AM
MLS# 12788702
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1872, this approximately 6,100-square-foot mixed-use property combines commercial and residential areas with a separate coach house and private courtyard. The building has been configured as five units, with upper-level accommodations used for short-term rentals.
The third floor was renovated in 2025 with new flooring, a kitchenette, countertops, appliances, cabinetry, and a bathroom. Similar work was completed on the fourth floor in 2021. The coach house has vinyl flooring, refreshed kitchen cabinets, and newer appliances; the property also has newer water heaters. Located in Chicago’s River North neighborhood, the property is near restaurants, shopping, galleries, nightlife, and downtown attractions.
The third floor was renovated in 2025 with new flooring, a kitchenette, countertops, appliances, cabinetry, and a bathroom. Similar work was completed on the fourth floor in 2021. The coach house has vinyl flooring, refreshed kitchen cabinets, and newer appliances; the property also has newer water heaters. Located in Chicago’s River North neighborhood, the property is near restaurants, shopping, galleries, nightlife, and downtown attractions.
Key Highlights
- Approximately 6,100 square feet on a 0.06‑acre lot
- Configured as five units, including commercial and residential spaces
- Separate coach house and private courtyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,938
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,058,760
$2.1M
Cap Rate 7%
$1,470,543
$1.5M
Cap Rate 9%
$1,143,756
$1.1M
Market Conditions
NOI Build-Up for 6,100 SF
Gross rent
$183.0K $30.00/SF
− Vacancy
−$18.3K −$3.00/SF
EGI
$164.7K $27.00/SF
− OpEx
−$61.8K −$10.13/SF
NOI
$102.9K $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 Rate 5%
$2,058,760
Cap Rate 7%
$1,470,543
Cap Rate 9%
$1,143,756
Alternative Uses
Best Use
Mixed Use
$1.47M
$1.29M – $1.72M
NOI $102,938 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,508 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,329 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
32,702
Businesses Nearby
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Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A separate coach house and private courtyard complement the building’s commercial and residential spaces.
Where is this mixed-use property located?
The property is located at 642 N DEARBORN Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Approximately 6,100 square feet on a 0.06‑acre lot; Configured as five units, including commercial and residential spaces; Separate coach house and private courtyard
