Storefront Property with Rear
For Sale
$449,900
6921 W Higgins Avenue, Chicago, IL 60656
Renovated one-bedroom apartment supports a flexible live-work configuration alongside established barbershop space.
Property Size1,500 SF
Days on Market22
Property Features for 6921 W Higgins Avenue
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,360
Building Details
Building Size
1,500 SF
Year Built
1951
Year Renovated
2024
Stories
1
Units
2
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 399-5848
Listed By:
Michael Shenfeld · License #475125273
Source:
Jjillrealtygroup
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This Chicago storefront property includes an established barbershop that has operated at the location since 1944. The current barber has run the business since 1984, and the interior includes decor and sports memorabilia that may remain with the sale. The property was built in 1951.
A one-bedroom apartment occupies the rear of the building and underwent a gut renovation in 2024. Improvements included new plumbing and electrical systems. The additional residential component supports live-work use or a separate rental arrangement, as described for the property.
A one-bedroom apartment occupies the rear of the building and underwent a gut renovation in 2024. Improvements included new plumbing and electrical systems. The additional residential component supports live-work use or a separate rental arrangement, as described for the property.
Key Highlights
- Barbershop has operated at the location since 1944
- Current barber has operated the business since 1984
- Rear one‑bedroom apartment gut‑renovated in 2024
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
$32,184
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
7.15%
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%
$643,680
$643.7K
Cap Rate 7%
$459,771
$459.8K
Cap Rate 9%
$357,600
$357.6K
Market Conditions
NOI Build-Up for 1,500 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
$57.6K $38.40/SF
− Vacancy
−$14.7K −$9.79/SF
EGI
$42.9K $28.61/SF
− OpEx
−$10.7K −$7.15/SF
NOI
$32.2K $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%
$643,680
Cap Rate 7%
$459,771
Cap Rate 9%
$357,600
Alternative Uses
Best Use
Office B
$459.8K
$402.3K – $536.4K
NOI $32,184 @ 7.0% cap · market cap 7.15%
Second Best
Mixed Use
$361.6K
$316.4K – $421.9K
NOI $25,313 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60656, IL
28,474
Population
12,840
Households
2.2
Avg Household Size
40
Median Age
42%
College-Educated
92%
High-School Grad
3.2 sq mi
ZIP Area
8,898
Density / Sq Mi
$88,000
Median Household Income
$54,639
Median Earnings
$1,388
Median Rent
$344,400
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Evangelista Floral and Landscape Studio — 5000 N Rutherford Ave, Chicago, IL 60656
- Water Lily Flower Shop — 7150 W Higgins Ave, Chicago, IL 60656
Frequently Asked Questions
What type of property is this?
Storefront property - Renovated one-bedroom apartment supports a flexible live-work configuration alongside established barbershop space.
Where is this storefront property located?
The property is located at 6921 W Higgins Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Barbershop has operated at the location since 1944; Current barber has operated the business since 1984; Rear one‑bedroom apartment gut‑renovated in 2024
