Mixed-Use Building with
New
For Sale
$750,000
731 W 47th St, Chicago, IL 60609
Two storefronts combine with an attached warehouse and unfinished second-floor apartments.
Property Size5,760 SF
Price / SF$130.21
Days on Market4
Property Features for 731 W 47th St
General Information
Standard status
Active
Size
5,760 SF
Property Condition
Severity
Repairs Needed
Evidence
ready to be finished
Building Details
Year Built
1893
Buildings
1
Tenancy
Multi
Listing Agency:
Chicagoland Brokers, Inc.
Listed By:
Nicholas Clancy · License #475153611
(773) 745-1000
Source:
Amyboston.realtopiare
Added: Sep 21
Last Checked: Sep 22 at 7:39PM
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 Chicagoland Brokers, Inc.
Investment Insights
Based on property information with market context.
This mixed-use building contains 5,760 square feet with two storefronts and an attached warehouse/garage. The second floor includes two apartments that are ready for completion, offering a combination of commercial and residential space within the same structure. Built in 1893, the property is located at 731 W 47th St in Chicago, Illinois. The building next door at 735 W 47th St may also be purchased as part of a package.
Key Highlights
- 5,760‑square‑foot mixed‑use building
- Two storefronts with attached warehouse/garage
- Two second‑floor apartments ready to be finished
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
$43,630
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
5.82%
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%
$872,600
$872.6K
Cap Rate 7%
$623,286
$623.3K
Cap Rate 9%
$484,778
$484.8K
Market Conditions
NOI Build-Up for 5,760 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
$54.3K $9.43/SF
− Vacancy
−$3.0K −$0.52/SF
EGI
$51.3K $8.91/SF
− OpEx
−$7.7K −$1.34/SF
NOI
$43.6K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$872,600
Cap Rate 7%
$623,286
Cap Rate 9%
$484,778
Alternative Uses
Best Use
Mixed Use
$1.39M
$1.22M – $1.62M
NOI $97,200 @ 7.0% cap · market cap 12.96%
Second Best
Retail
$1.14M
$996.1K – $1.33M
NOI $79,688 @ 7.0% cap · market cap 10.63%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,108 @ 7.0% cap · market cap 25.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Explore this area
Business Placement
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two storefronts combine with an attached warehouse and unfinished second-floor apartments.
Where is this mixed-use property located?
The property is located at 731 W 47th St Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5,760‑square‑foot mixed‑use building; Two storefronts with attached warehouse/garage; Two second‑floor apartments ready to be finished
