Mixed-Use Building with Rear
New
For Sale
$384,900
7409 W Irving Park Road, Chicago, IL 60634
Brick commercial property with an upper-level apartment and rear off-street parking.
Property Size1,000 SF
Days on Market5
Property Features for 7409 W Irving Park Road
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Traffic Count
16,200 vehicles/day
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,306
Building Details
Building Size
1,000 SF
Year Built
1957
Buildings
1
Stories
2
Units
2
Construction
brick and flexicore concrete
Listing Agency:
Garry Real Estate
(630) 893-2600
Listed By:
Jessica Garry · License #475187504
(630) 893-2600
Source:
Exit2newbeginningz
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 6:13AM
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 Garry Real Estate
Investment Insights
Based on property information with market context.
Located at 7409 W Irving Park Road in Chicago, this mixed-use property features a solid brick exterior, flexicore concrete ceiling, and an apartment above the commercial space. Rear off-street parking is also included. The property was built in 1957 and carries COMMR zoning.
The site is less than half a mile from Harlem Irving Plaza, with proximity to major expressways and Metra service. Annual average daily traffic is 16,200, according to IDOT data from 2021.
The site is less than half a mile from Harlem Irving Plaza, with proximity to major expressways and Metra service. Annual average daily traffic is 16,200, according to IDOT data from 2021.
Key Highlights
- Mixed‑use property with commercial space and an apartment above
- Solid brick exterior with flexicore concrete ceiling
- Rear off‑street parking
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
$15,263
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
3.97%
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%
$305,260
$305.3K
Cap Rate 7%
$218,043
$218.0K
Cap Rate 9%
$169,589
$169.6K
Market Conditions
NOI Build-Up for 1,000 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
$26.4K $26.40/SF
− Vacancy
−$2.0K −$1.98/SF
EGI
$24.4K $24.42/SF
− OpEx
−$9.2K −$9.16/SF
NOI
$15.3K $15.26/SF
Area
ZIP 60634
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
37.50%
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%
$305,260
Cap Rate 7%
$218,043
Cap Rate 9%
$169,589
Alternative Uses
Best Use
Mixed Use
$218.0K
$190.8K – $254.4K
NOI $15,263 @ 7.0% cap · market cap 3.97%
Second Best
Retail
$198.3K
$173.5K – $231.3K
NOI $13,880 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$272.7K
$238.6K – $318.1K
NOI $19,087 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,200 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,220
Businesses Nearby
92k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 12%
Office Supplies 10%
Apparel 5%
Michaels
Shops & Services
37,661 visits/mo
0.5 miles
Petco
Shops & Services
16,732 visits/mo
0.5 miles
Staples
Office Supplies
9,486 visits/mo
0.5 miles
Dollar General
Shops & Services
7,037 visits/mo
0.3 miles
KFC
Dining
6,088 visits/mo
0.3 miles
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property with an upper-level apartment and rear off-street parking.
Where is this mixed-use property located?
The property is located at 7409 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Mixed‑use property with commercial space and an apartment above; Solid brick exterior with flexicore concrete ceiling; Rear off‑street parking
