Mixed-Use Building with
For Sale
$384,900
7409 W Irving Park Rd, Chicago, IL 60634
Commercial space with an upper-level apartment, rear parking, and access to nearby retail, expressways, and Metra service.
Property Size1,000 SF
Price / SF$384.90
Days on Market9
Property Features for 7409 W Irving Park Rd
General Information
Standard status
Active
Size
1,000 SF
Additional Details
Traffic Count
16,200 vehicles/day
Amenities
off-street parking
Building Details
Year Built
1957
Construction
brick
Listing Agency:
Garry Real Estate
(630) 701-0857
Listed By:
Jessica Garry · License #475187504
Source:
Saladinosells
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 8:22PM
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 Rd in Chicago, this mixed-use property combines commercial space with an apartment above. The building dates to 1957 and features a solid brick exterior, flexicore concrete ceiling, and off-street parking behind the structure. The commercial component is positioned for retail, medical, or entertainment use based on the stated property attributes.
Harlem Irving Plaza is less than half a mile away, while major expressways and Metra are nearby. The corridor recorded an annual average daily traffic count of 16,200 in 2021, according to IDOT. The combination of commercial space, an upper-level apartment, rear parking, and surrounding transportation access creates a practical mixed-use configuration.
Harlem Irving Plaza is less than half a mile away, while major expressways and Metra are nearby. The corridor recorded an annual average daily traffic count of 16,200 in 2021, according to IDOT. The combination of commercial space, an upper-level apartment, rear parking, and surrounding transportation access creates a practical mixed-use configuration.
Key Highlights
- Mixed‑use building 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
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 - Commercial space with an upper-level apartment, rear parking, and access to nearby retail, expressways, and Metra service.
Where is this mixed-use property located?
The property is located at 7409 W Irving Park Rd 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 building with commercial space and an apartment above; Solid brick exterior with flexicore concrete ceiling; Rear off‑street parking
