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    Lake View Redevelopment Opportunity Title is generated by Realmo AI

    3219 N Clark St, Chicago, IL 60657

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    Mixed-use property with redevelopment potential in Chicago's Lake View.

    Type:Retail
    Property size:
    6,992 SF
    Price / SF:
    $257/SF
    Added:
    Aug 16, 2024
    Days on Market:
    660
    Last Refresh:
    May 12 at 8:11 pm

    Property Features for 3219 N Clark St

    General Information

    Standard status
    Active
    Size
    6,992 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    Tony Hardy

    Listing agent Tony Hardy License #IL 475.139834

    Listing office KW Commercial Chicago - Lincoln Park

    Listing date Aug 16, 2024

    Source Crexi

    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 KW Commercial Chicago - Lincoln Park

    HighLights

    • Prime Lake View location with high visibility and access to amenities.
    • Redevelopment opportunity to convert upper floors into 4 residential apartments, increasing property value.
    • Stable cash flow from long‑term lease with Blum Animal Hospital (VCA) through 2027.
    • Increasing ground floor base rent to $18,063 per month ($31.00/SF) starting January 2026.
    • Mixed‑use redevelopment offers diversified income streams.
    • Phased renovation allows for continued cash flow during the planning and permitting stages.

    Overview

    Located in Chicago’s Lake View neighborhood, this property at 3219 N. Clark Street presents a redevelopment opportunity. Constructed in 1925, the Class C building features a gross leasable area (GLA) of 6,992 square feet. The property is suited for mixed-use investment, with the upper floors primed for conversion to residential apartments. The ground floor is currently occupied by a tenant. The 2nd and 3rd floors have the potential to transform into four 900-square-foot residential apartments. Each floor could accommodate two 2-bedroom, 2-bathroom units. The ground floor offers 3,300 square feet of medical office or retail space. The current tenant’s lease runs through December 31, 2027. Starting in January 2026, the base rent will increase. The existing lease provides an investor with the opportunity to generate consistent cash flow while obtaining plans and permits for renovations. Renovation work cannot commence until the tenant vacates the property. The ground floor is occupied by Blum Animal Hospital, part of the national VCA Animal Hospitals Inc. network. The property enjoys a location surrounded by shopping, dining, and cultural attractions. It offers visibility, foot traffic, and proximity to public transportation. The property combines the security of a long-term tenant with redevelopment potential. The mixed-use redevelopment offers diversified income streams. The phased renovation approach allows for cash flow during construction. The location ensures ongoing demand for residential and commercial spaces. The existing lease ensures stable revenue while providing time for the planned residential conversion.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $268.5k $38.40
    − Vacancy −$68.5k −$9.79
    EGI $200.0k $28.61
    − OpEx −$50.0k −$7.15
    NOI $150.0k $21.46
    6,992 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $2.14M
    $1.88M – $2.50M (±1% cap)
    NOI $150,020 @ 7.0% cap · market cap 8.33%
    Second Best
    Mixed Use
    $1.69M
    $1.47M – $1.97M (±1% cap)
    NOI $117,990 @ 7.0% cap · market cap 6.56%
    Theoretical Best
    Office A
    $3.30M
    $2.88M – $3.85M (±1% cap)
    NOI $230,770 @ 7.0% cap · market cap 12.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    VCA Blum Animal ... Veterinary Clinic Julia Georgesen, DVM Veterinary Clinic Rubin Veterinary Services Veterinary Clinic Dann Robert Dr Veterinary Clinic

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6506855
    Latitude
    41.9406343

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with redevelopment potential in Chicago's Lake View.
    Where is this mixed-use property located?
    The property is located at 3219 N Clark St Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Prime Lake View location with high visibility and access to amenities.; Redevelopment opportunity to convert upper floors into 4 residential apartments, increasing property value.; Stable cash flow from long‑term lease with Blum Animal Hospital (VCA) through 2027.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tony Hardy
    Real Estate License ID: IL 475.139834
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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