Mixed-Use Building in Rogers
For Sale
Contact for pricing
2944 W Devon Ave, Chicago, IL 60659
Three-story, seven-unit mixed-use building in a vibrant location.
Property Size8,975 SF
Lot Size0.14 Acres
Price / SF$177.72
Days on Market745
Property Features for 2944 W Devon Ave
General Information
Standard status
Active
Size
8,975 SF
Lot size
0.14 Acres
Property subtype
Mixed Use, Multifamily, Retail
Building Details
Year Built
1970
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Jul 18, 2024
Changed: Jul 6
Last Checked: Aug 1 at 8:29AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This three-story mixed-use building is located at 2944 W Devon. The building, with a classic facade, has a total area of 8,975 square feet and sits on a 6,250 square foot lot. Zoned B1-2, this property is suitable for investors, developers, or end-users seeking a mixed-use building in the Rogers Park area. The location benefits from high visibility and substantial traffic, with approximately 26,700 vehicles passing daily on Devon Avenue. The first floor is occupied by a 3,300 square foot retail bakery. The upper floors contain seven residential units: two one-bedroom, one-bathroom units; two two-bedroom, one-bathroom units; and three three-bedroom, one-bathroom units. The property includes a rear parking lot with two spaces. Public transportation is readily accessible via CTA bus stops along Devon Avenue. The surrounding area features a variety of retail stores and restaurants, including Dunkin', City Fresh Market, Anmol Barbeque, Dollar Tree, Delhi Darbar Kabab House, Kol Tuv Kosher Foods, and Rosen's Morse View Pharmacy.
Key Highlights
- High‑traffic location with excellent visibility, ideal for retail businesses (26,700 vehicles per day).
- Substantial 8975 SQ FT mixed‑use building with 7 units.
- Strong income potential with a 3300 SQ FT retail bakery already in operation.
Financial Insights For Apartment 5plus
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 | $263.9k | $29.40 |
| − Vacancy | −$13.7k | −$1.53 |
| EGI | $250.1k | $27.87 |
| − OpEx | −$112.6k | −$12.54 |
| NOI | $137.6k | $15.33 |
8,975 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$2.16M
$1.89M – $2.52M
NOI $151,453 @ 7.0% cap · market cap 9.50%
Second Best
Apartment 5plus
$1.97M
$1.72M – $2.29M
NOI $137,579 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,218 @ 7.0% cap · market cap 18.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,578
Businesses Nearby
Explore this area
Business Placement
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Market
Properties on Market for Mixed-use properties in Chicago
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story, seven-unit mixed-use building in a vibrant location.
Where is this mixed-use property located?
The property is located at 2944 W Devon Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: High‑traffic location with excellent visibility, ideal for retail businesses (26,700 vehicles per day).; Substantial 8975 SQ FT mixed‑use building with 7 units.; Strong income potential with a 3300 SQ FT retail bakery already in operation.
