Lincoln Park Mixed-Use Corner
For Sale
Contact for pricing
935 W Armitage Ave, Chicago, IL 60614
Mixed-use property in Chicago's desirable Lincoln Park neighborhood.
Property Size11,207 SF
Price / SF$620.15
Days on Market158
Property Features for 935 W Armitage Ave
General Information
Standard status
Active
Size
11,207 SF
Property subtype
Mixed Use, Multifamily
Zoning
B3-2
Building Details
Year Built
1889
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 636-6383
Listed By:
Kyle Stengle · License #IL 475.138461
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
The property at 935 West Armitage Avenue is a corner mixed-use asset situated in Chicago’s Lincoln Park neighborhood. The asset features an attractive unit mix with potential for rent increases. The retail space is anchored by a recently signed lease with Wintrust Bank. Located along the Armitage Avenue corridor, the property benefits from high visibility and immediate access to a retail and dining district, while also being located within a dense residential community. Lincoln Park is recognized as one of Chicago’s stable and high-demand submarkets, supported by household incomes, top-ranked schools, and limited opportunities for new development. The property is surrounded by a mix of boutiques, restaurants, and neighborhood-serving retail, creating a walkable environment. Residents and patrons have convenient access to the CTA Brown and Purple Lines at Armitage Station, along with multiple bus routes providing connectivity to downtown and surrounding employment centers. The property size is 11207 square feet.
Key Highlights
- Located in the highly desirable Lincoln Park neighborhood
- Anchored by a recently signed lease with Wintrust Bank
- Strong visibility on the Armitage Avenue corridor
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
$208,585
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
3.00%
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%
$4,171,700
$4.2M
Cap Rate 7%
$2,979,786
$3.0M
Cap Rate 9%
$2,317,611
$2.3M
Market Conditions
NOI Build-Up for 11,207 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
$295.9K $26.40/SF
− Vacancy
−$17.8K −$1.58/SF
EGI
$278.1K $24.82/SF
− OpEx
−$69.5K −$6.20/SF
NOI
$208.6K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$4,171,700
Cap Rate 7%
$2,979,786
Cap Rate 9%
$2,317,611
Alternative Uses
Best Use
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,585 @ 7.0% cap · market cap 3.00%
Second Best
Mixed Use
$2.70M
$2.36M – $3.15M
NOI $189,118 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,885 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,414
Businesses Nearby
492k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 28%
Dining 23%
Shops & Services 12%
Apparel 12%
The Home Depot
Home Improvements & Furnishings
47,033 visits/mo
0.5 miles
Apple Store
Electronics
31,272 visits/mo
0.5 miles
Starbucks
Dining
29,699 visits/mo
0.5 miles
Nordstrom Rack
Apparel
29,650 visits/mo
0.5 miles
World Market
Home Improvements & Furnishings
25,113 visits/mo
0.4 miles
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
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 - Mixed-use property in Chicago's desirable Lincoln Park neighborhood.
Where is this mixed-use property located?
The property is located at 935 W Armitage Ave Chicago, IL.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: Located in the highly desirable Lincoln Park neighborhood; Anchored by a recently signed lease with Wintrust Bank; Strong visibility on the Armitage Avenue corridor
