Humboldt Park Corner Lot
For Sale
$875,000
Pending
958 N California Avenue, Chicago, IL 60622
Corner lot with redevelopment potential in vibrant Humboldt Park.
Property Size2,551 SF
Lot Size0.14 Acres
Days on Market180
Property Features for 958 N California Avenue
General Information
Standard status
Pending
Size
2,551 SF
Lot size
0.14 Acres
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$16,372
Building Details
Building Size
2,551 SF
Year Built
1931
Stories
1
Listing Agency:
SVN | Chicago Commercial
(773) 405-4641
Listed By:
Marcus Sullivan · License #475139568
(773) 405-4641
Source:
Evrealestate
Added: Feb 25
Changed: Aug 23
Last Checked: Aug 14 at 6:05AM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
Located on a highly visible corner lot in Humboldt Park, 958 North California Avenue offers an opportunity for investors, developers, and owner-users. The property features an approximately 6,300 square foot lot improved with a 2,551 square foot former garage building, offering flexible repositioning or redevelopment potential. The C1-2 zoning supports a range of commercial and residential mixed-use possibilities, making this an ideal candidate for retail, office, residential units above commercial, or adaptive reuse. The prominent corner location allows for maximum exposure, curb appeal, and design flexibility. Humboldt Park is known for its lush namesake park, historic architecture, and rich Puerto Rican heritage. Anchored by the expansive 200-acre Humboldt Park, the area offers an exceptional blend of green space and urban energy. Tree-lined streets showcase classic greystones and vintage brick two-flats alongside renovated homes and new development. Division Street’s Paseo Boricua serves as the cultural heart of the neighborhood. Humboldt Park continues to attract homeowners, investors, and developers seeking strong community character and long-term growth potential.
Key Highlights
- Prime corner lot in Humboldt Park offering high visibility and exposure.
- Flexible C1‑2 zoning allows for diverse commercial and residential mixed‑use development.
- Repositioning or redevelopment potential on a 6,300 sq ft lot with an existing 2,551 sq ft building.
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
$43,048
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
4.92%
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%
$860,960
$861.0K
Cap Rate 7%
$614,971
$615.0K
Cap Rate 9%
$478,311
$478.3K
Market Conditions
NOI Build-Up for 2,551 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
$76.5K $30.00/SF
− Vacancy
−$7.7K −$3.00/SF
EGI
$68.9K $27.00/SF
− OpEx
−$25.8K −$10.13/SF
NOI
$43.0K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /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%
$860,960
Cap Rate 7%
$614,971
Cap Rate 9%
$478,311
Alternative Uses
Best Use
Mixed Use
$615.0K
$538.1K – $717.5K
NOI $43,048 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,195 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner lot with redevelopment potential in vibrant Humboldt Park.
Where is this mixed-use property located?
The property is located at 958 N California Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Prime corner lot in Humboldt Park offering **high visibility and exposure**.; Flexible C1‑2 zoning allows for diverse commercial and residential mixed‑use development.; Repositioning or redevelopment potential on a 6,300 sq ft lot with an existing 2,551 sq ft building.
