Ground-Level Storefront
For Sale
$549,000
2836 N Southport Avenue, Chicago, IL 60657
Commercial Sale, Chicago, IL
Property Size1,900 SF
Lot Size0.07 Acres
Price / SF$288.95
Days on Market116
Property Features for 2836 N Southport Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Diversey North on Southport to Wolfram
Subdivision
CHI - Lake View
Standard status
Active
APN
14291250601001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
17227
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
4
Number of units
1
Building materials
Brick, Concrete
Roof type
Membrane
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Ana Osorio
(888) 574-9405
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# 12627490
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ground-level commercial condominium provides 1,900 SF of flexible interior space at 2836 N Southport Avenue. The unit is delivered vacant and includes large storefront windows, 1.5 bathrooms with one full bath, and independent HVAC. Brick and concrete construction, central air, and a membrane roof complement the building, which was constructed in 2006.
The property occupies a retail-oriented stretch of Southport Avenue in Chicago’s Southport Corridor, surrounded by residential and commercial activity. Brown and Purple Line access supports convenient transit connectivity. The storefront configuration and open layout provide a practical foundation for a range of commercial occupancy plans, subject to applicable requirements.
The property occupies a retail-oriented stretch of Southport Avenue in Chicago’s Southport Corridor, surrounded by residential and commercial activity. Brown and Purple Line access supports convenient transit connectivity. The storefront configuration and open layout provide a practical foundation for a range of commercial occupancy plans, subject to applicable requirements.
Key Highlights
- 1,900 SF ground‑level commercial condominium
- Vacant delivery supports immediate occupancy or lease‑up
- Large storefront windows along Southport Avenue
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
$26,286
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
4.79%
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%
$525,720
$525.7K
Cap Rate 7%
$375,514
$375.5K
Cap Rate 9%
$292,067
$292.1K
Market Conditions
NOI Build-Up for 1,900 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
$41.0K $21.60/SF
− Vacancy
−$3.5K −$1.84/SF
EGI
$37.6K $19.76/SF
− OpEx
−$11.3K −$5.93/SF
NOI
$26.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$525,720
Cap Rate 7%
$375,514
Cap Rate 9%
$292,067
Alternative Uses
Best Use
Retail
$375.5K
$328.6K – $438.1K
NOI $26,286 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,493
Businesses Nearby
186k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Groceries 30%
Shops & Services 28%
Home Improvements & Furnishings 2%
Jewel-Osco
Groceries
55,541 visits/mo
0.4 miles
McDonald's
Dining
36,369 visits/mo
0.3 miles
Shell
Shops & Services
14,072 visits/mo
0.2 miles
Chipotle Mexican Grill
Dining
12,035 visits/mo
0.3 miles
Shell
Shops & Services
9,185 visits/mo
0.3 miles
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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?
Storefront property - Vacant commercial unit with adaptable space, independent HVAC, and one full bathroom.
Where is this storefront property located?
The property is located at 2836 N Southport Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 1,900 SF ground‑level commercial condominium; Vacant delivery supports immediate occupancy or lease‑up; Large storefront windows along Southport Avenue
