Five-Tenant Corner Retail
For Sale
$1,199,000
5159 W Diversey Avenue, Chicago, IL 60639
Commercial Sale, Chicago, IL
Property Size7,500 SF
Lot Size0.22 Acres
Price / SF$159.87
Days on Market381
Property Features for 5159 W Diversey Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Diversey Ave at Laramie Ave. Between Cicero Ave. and Central Ave
Subdivision
CHI - Belmont Cragin
Standard status
Active
APN
13284000030000
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
28858
Utilities
Cooling system
Central Air
Building Details
Year built
1943
Floors in Building
1
Number of units
5
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Aug 11, 2025
Changed: Aug 20
Last Checked: Aug 26 at 6:06AM
MLS# 12442792
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 Chicago retail center contains approximately 7,500 square feet arranged as five leased retail stores. The building dates to 1943, includes central air conditioning, and provides four tandem parking spaces at the rear. The property is zoned COMMR.
The center occupies the corner of Diversey Avenue and Laramie Avenue within a business and commercial district surrounded by residential population. Walgreens and currency exchange stores are located across the street, adding established retail uses directly opposite the property. Its corner placement provides street exposure along both avenues.
The center occupies the corner of Diversey Avenue and Laramie Avenue within a business and commercial district surrounded by residential population. Walgreens and currency exchange stores are located across the street, adding established retail uses directly opposite the property. Its corner placement provides street exposure along both avenues.
Key Highlights
- Approximately 7,500 Sq. ft. building with 5 leased retail stores
- Corner location at Diversey Ave. and Laramie Ave.
- 4‑Tandem parking spaces in the rear
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
$106,993
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
8.92%
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%
$2,139,860
$2.1M
Cap Rate 7%
$1,528,471
$1.5M
Cap Rate 9%
$1,188,811
$1.2M
Market Conditions
NOI Build-Up for 7,500 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
$166.5K $22.20/SF
− Vacancy
−$13.7K −$1.82/SF
EGI
$152.8K $20.38/SF
− OpEx
−$45.9K −$6.11/SF
NOI
$107.0K $14.27/SF
Area
ZIP 60639
Vacancy
8.20%
Lease Rate
$22.20 /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%
$2,139,860
Cap Rate 7%
$1,528,471
Cap Rate 9%
$1,188,811
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.78M
NOI $106,993 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.32M
$2.90M – $3.87M
NOI $232,128 @ 7.0% cap · market cap 19.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,071
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
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?
Shopping center - Five occupied storefronts anchor a corner commercial property with rear tandem parking and central air conditioning.
Where is this shopping center located?
The property is located at 5159 W Diversey Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Approximately 7,500 Sq. ft. building with 5 leased retail stores; Corner location at Diversey Ave. and Laramie Ave.; 4‑Tandem parking spaces in the rear
