Corner Retail
For Sale
Under Contract
$525,000
5601-03 S Pulaski Road, Chicago, IL 60629
COMMERCIAL - Chicago, IL
Property Size3,000 SF
Lot Size0.11 Acres
Price / SF$175
Days on Market813
Property Features for 5601-03 S Pulaski Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
NORTH OR SOUTH ON PULASKI ROAD TO ADDRESS.
Subdivision
CHI - West Elsdon
Standard status
Active Under Contract
APN
19141080540000
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
17429
Utilities
Cooling system
Central Air
Amenities
walking distance to Orange Line
bus stop outside
Building Details
Floors in Building
1
Building materials
Brick
Listing Agency:
RE/MAX Mi Casa · RE/MAX International
(773) 767-1616
Listed By:
Maria Castillo · License #475122116
(773) 767-1616
Added: May 23, 2024
Changed: Aug 4
Last Checked: Aug 13 at 6:06AM
MLS# 12059999
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 retail property provides 3,000 square feet of commercial space within a brick building. Central air is installed, and the site carries COMMR zoning. The property occupies a 0.1064-acre lot at the corner of 56th and Pulaski in Chicago’s West Elsdon area.
Transit access is a notable site feature, with the Orange Line within walking distance and a bus stop directly outside the building. The corner setting and established transportation access support a range of storefront-oriented commercial uses, subject to applicable zoning and approvals.
Transit access is a notable site feature, with the Orange Line within walking distance and a bus stop directly outside the building. The corner setting and established transportation access support a range of storefront-oriented commercial uses, subject to applicable zoning and approvals.
Key Highlights
- 3,000 square feet of retail space
- 0.1064‑acre lot at 56th and Pulaski
- Corner location in Chicago’s West Elsdon area
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
$41,504
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
7.91%
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%
$830,080
$830.1K
Cap Rate 7%
$592,914
$592.9K
Cap Rate 9%
$461,156
$461.2K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$5.5K −$1.84/SF
EGI
$59.3K $19.76/SF
− OpEx
−$17.8K −$5.93/SF
NOI
$41.5K $13.83/SF
Area
ZIP 60629
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%
$830,080
Cap Rate 7%
$592,914
Cap Rate 9%
$461,156
Alternative Uses
Best Use
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.69M
$2.35M – $3.14M
NOI $188,385 @ 7.0% cap · market cap 35.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
147k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Shops & Services 27%
Electronics 3%
McDonald's
Dining
43,686 visits/mo
0.4 miles
Dunkin' Donuts
Dining
16,096 visits/mo
0.1 miles
Burger King
Dining
15,587 visits/mo
0.2 miles
7-Eleven
Shops & Services
15,476 visits/mo
0.4 miles
Shell
Shops & Services
13,053 visits/mo
0.1 miles
Demographics for 60629, IL
114,453
Population
36,283
Households
3.2
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
7.0 sq mi
ZIP Area
16,350
Density / Sq Mi
$58,813
Median Household Income
$34,635
Median Earnings
$1,106
Median Rent
$236,300
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?
Retail space - Brick commercial space with central air and access to nearby bus and rail service.
Where is this retail space located?
The property is located at 5601-03 S Pulaski Road Chicago, IL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,000 square feet of retail space; 0.1064‑acre lot at 56th and Pulaski; Corner location in Chicago’s West Elsdon area
