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    957 N Drake Ave Chicago, IL 60651

    View on Map
    Sponsored
    For Sale
    $325,000

    COMMERCIAL - Chicago, IL

    Type:Retail
    Lot size:
    0.10 Acres
    Days on Market:
    15
    Last Refresh:
    Mar 13 at 9:06 am

    Property Features for 957 N Drake Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    APN
    16024160010000
    Lot size
    0.10 Acres

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Tile
    Building materials
    Brick

    We can help!

    Listing Contact
    Vanessa Smith

    Compass Real Estate

    Listing agent Vanessa Smith (773) 469-1025

    Listing date Feb 26, 2026

    MLS# 12451066

    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.

    Learn more

    Property Insight Report

    Overview

    Commercial Building Near Humboldt Park

    This commercial building is located at the corner of Augusta and Drake, just blocks from Alexander Von Humboldt Park. The property includes three bathrooms, a garage space with a curb cut, and a fenced patio area. One unit is currently rented to a convenience store tenant for $3000 per month, with the rent scheduled to increase to $3500 per month in January 2026. The current lease term extends through May 2027. The zoning is RS-3 and has a zoning variance for the store, along with an active business license. The buyer must verify all zoning details and can renew the business license as long as it doesn't lapse for 6 months. The other spaces are currently used for owner storage. The property is situated in an area with new construction and development, including a new construction single-family home across the alley and a six-unit building across the street that is currently under contract for renovation. The lot size is 0.0976 acres. Note that the vintage Coca-Cola sign is excluded from the sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drake Mart Grocery & Convenience Store Mr. Brown Food ... Grocery & Convenience Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Mid-Town Food Store, West Side Food Mart Inc, La Esmeralda Corp FRESH MARKET, Ecuadorian 🏬

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7148636
    Latitude
    41.8989918

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    FAQs

    What type of property is this?
    Grocery and convenience store - Commercial building with rental income and development potential near Humboldt Park.
    Where is this grocery and convenience store located?
    The property is located at 957 N Drake Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: - Income-producing property with convenience store tenant paying $3000/month, increasing to $3500/month in January 2026.; - Favorable location at the corner of Augusta and Drake, with ongoing new construction and development in the surrounding area.; - Zoning variance and active business license in place for the existing convenience store.
    (773) 469-1025
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    957 N Drake Ave Chicago, IL 60651
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    Chicago, IL 60651
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    957 N Drake Ave Chicago, IL 60651
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    We can help!
    Listing Contact
    Vanessa Smith
    (773) 469-1025 (773) 466-7150
    Learn more
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