Transit-Oriented Development
For Sale
Contact for pricing
1000 W Thorndale Ave, Chicago, IL 60660
For-sale development site with B3-5 zoning and FAR 5.0, totaling 15,290 SF.
Property Size15,290 SF
Lot Size0.35 Acres
Price / SF$359.71
Days on Market174
Property Features for 1000 W Thorndale Ave
General Information
Standard status
Active
Size
15,290 SF
Lot size
0.35 Acres
Property subtype
Land, Mixed Use, Multifamily, Retail
Zoning
B3-5
Listing Agency:
Chicago-Coldwell Banker Commercial NRT
Listed By:
Michael Kang · License #IL 475163662
Source:
Crexi
Added: Mar 19
Changed: Sep 3
Last Checked: Sep 7 at 9:43AM
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 Chicago-Coldwell Banker Commercial NRT
Investment Insights
Based on property information with market context.
This for-sale transit-oriented development site is listed with B3-5 zoning and a FAR of 5.0, with a total size of 15,290 SF.
The property is identified as 1000 W Thorndale Ave in Chicago, Illinois 60660.
No additional improvements, building details, or tenant information were provided in the listing remarks.
The property is identified as 1000 W Thorndale Ave in Chicago, Illinois 60660.
No additional improvements, building details, or tenant information were provided in the listing remarks.
Key Highlights
- Transit‑oriented development site
- B3‑5 zoning
- FAR 5.0
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
$234,383
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
4.26%
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%
$4,687,660
$4.7M
Cap Rate 7%
$3,348,329
$3.3M
Cap Rate 9%
$2,604,256
$2.6M
Market Conditions
NOI Build-Up for 15,290 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
$449.5K $29.40/SF
− Vacancy
−$23.4K −$1.53/SF
EGI
$426.2K $27.87/SF
− OpEx
−$191.8K −$12.54/SF
NOI
$234.4K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$4,687,660
Cap Rate 7%
$3,348,329
Cap Rate 9%
$2,604,256
Alternative Uses
Best Use
Apartment 5plus
$3.35M
$2.93M – $3.91M
NOI $234,383 @ 7.0% cap · market cap 4.26%
Second Best
Retail
$3.02M
$2.64M – $3.53M
NOI $211,534 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$7.21M
$6.31M – $8.41M
NOI $504,643 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,450
Businesses Nearby
Explore this area
Business Placement
Demographics for 60660, IL
42,534
Population
23,508
Households
1.8
Avg Household Size
38
Median Age
57%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
32,718
Density / Sq Mi
$66,206
Median Household Income
$46,871
Median Earnings
$1,286
Median Rent
$287,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - For-sale development site with B3-5 zoning and FAR 5.0, totaling 15,290 SF.
Where is this apartment building located?
The property is located at 1000 W Thorndale Ave Chicago, IL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Transit‑oriented development site; B3‑5 zoning; FAR 5.0
