Mixed-Use Retail and Office
For Sale
Contact for pricing
1028 Argyle St, Chicago, IL 60640
Ground-level restaurant space plus vacant second-floor offices offer flexible configuration opportunities.
Property Size18,750 SF
Price / SF$234.61
Days on Market485
Property Features for 1028 Argyle St
General Information
Standard status
Active
Size
18,750 SF
Property subtype
RETAIL
Listing Agency:
CRER
(773) 327-9300
Listed By:
Tuyen Nguyen · License #471006001
(773) 879-0713
Source:
Moodyscre
Added: May 21, 2025
Changed: Sep 5
Last Checked: Sep 16 at 8:48PM
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 CRER
Investment Insights
Based on property information with market context.
This distinctive mixed-use building includes storefront areas with ground-level restaurant space. Additional vacant spaces and offices are located on the second floor, providing room for customization and potential expansion.
The property is positioned within a lively Chicago neighborhood, supporting a retail-forward street-level presence while accommodating office use above.
Overall, the layout combines active ground-floor dining with second-floor offices and vacancies, offering a multi-level configuration for investors or operators seeking adaptable space.
The property is positioned within a lively Chicago neighborhood, supporting a retail-forward street-level presence while accommodating office use above.
Overall, the layout combines active ground-floor dining with second-floor offices and vacancies, offering a multi-level configuration for investors or operators seeking adaptable space.
Key Highlights
- Building includes ground‑level restaurant space.
- Second floor has vacant office spaces available for configuration.
- Additional vacant spaces and offices on the second floor offer flexibility for customization and expansion.
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
$348,975
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
7.93%
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%
$6,979,500
$7.0M
Cap Rate 7%
$4,985,357
$5.0M
Cap Rate 9%
$3,877,500
$3.9M
Market Conditions
NOI Build-Up for 18,750 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
$495.0K $26.40/SF
− Vacancy
−$29.7K −$1.58/SF
EGI
$465.3K $24.82/SF
− OpEx
−$116.3K −$6.20/SF
NOI
$349.0K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$6,979,500
Cap Rate 7%
$4,985,357
Cap Rate 9%
$3,877,500
Alternative Uses
Best Use
Specialty Retail
$4.99M
$4.36M – $5.82M
NOI $348,975 @ 7.0% cap · market cap 7.93%
Second Best
Retail
$3.71M
$3.24M – $4.32M
NOI $259,402 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$8.84M
$7.74M – $10.31M
NOI $618,840 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,475
Businesses Nearby
194k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 34%
Groceries 20%
Home Improvements & Furnishings 5%
Mariano's
Groceries
38,415 visits/mo
0.3 miles
McDonald's
Dining
30,355 visits/mo
0.5 miles
McDonald's
Dining
27,614 visits/mo
0.3 miles
BP
Shops & Services
17,307 visits/mo
0.3 miles
SONIC Drive In
Dining
16,232 visits/mo
0.5 miles
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-level restaurant space plus vacant second-floor offices offer flexible configuration opportunities.
Where is this storefront property located?
The property is located at 1028 Argyle St Chicago, IL.
What is the asking price?
The asking price for this property is $4,399,000.
What are key features of this property?
This property features: Building includes ground‑level restaurant space.; Second floor has vacant office spaces available for configuration.; Additional vacant spaces and offices on the second floor offer flexibility for customization and expansion.
