Commercial Land with Existing
1128 N Ashland Avenue, Chicago, IL 60622
For Sale
$995,000
The site includes a single-story structure with office improvements and potential for retail or restaurant conversion.
Property Size3,000 SF
Price / SF$331.67
Days on Market52
Property Features for 1128 N Ashland Avenue
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
@properties Commercial
Listed By:
Ian Feinerman · License IL #475124617
(773) 802-2543
Source:
Dawnmckennagroup
Added: Sep 22
Changed: Nov 7
Last Checked: Nov 10 at 4:28PM
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 @properties Commercial
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Investment Insights
Based on property information with market context.
At 1128 N Ashland Avenue, the commercial property includes a single-story building constructed in 1980. The interior has high ceilings, central heating and air conditioning, and an office layout. The building may be adapted for retail or restaurant use, or removed for redevelopment. Exterior surfaces may be painted or used for branding.
The property is in Chicago’s Wicker Park neighborhood, on a hard corner along Ashland Avenue. The Division Street Blue Line entrance, Divvy stations, and bus stops are one-half block away; the Kennedy Expressway entrance is one-quarter mile away. Nearby businesses include Dusty Grooves, Wendy’s, Popeyes, Verizon, Jewel, and Lowe’s.
The property is in Chicago’s Wicker Park neighborhood, on a hard corner along Ashland Avenue. The Division Street Blue Line entrance, Divvy stations, and bus stops are one-half block away; the Kennedy Expressway entrance is one-quarter mile away. Nearby businesses include Dusty Grooves, Wendy’s, Popeyes, Verizon, Jewel, and Lowe’s.
Key Highlights
- Single‑story building on a hard corner along Ashland Avenue
- 1980 construction with high ceilings and central heating and air conditioning
- Existing office layout; potential conversion to retail or restaurant space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,368
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,287,360
$1.3M
Cap Rate 7%
$919,543
$919.5K
Cap Rate 9%
$715,200
$715.2K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$115.2K $38.40/SF
− Vacancy
−$29.4K −$9.79/SF
EGI
$85.8K $28.61/SF
− OpEx
−$21.5K −$7.15/SF
NOI
$64.4K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,287,360
Cap Rate 7%
$919,543
Cap Rate 9%
$715,200
Alternative Uses
Best Use
Office B
$919.5K
$804.6K – $1.07M
NOI $64,368 @ 7.0% cap · market cap 6.47%
Second Best
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
4,852
Businesses Nearby
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Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Market
Properties on Market for Commercial land in Chicago
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Commercial land - The site includes a single-story structure with office improvements and potential for retail or restaurant conversion.
Where is this commercial land located?
The property is located at 1128 N Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Single‑story building on a hard corner along Ashland Avenue; 1980 construction with high ceilings and central heating and air conditioning; Existing office layout; potential conversion to retail or restaurant space
