Commercial Land with Existing
New
For Sale
$995,000
1128 N Ashland Avenue, Chicago, IL 60622
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 Market6
Property Features for 1128 N Ashland Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$12,087
Building Details
Building Size
3,000 SF
Year Built
1980
Listing Agency:
@properties Commercial
Listed By:
Ian Feinerman · License #475124617
(312) 506-0200
Source:
Dawnmckennagroup
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:27PM
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
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 = 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
$64,368
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
6.47%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,852
Businesses Nearby
Explore this area
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
Vacancy Rate% for Office in Chicago, IL
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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
