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Bronzeville Retail Investment Opportunity

118 E 51st Street, Chicago, IL 60615

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For Sale

$899,000

Six-unit retail building in high-growth area near Obama Center.

Property size:

3,500 SF

Price / SF:

$256/SF

HighLights

Prime commercial investment opportunity in the rapidly growing Bronzeville/Washington Park area.
6‑unit retail building with flexible layouts (1,100‑3,500 sq ft) suitable for diverse commercial uses.
Immediate rental income from 2 occupied units (liquor store mart and nail salon).
High foot traffic location with street parking and close proximity to public transportation.
Vacant units (restaurant, single storefront, double unit) offer potential for owner‑users or increased cash flow.
Located minutes from the Obama Presidential Center and surrounded by ongoing new developments, indicating strong potential for long‑term appreciation.

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PERDURE CARTER

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For Sale

$899,000

Six-unit retail building in high-growth area near Obama Center.

Property size:

3,500 SF

Price / SF:

$256/SF

Added:: Mar 13, 2026
Days on Market:: 115
Last Refresh:: Mar 16 at 11:02 am

Property Features for 118 E 51st Street

General Information

Standard status: Active
Size: 3,500 SF

Building Details

Year Built: 1898

We can help!

Contact an agent

PERDURE CARTER

Listing office REALTY OF AMERICA, LLC

Listing date Mar 13, 2026

Source Corcoran

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 REALTY OF AMERICA, LLC

HighLights

Prime commercial investment opportunity in the rapidly growing Bronzeville/Washington Park area.
6‑unit retail building with flexible layouts (1,100‑3,500 sq ft) suitable for diverse commercial uses.
Immediate rental income from 2 occupied units (liquor store mart and nail salon).
High foot traffic location with street parking and close proximity to public transportation.
Vacant units (restaurant, single storefront, double unit) offer potential for owner‑users or increased cash flow.
Located minutes from the Obama Presidential Center and surrounded by ongoing new developments, indicating strong potential for long‑term appreciation.

Overview

This is a six-unit retail building located in the Bronzeville/Washington Park area. Units range from 1,100 to 3,500 square feet, offering flexible layouts suitable for various commercial uses. The property features two occupied units: a liquor store mart and a nail salon, providing immediate rental income. The corner restaurant unit was renovated three years ago. The restaurant, a single storefront, and a larger double unit are currently vacant, offering potential for owner-users or investors looking to increase cash flow. Situated in a high foot traffic area, the property benefits from strong neighborhood activity, street parking, and close proximity to public transportation. Surrounded by ongoing new developments and located just minutes from the anticipated Obama Presidential Center, this location is positioned for continued growth and long-term appreciation on the South Side.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$92.4k	$26.40
− Vacancy	−$5.5k	−$1.58
EGI	$86.9k	$24.82
− OpEx	−$21.7k	−$6.20
NOI	$65.1k	$18.61

3,500 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$930.6K

$814.3K – $1.09M (±1% cap)

NOI $65,142 @ 7.0% cap · market cap 7.25%

Second Best

Retail

$691.7K

$605.3K – $807.0K (±1% cap)

NOI $48,422 @ 7.0% cap · market cap 5.39%

Theoretical Best

Office A

$1.65M

$1.44M – $1.93M (±1% cap)

NOI $115,517 @ 7.0% cap · market cap 12.85%

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

Location Intelligence

Current Use by Public Records

Pbrielle Nail Bar Nail Salon G Nails Nail Salon

Suggested Use

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6215202
Latitude: 41.8022182

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For sale
Retail space
IL
Chicago
60615
118 E 51st Street

What type of property is this?

Retail space - Six-unit retail building in high-growth area near Obama Center.

Where is this retail space located?

The property is located at 118 E 51st Street Chicago, IL.

What is the asking price?

The asking price for this property is $899,000.

What are key features of this property?

This property features: Prime commercial investment opportunity in the rapidly growing Bronzeville/Washington Park area.; 6‑unit retail building with flexible layouts (1,100‑3,500 sq ft) suitable for diverse commercial uses.; Immediate rental income from 2 occupied units (liquor store mart and nail salon).