Retail Space in Irving
For Sale
$399,000
4233 N Kedzie Ave, Chicago, IL 60618
Retail space for sale in newer construction Irving Park building.
Property Size2,020 SF
Price / SF$197.52
Days on Market675
Property Features for 4233 N Kedzie Ave
General Information
Standard status
Active
Size
2,020 SF
Taxes and HOA fees
Annual Taxes
$7,500
Listing Agency:
First Western Properties
(773) 355-4780
Listed By:
Paul Tsakiris · License #471005153
(773) 355-4780
Source:
Exprealty
Added: Oct 16, 2024
Changed: Aug 20
Last Checked: Aug 20 at 10:33AM
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 First Western Properties
Investment Insights
Based on property information with market context.
This property offers retail space in a newer construction building located in Irving Park. The available space includes two units, one measuring 806 square feet and another at 1,214 square feet, totaling 2,020 square feet. The layout features a large, open retail floor plan, complemented by one washroom and a utility room. The property is situated directly across from an AutoZone and a Cermak Produce.
Key Highlights
- Newer construction building offers modern appeal.
- Located directly across from AutoZone and Cermak Produce, providing excellent visibility.
- Total of 2,020sf of retail space available, split into two spaces: 806sf and 1,214sf.
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
$28,412
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
7.12%
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%
$568,240
$568.2K
Cap Rate 7%
$405,886
$405.9K
Cap Rate 9%
$315,689
$315.7K
Market Conditions
NOI Build-Up for 2,020 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
$44.4K $21.96/SF
− Vacancy
−$3.8K −$1.87/SF
EGI
$40.6K $20.09/SF
− OpEx
−$12.2K −$6.03/SF
NOI
$28.4K $14.07/SF
Area
ZIP 60618
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$568,240
Cap Rate 7%
$405,886
Cap Rate 9%
$315,689
Alternative Uses
Best Use
Retail
$405.9K
$355.2K – $473.5K
NOI $28,412 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$882.6K
$772.3K – $1.03M
NOI $61,781 @ 7.0% cap · market cap 15.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,997
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Shops & Services 13%
Home Improvements & Furnishings 4%
McDonald's
Dining
28,743 visits/mo
0.4 miles
7-Eleven
Shops & Services
4,380 visits/mo
0.4 miles
Jays True Value
Home Improvements & Furnishings
1,216 visits/mo
0.5 miles
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space for sale in newer construction Irving Park building.
Where is this retail space located?
The property is located at 4233 N Kedzie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Newer construction building offers modern appeal.; Located directly across from AutoZone and Cermak Produce, providing excellent visibility.; Total of 2,020sf of retail space available, split into two spaces: 806sf and 1,214sf.
