Net Leased Investment
2946 N Central Ave Chicago, IL 60634
2946 N Central Ave, Chicago, IL, 60634
$2,690,000
For Sale
$2,690,000
Net leased investment property featuring a 7010 square foot building.
Property Size7,010 SF
Price / SF$383.74
Days on Market737
Property Features for 2946 N Central Ave
General Information
- Standard status
- Active
- Size
- 7,010 SF
Listing agency
@properties Commercial
(773) 802-2543
Listed by
Ian Feinerman · License #475124617
(773) 802-2543
Source
Exprealty
Added: Jul 15, 2024 Updated: Jul 6 at 9:29AM Checked: Jul 19 at 8:52AM
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.
This net leased investment property features a 7010 square foot building with an accompanying parking lot. The property is fully leased under a 15-year NNN lease to SpinXpress Laundry, a Texas-based company with over 20 locations. The property was fully rehabbed in 2023-2024.
Key Highlights
- Fully Executed 15‑Year NNN Lease.
- Minimal Landlord Responsibilities.
- Strong Guaranty.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.4k | $21.60 |
| − Vacancy | −$12.4k | −$1.77 |
| EGI | $139.0k | $19.83 |
| − OpEx | −$41.7k | −$5.95 |
| NOI | $97.3k | $13.88 |
7,010 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,300 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,803 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
FAQs
What type of property is this?
Individual retail property - Net leased investment property featuring a 7010 square foot building.
Where is this individual retail property located?
The property is located at 2946 N Central Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,690,000.
What are key features of this property?
This property features: Fully Executed 15‑Year NNN Lease.; Minimal Landlord Responsibilities.; Strong Guaranty.
