Chicago Retail Center For
For Sale
Contact for pricing
Pending
700 E 47th St, Chicago, IL 60653
3,600 SF retail center in Chicago's Bronzeville neighborhood.
Property Size3,600 SF
Days on Market752
Property Features for 700 E 47th St
General Information
Standard status
Pending
Size
3,600 SF
Property subtype
Retail
Zoning
B1-1
Occupancy
100%
Building Details
Year Built
2004
Stories
1
Listing Agency:
Millennium Properties R/E
Listed By:
Daniel Hyman · License #IL 471.013658x
(312) 338-3000
Source:
Crexi
Added: Aug 13, 2024
Changed: Sep 3
Last Checked: Aug 30 at 3:19PM
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 Millennium Properties R/E
Investment Insights
Based on property information with market context.
A 3,600 square foot retail center is available for sale. The property is located on 47th Street in the Bronzeville neighborhood of Chicago, Illinois. Current tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care. The property features a prominent pedestal and ample parking. Its location offers close proximity to public transportation. Situated in the commercial district of the rapidly growing Bronzeville neighborhood on Chicago’s south side, this property presents an opportunity for investors.
Key Highlights
- 3,600 sq ft retail center on 47th Street in Bronzeville.
- Tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care.
- Ample parking and close proximity to public transportation.
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
$49,805
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
7.66%
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%
$996,100
$996.1K
Cap Rate 7%
$711,500
$711.5K
Cap Rate 9%
$553,389
$553.4K
Market Conditions
NOI Build-Up for 3,600 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
$77.8K $21.60/SF
− Vacancy
−$6.6K −$1.84/SF
EGI
$71.2K $19.76/SF
− OpEx
−$21.3K −$5.93/SF
NOI
$49.8K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$996,100
Cap Rate 7%
$711,500
Cap Rate 9%
$553,389
Alternative Uses
Best Use
Retail
$711.5K
$622.6K – $830.1K
NOI $49,805 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 18.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
34k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 29%
Apparel 18%
Family Dollar
Shops & Services
17,847 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,645 visits/mo
0.2 miles
Citi Trends
Apparel
6,152 visits/mo
0.2 miles
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Shopping center - 3,600 SF retail center in Chicago's Bronzeville neighborhood.
Where is this shopping center located?
The property is located at 700 E 47th St Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,600 sq ft retail center on 47th Street in Bronzeville.; Tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care.; Ample parking and close proximity to public transportation.
