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Retail Center in Bronzeville, Chicago

700 E 47th Street, Chicago, IL 60653

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For Sale

$650,000

3,600 SF retail center in Chicago's Bronzeville neighborhood.

Type:Commercial/Industrial

Property size:

3,600 SF

Price / SF:

$180/SF

HighLights

3,600 sq ft retail center in Chicago's rapidly growing Bronzeville neighborhood.
Located on a substantial stretch of 47th Street.
Current tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care.
Ample parking available.
Close proximity to public transportation.
Built in 2004.

We can help!

Contact an agent

Daniel Hyman

For Sale

$650,000

3,600 SF retail center in Chicago's Bronzeville neighborhood.

Type:Commercial/Industrial

Property size:

3,600 SF

Price / SF:

$180/SF

Added:: Aug 12, 2024
Days on Market:: 693
Last Refresh:: May 19 at 10:54 pm

Property Features for 700 E 47th Street

General Information

Standard status: Active
Size: 3,600 SF
Property subtype: Commercial/Industrial

Building Details

Year Built: 2004

We can help!

Contact an agent

Daniel Hyman

Listing office Millennium Properties RE, Inc.

Listing date Aug 12, 2024

Source Exitrealty

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 RE, Inc.

HighLights

3,600 sq ft retail center in Chicago's rapidly growing Bronzeville neighborhood.
Located on a substantial stretch of 47th Street.
Current tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care.
Ample parking available.
Close proximity to public transportation.
Built in 2004.

Overview

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 Bronzeville neighborhood, the property is located in one of the rapidly growing sub-divisions of Chicago's south side, presenting an opportunity for investors.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$77.8k	$21.60
− Vacancy	−$6.6k	−$1.84
EGI	$71.2k	$19.76
− OpEx	−$21.3k	−$5.93
NOI	$49.8k	$13.83

3,600 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%

Alternative Uses

Best Use

Retail

$711.5K

$622.6K – $830.1K (±1% cap)

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 (±1% cap)

NOI $118,817 @ 7.0% cap · market cap 18.28%

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

Property Profile Location Intelligence

Current Use by Public Records

The Healthy Hair Boutique Hair Salon Prettyhairboss studios Hair Salon Oddity Clothing Store Taqueria Varitas Restaurant J.London Beauty & Body Medical Clinic

Suggested Use

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Lake Park Pointe Shopping Center — 1240-1358 E 47th St, Chicago, IL 60653
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Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6433
Latitude: 41.8092

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For sale
Shopping centers
IL
Chicago
60653
700 E 47th Street

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 Street 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 in Chicago's rapidly growing Bronzeville neighborhood.; Located on a substantial stretch of 47th Street.; Current tenants include Raven Scaife/Pretty Hair Boss Studio, Taqueria Varitas, and LaJoie Hair Care.