Albany Park Mixed-Use
For Sale
$2,999,000
4507-4529 N Kedzie Avenue, Chicago, IL 60625
Fully leased mixed-use property with development potential in Albany Park.
Property Size22,500 SF
Lot Size0.65 Acres
Price / SF$133.29
Days on Market1276
Property Features for 4507-4529 N Kedzie Avenue
General Information
Standard status
Active
Size
22,500 SF
Lot size
0.65 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$58,917
Building Details
Year Built
1957
Listing Agency:
Strauss Realty Ltd
(847) 826-4467
Listed By:
Adam Schneiderman · License #475149601
(847) 826-4467
Source:
Exitrealty
Added: Feb 14, 2023
Changed: Aug 8
Last Checked: Aug 12 at 3:41AM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
This mixed-use property in Albany Park, Chicago, offers a 22,500 square foot building situated on 28,125 square feet of land, comprising nine city lots. The property is fully leased and presents an opportunity for adaptive re-use or Transit-Oriented Development (TOD). Zoned C2-2, the property features a combination of barrel truss and flat roof structures. The building is currently configured with a mix of warehouse and retail tenants across four units. It includes 11,000 square feet of parking space. Ceiling heights range from 12 to 18 feet. The location is within walking distance of the CTA Brown Line, as well as businesses such as McDonald's, Starbucks, and Something Sweet Donuts.
Key Highlights
- Large Land Size: 28,125 SF of land with 9 city lots.
- Fully Leased: Generates immediate income.
- Development Opportunity: Adaptive re‑use or TOD development potential.
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
$170,430
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
5.68%
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%
$3,408,600
$3.4M
Cap Rate 7%
$2,434,714
$2.4M
Cap Rate 9%
$1,893,667
$1.9M
Market Conditions
NOI Build-Up for 22,500 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
$212.2K $9.43/SF
− Vacancy
−$11.7K −$0.52/SF
EGI
$200.5K $8.91/SF
− OpEx
−$30.1K −$1.34/SF
NOI
$170.4K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$3,408,600
Cap Rate 7%
$2,434,714
Cap Rate 9%
$1,893,667
Alternative Uses
Best Use
Mixed Use
$5.42M
$4.75M – $6.33M
NOI $379,688 @ 7.0% cap · market cap 12.66%
Second Best
Retail
$4.45M
$3.89M – $5.19M
NOI $311,283 @ 7.0% cap · market cap 10.38%
Theoretical Best
Office A
$10.61M
$9.28M – $12.38M
NOI $742,608 @ 7.0% cap · market cap 24.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property with development potential in Albany Park.
Where is this mixed-use property located?
The property is located at 4507-4529 N Kedzie Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Large Land Size: 28,125 SF of land with 9 city lots.; Fully Leased: Generates immediate income.; Development Opportunity: Adaptive re‑use or TOD development potential.
