Retail Corner Site with Existing
For Sale
$2,495,000
2207-2214 W Ogden Avenue, Chicago, IL 60612
High-visibility hard-corner site with an existing 5,000 SF building and flexible PD-30 zoning.
Property Size5,000 SF
Lot Size0.38 Acres
Price / SF$499
Days on Market41
Property Features for 2207-2214 W Ogden Avenue
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.38 Acres
Property subtype
Retail
Zoning
PD-30
Additional Details
Traffic Count
19,000 vehicles/day
Building Details
Building Size
5,000 SF
Listing Agency:
Troy Companies
(630) 853-1313
Listed By:
Peter Karlis · License #471018214
(630) 853-1313
Source:
Troyrealtyltd
Added: Jul 23
Changed: Aug 14
Last Checked: Aug 31 at 3:24PM
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 Troy Companies
Investment Insights
Based on property information with market context.
This high-visibility hard-corner property is offered for sale or ground lease and includes approximately 16,639 SF of land with an existing 5,000 SF building. The building has been home to the longtime Chicago establishment Lulu's Hot Dogs for over 50 years, and the tenant is scheduled to vacate upon closing.
The site is located at a signalized intersection of Ogden Ave and Taylor Street and benefits from a traffic count of over 19,000 VPD. It is positioned as a flexible pad site for retail development under PD-30 zoning.
Available on either a sale or ground lease basis, the property is well suited for buyers or developers seeking a signalized, high-traffic corner with an existing structure and flexible zoning framework.
The site is located at a signalized intersection of Ogden Ave and Taylor Street and benefits from a traffic count of over 19,000 VPD. It is positioned as a flexible pad site for retail development under PD-30 zoning.
Available on either a sale or ground lease basis, the property is well suited for buyers or developers seeking a signalized, high-traffic corner with an existing structure and flexible zoning framework.
Key Highlights
- High‑visibility hard‑corner site at the signalized intersection of Ogden Ave and Taylor Street
- Approx. 16,639 SF land area with an existing approx. 5,000 SF building
- Flexible PD‑30 zoning
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
$93,060
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
3.73%
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%
$1,861,200
$1.9M
Cap Rate 7%
$1,329,429
$1.3M
Cap Rate 9%
$1,034,000
$1.0M
Market Conditions
NOI Build-Up for 5,000 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
$132.0K $26.40/SF
− Vacancy
−$7.9K −$1.58/SF
EGI
$124.1K $24.82/SF
− OpEx
−$31.0K −$6.20/SF
NOI
$93.1K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,861,200
Cap Rate 7%
$1,329,429
Cap Rate 9%
$1,034,000
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,060 @ 7.0% cap · market cap 3.73%
Second Best
Retail
$988.2K
$864.7K – $1.15M
NOI $69,174 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
5,050
Businesses Nearby
194k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Shops & Services 18%
Hotels & Casinos 2%
McDonald's
Dining
31,471 visits/mo
0.2 miles
Chick-fil-A
Dining
22,259 visits/mo
0.4 miles
Five Guys
Dining
20,797 visits/mo
0.4 miles
KFC
Dining
16,703 visits/mo
0.3 miles
Mobil
Shops & Services
15,910 visits/mo
0.4 miles
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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?
Storefront property - High-visibility hard-corner site with an existing 5,000 SF building and flexible PD-30 zoning.
Where is this storefront property located?
The property is located at 2207-2214 W Ogden Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: High‑visibility hard‑corner site at the signalized intersection of Ogden Ave and Taylor Street; Approx. 16,639 SF land area with an existing approx. 5,000 SF building; Flexible PD‑30 zoning
