New Wicker Park Commercial
For Sale
$519,000
1319 N Western Avenue #C, Chicago, IL 60622
New commercial condo in booming Wicker Park with customizable space.
Property Size2,400 SF
Price / SF$216.25
Days on Market116
Property Features for 1319 N Western Avenue #C
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2026
Listing Agency:
FULTON GRACE REALTY
(773) 698-6648
Listed By:
OWEN DUFFY · License #475125711
Source:
Corcoran
Added: Apr 20
Changed: Aug 12
Last Checked: Aug 12 at 7:23AM
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 FULTON GRACE REALTY
Investment Insights
Based on property information with market context.
This commercial condominium, situated in the Wicker Park neighborhood, offers a space suitable for retail or office use. The property features over 2,400 square feet of space with a vanilla box finish, allowing for customization. The space is located within a mixed-use building. The property includes a private rear entrance. Tall ceilings and full-height windows provide exposure.
Key Highlights
- Brand new commercial condo in booming Wicker Park.
- 2,400+ square feet of retail/office space.
- Vanilla box finish allows customization.
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
$40,500
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
7.80%
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%
$810,000
$810.0K
Cap Rate 7%
$578,571
$578.6K
Cap Rate 9%
$450,000
$450.0K
Market Conditions
NOI Build-Up for 2,400 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
$72.0K $30.00/SF
− Vacancy
−$7.2K −$3.00/SF
EGI
$64.8K $27.00/SF
− OpEx
−$24.3K −$10.13/SF
NOI
$40.5K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$810,000
Cap Rate 7%
$578,571
Cap Rate 9%
$450,000
Alternative Uses
Best Use
Office B
$735.6K
$643.7K – $858.2K
NOI $51,494 @ 7.0% cap · market cap 9.92%
Second Best
Mixed Use
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,212 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - New commercial condo in booming Wicker Park with customizable space.
Where is this mixed-use property located?
The property is located at 1319 N Western Avenue #C Chicago, IL.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Brand new commercial condo in booming Wicker Park.; 2,400+ square feet of retail/office space.; Vanilla box finish allows customization.
