Storefront Property with Central
For Sale
$895,000
2251 W Devon Avenue, Chicago, IL 60659
The property carries MULTI zoning and includes central air.
Property Size2,700 SF
Days on Market488
Property Features for 2251 W Devon Avenue
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Business Opportunity
Zoning
MULTI
Taxes and HOA fees
Annual Taxes
$8,155
Amenities
Central Air
Building Details
Building Size
2,700 SF
Stories
2
Listing Agency:
Kudan Group
(312) 575-0480
Listed By:
Georg Simos · License #475178115
Source:
Evrealestate
Added: May 2, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:42PM
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 Kudan Group
Investment Insights
Based on property information with market context.
Located at 2251 W Devon Avenue in Chicago, Illinois, this storefront property includes central air and is designated MULTI zoning. The property is identified in Cook County and is offered for sale. Access directions indicate travel north on Damen before heading west on Devon.
Key Highlights
- MULTI zoning designation
- Central air included
- 2251 W Devon Avenue location in Chicago, IL 60659
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
$50,252
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
5.61%
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%
$1,005,040
$1.0M
Cap Rate 7%
$717,886
$717.9K
Cap Rate 9%
$558,356
$558.4K
Market Conditions
NOI Build-Up for 2,700 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
$71.3K $26.40/SF
− Vacancy
−$4.3K −$1.58/SF
EGI
$67.0K $24.82/SF
− OpEx
−$16.8K −$6.20/SF
NOI
$50.3K $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%
$1,005,040
Cap Rate 7%
$717,886
Cap Rate 9%
$558,356
Alternative Uses
Best Use
Specialty Retail
$717.9K
$628.2K – $837.5K
NOI $50,252 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$533.6K
$466.9K – $622.6K
NOI $37,354 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,113 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,176
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 64%
Shops & Services 15%
Groceries 9%
Dining 9%
Target
Superstores
94,243 visits/mo
0.5 miles
Patel Brothers
Groceries
13,860 visits/mo
0.4 miles
Wendy's
Dining
13,174 visits/mo
0.1 miles
Petco
Shops & Services
9,043 visits/mo
0.1 miles
Mobil
Shops & Services
8,609 visits/mo
0.4 miles
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Angel Guardian Florist Inc. — 2534 W Pratt Blvd, Chicago, IL 60645
Frequently Asked Questions
What type of property is this?
Storefront property - The property carries MULTI zoning and includes central air.
Where is this storefront property located?
The property is located at 2251 W Devon Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: MULTI zoning designation; Central air included; 2251 W Devon Avenue location in Chicago, IL 60659
