Unanchored Strip Center at
For Sale
$6,950,000
1400 E 47th St, Chicago, IL 60653
Unanchored strip center with direct Lake Shore Drive access and multiple adjacent residential communities.
Property Size20,815 SF
Price / SF$333.89
Days on Market84
Property Features for 1400 E 47th St
General Information
Standard status
Active
Size
20,815 SF
Property subtype
Shopping Strip
Site & Location
Traffic Count
108,300 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7.03%
Amenities
Neighborhood Strip Center Leased to an Excellent Mix of Food and Service Tenants
Diversified Income Stream with 10 out of 11 Tenants Accounting for Less than 76 Percent of Total Base Rent
Leases Feature Annual Rent Increases, Providing an Investor with an Optimal Hedge Against Inflation | Five-Year CAGR of 2.74 Percent
Highly Stable Rent Roll | Weighted Average Lease Term (WALT) of 5.34 Years
0.2 miles from 47th Street Exit of Lake Shore Drive, which sees 108,300 vehicles per day
0.2 miles from Kenwood (47th Street) Metra Train Station | Metra Served 3.68 Million Passengers in 2025
508 Multi-family Units Located within a Quarter-Mile, 3,096 Units within a Half-Mile and 11,576 Units Located within a Three-Quarter Mile Radius of the Property
Positioned at Hard Corner, Signalized Intersection with Large Pylon Sign
Building Details
Building Size
20,815 SF
Year Built
1990
Tenancy
Multi
Listing Agency:
Chicago Oak Brook Office
Listed By:
Adrian Mendoza · License #License(s): IL: 475.147980
(630) 570-2163
Source:
Marcusmillichap
Added: Jun 16
Changed: Aug 8
Last Checked: Sep 7 at 4:50AM
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 Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
Lake Park Plaza is an unanchored strip center offering 20,815 square feet of retail space positioned for direct neighborhood access. The property’s fundamentals are supported by a weighted average lease term (WALT) of 5.34 years and annual rent increases across tenant leases, reflecting a five-year CAGR of 2.58 percent.
Located at a hard corner on a lighted intersection of 47th Street and Lake Park Avenue, the center provides direct access off Lake Shore Drive (108,300 vehicles per day). It is also steps from the Kenwood Metra Station, with surrounding dense residential development that helps support a steady flow of patrons.
The tenant roster includes a mix of food and service users. Nearby area landmarks include the University of Chicago, the University of Chicago Medical Center, and the Obama Presidential Center.
Located at a hard corner on a lighted intersection of 47th Street and Lake Park Avenue, the center provides direct access off Lake Shore Drive (108,300 vehicles per day). It is also steps from the Kenwood Metra Station, with surrounding dense residential development that helps support a steady flow of patrons.
The tenant roster includes a mix of food and service users. Nearby area landmarks include the University of Chicago, the University of Chicago Medical Center, and the Obama Presidential Center.
Key Highlights
- 20,815 SF unanchored strip center built in 1990
- Located at the hard corner lighted intersection of 47th Street and Lake Park Avenue
- Direct access off Lake Shore Drive (108,300 vehicles per day)
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
$287,971
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
4.14%
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%
$5,759,420
$5.8M
Cap Rate 7%
$4,113,871
$4.1M
Cap Rate 9%
$3,199,678
$3.2M
Market Conditions
NOI Build-Up for 20,815 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
$449.6K $21.60/SF
− Vacancy
−$38.2K −$1.84/SF
EGI
$411.4K $19.76/SF
− OpEx
−$123.4K −$5.93/SF
NOI
$288.0K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$5,759,420
Cap Rate 7%
$4,113,871
Cap Rate 9%
$3,199,678
Alternative Uses
Best Use
Retail
$4.11M
$3.60M – $4.80M
NOI $287,971 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.81M
$8.59M – $11.45M
NOI $686,995 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
108,300 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
134k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Dining 34%
Groceries 20%
Apparel 8%
McDonald's
Dining
29,351 visits/mo
0.2 miles
Aldi
Groceries
27,298 visits/mo
0.2 miles
BP
Shops & Services
15,025 visits/mo
0.4 miles
Marshalls
Apparel
10,573 visits/mo
0.1 miles
Dollar Tree
Shops & Services
10,222 visits/mo
0.3 miles
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
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?
Shopping center - Unanchored strip center with direct Lake Shore Drive access and multiple adjacent residential communities.
Where is this shopping center located?
The property is located at 1400 E 47th St Chicago, IL.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 20,815 SF unanchored strip center built in 1990; Located at the hard corner lighted intersection of 47th Street and Lake Park Avenue; Direct access off Lake Shore Drive (108,300 vehicles per day)
