Unanchored Strip Center at
1400 E 47th St Chicago, IL 60653
For Sale
$6,950,000
Unanchored strip center with direct Lake Shore Drive access and multiple adjacent residential communities.
Property Size20,815 SF
Price / SF$333.89
Days on Market38
Property Features for 1400 E 47th St
General Information
- Standard status
- Active
- Size
- 20,815 SF
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 1990
Listing Agency:
Chicago Oak Brook Office
(630) 570-2163
Listed By:
Adrian Mendoza · License #License(s): IL: 475.147980
(630) 570-2163
Source:
Marcusmillichap
Added: Jun 16
Changed: Jul 22
Last Checked: Jul 23 at 2:38AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $449.6k | $21.60 |
| − Vacancy | −$38.2k | −$1.84 |
| EGI | $411.4k | $19.76 |
| − OpEx | −$123.4k | −$5.93 |
| NOI | $288.0k | $13.83 |
20,815 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Dunkin' Donuts Baskin ...
Grocery & Convenience Store
Beggars Pizza - Kenwood
Restaurant
Vigo
Bank
Eyebrow Threading Studio
Hair Salon
Shiny beauty Supply
(Bike/Boat/Book/etc) Store
Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — 4640 S Halsted St, Chicago, IL 60609
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- Coinstar Kiosk | Bitcoin ATM — PLS Financial Services, Inc, 4655 S Ashland Ave, Chicago, IL 60609
FAQs
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)
