West Town Commercial Building For
For Sale
$1,975,000
Pending
1422-1424 W Chicago Ave, Chicago, IL 60642
Two-story commercial building in Chicago's thriving West Town neighborhood.
Property Size8,640 SF
Days on Market234
Property Features for 1422-1424 W Chicago Ave
General Information
Standard status
Pending
Size
8,640 SF
Property subtype
Commercial
Building Details
Year Built
1917
Listing Agency:
Sperry Van Ness
Listed By:
Marcus Sullivan · License #475139568
(312) 756-7357
Source:
Searchillinoishomesforsale
Added: Feb 14
Changed: Oct 1
Last Checked: Oct 5 at 7:31PM
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 Sperry Van Ness
Investment Insights
Based on property information with market context.
Located in the heart of Chicago's thriving West Town neighborhood, 1422-1424 West Chicago is a well-maintained, architecturally distinctive two-story commercial building situated on a high-visibility corner. With 40 feet of frontage along Chicago Avenue, the property offers exposure in a dynamic and rapidly developing commercial corridor. The ground floor features a fully built-out and equipped restaurant space, ready for immediate operation with modern finishes and an efficient layout. It is suited for restaurateurs looking to establish or expand their brand in a high-traffic area. The second floor is currently configured with multiple private offices, offering flexibility for a variety of commercial uses including creative studios, wellness services, professional offices, or potential co-working concepts. The layout could be reimagined to suit a wide range of tenants or owner-occupiers.
Key Highlights
- High‑visibility corner location in Chicago's thriving West Town neighborhood with 40 feet of frontage on Chicago Avenue.
- Fully built‑out and equipped ground floor restaurant space ready for immediate operation.**
- Architecturally distinctive two‑story commercial building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$160,808
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,216,160
$3.2M
Cap Rate 7%
$2,297,257
$2.3M
Cap Rate 9%
$1,786,756
$1.8M
Market Conditions
NOI Build-Up for 8,640 SF
Gross rent
$228.1K $26.40/SF
− Vacancy
−$13.7K −$1.58/SF
EGI
$214.4K $24.82/SF
− OpEx
−$53.6K −$6.20/SF
NOI
$160.8K $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 Rate 5%
$3,216,160
Cap Rate 7%
$2,297,257
Cap Rate 9%
$1,786,756
Alternative Uses
Best Use
Office B
$2.65M
$2.32M – $3.09M
NOI $185,380 @ 7.0% cap · market cap 9.39%
Second Best
Specialty Retail
$2.30M
$2.01M – $2.68M
NOI $160,808 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$4.07M
$3.56M – $4.75M
NOI $285,161 @ 7.0% cap · market cap 14.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,395
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two-story commercial building in Chicago's thriving West Town neighborhood.
Where is this conventional restaurant located?
The property is located at 1422-1424 W Chicago Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: High‑visibility corner location in Chicago's thriving West Town neighborhood with **40 feet of frontage on Chicago Avenue.**; Fully built‑out and equipped ground floor restaurant space ready for immediate operation.**; Architecturally distinctive two‑story commercial building.
