Retail Corner in New Elevator
For Sale
$749,000
1445 W Chicago Avenue, Chicago, IL 60642
COMMERCIAL - Chicago, IL
Property Size3,700 SF
Lot Size0.44 Acres
Price / SF$202.43
Days on Market20
Property Features for 1445 W Chicago Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Property condition
Under Construction
Zoning
COMMR
Directions
NW Corner of Chicago Ave and Bishop (east of Ashland/West of Noble)
Subdivision
CHI - West Town
Standard status
Active
APN
17081010000000
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Amenities
elevator
Building Details
Year built
2026
Floors in Building
4
Number of units
1
Flooring type
Concrete
Building materials
Brick, Block, Glass
Listing Agency:
North Clybourn Group, Inc.
(773) 252-0600
Listed By:
Karen Biazar · License #471003309
(773) 252-0600
Added: Jul 22
Changed: Aug 4
Last Checked: Aug 10 at 2:06AM
MLS# 12713303
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is a newly constructed retail corner space located within a premier 18-unit new construction elevator building. The property is described as high-visibility and offers a total of 3,700 square feet, with delivery targeted for Summer 2026. The listing also notes an opportunity to purchase 6 street parking spaces, with potential up to 12.
The site is located at 1445 W Chicago Avenue in Chicago, Illinois 60642, at the intersection of Chicago Ave and Bishop, within the West Town neighborhood. The property is presented with zoning noted as COMMR and B1-2 zoning opportunities mentioned in the remarks.
The site is located at 1445 W Chicago Avenue in Chicago, Illinois 60642, at the intersection of Chicago Ave and Bishop, within the West Town neighborhood. The property is presented with zoning noted as COMMR and B1-2 zoning opportunities mentioned in the remarks.
Key Highlights
- New construction (Year built 2026) in progress with delivery planned for Summer 2026
- 18‑unit elevator building at the intersection of Chicago Ave and Bishop in Chicago’s West Town neighborhood
- Approx. 3,700 total SF with construction materials including brick, block, and glass
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
$51,189
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
6.83%
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%
$1,023,780
$1.0M
Cap Rate 7%
$731,271
$731.3K
Cap Rate 9%
$568,767
$568.8K
Market Conditions
NOI Build-Up for 3,700 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
$79.9K $21.60/SF
− Vacancy
−$6.8K −$1.84/SF
EGI
$73.1K $19.76/SF
− OpEx
−$21.9K −$5.93/SF
NOI
$51.2K $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%
$1,023,780
Cap Rate 7%
$731,271
Cap Rate 9%
$568,767
Alternative Uses
Best Use
Retail
$731.3K
$639.9K – $853.2K
NOI $51,189 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.53M – $2.04M
NOI $122,118 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,263
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 32%
Electronics 5%
Starbucks
Dining
9,334 visits/mo
0.4 miles
Shell
Shops & Services
7,577 visits/mo
0.3 miles
Family Dollar
Shops & Services
7,249 visits/mo
0.0 miles
Marathon Petroleum
Shops & Services
5,596 visits/mo
0.1 miles
The UPS Store
Shops & Services
3,649 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New construction retail space in an 18-unit elevator building, positioned on a corner with B1-2 zoning considerations.
Where is this retail space located?
The property is located at 1445 W Chicago Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: New construction (Year built 2026) in progress with delivery planned for Summer 2026; 18‑unit elevator building at the intersection of Chicago Ave and Bishop in Chicago’s West Town neighborhood; Approx. 3,700 total SF with construction materials including brick, block, and glass
