Retail/Office Condo on Irving
For Sale
Contact for pricing
1455 W Irving Park Rd, Chicago, IL 60613
Small retail/office condo with high ceilings and ample traffic.
Property Size650 SF
Price / SF$167.69
Days on Market783
Property Features for 1455 W Irving Park Rd
General Information
Standard status
Active
Size
650 SF
Class
A
Property subtype
Office, Retail
Zoning
B3-1
Investment Type
Owner/User
Building Details
Year Built
2005
Listing Agency:
Imperial Realty Company
Listed By:
Theron May · License #IL 471.019986
(773) 736-6461
Source:
Crexi
Added: Aug 29, 2024
Changed: Oct 11
Last Checked: Oct 19 at 5:51AM
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 Imperial Realty Company
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Investment Insights
Based on property information with market context.
This approximately 650-square-foot condo, formerly a real estate office, is situated on Irving Park Road between Southport and Ashland. The property features an open floor plan, a kitchenette, a bathroom, a shower, and storage space. The unit also boasts very high ceilings and 18 feet of frontage. Located on a busy street with ample traffic, the location benefits from strong demographics. The 2024 1-mile population is 80,327, with an average household income of $129,692 and annual consumer spending exceeding $1.3 billion. The area sees 45,000 vehicles per day and has a walk score of 88 and a bike score of 89. The condo is ideal for a wide range of small retail and office uses.
Key Highlights
- High‑traffic location on Irving Park with 45,000 vehicles per day.
- Strong demographics: high population density, high average household income, and high consumer spending.
- Versatile space suitable for retail or office use.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,993
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$179,860
$179.9K
Cap Rate 7%
$128,471
$128.5K
Cap Rate 9%
$99,922
$99.9K
Market Conditions
NOI Build-Up for 650 SF
Gross rent
$14.0K $21.60/SF
− Vacancy
−$1.2K −$1.84/SF
EGI
$12.8K $19.76/SF
− OpEx
−$3.9K −$5.93/SF
NOI
$9.0K $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 Rate 5%
$179,860
Cap Rate 7%
$128,471
Cap Rate 9%
$99,922
Alternative Uses
Best Use
Office B
$199.2K
$174.3K – $232.4K
NOI $13,946 @ 7.0% cap · market cap 12.79%
Second Best
Retail
$128.5K
$112.4K – $149.9K
NOI $8,993 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$306.5K
$268.2K – $357.6K
NOI $21,453 @ 7.0% cap · market cap 19.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Retail space - Small retail/office condo with high ceilings and ample traffic.
Where is this retail space located?
The property is located at 1455 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $109,000.
What are key features of this property?
This property features: High‑traffic location on Irving Park with 45,000 vehicles per day.; Strong demographics: high population density, high average household income, and high consumer spending.; Versatile space suitable for retail or office use.
