Clear-Span Retail
For Sale
Contact for pricing
1551 W Division St, Chicago, IL 60642
High-traffic retail space near I-90/94 with a partial basement and transit access across the street.
Property Size2,800 SF
Price / SF$294.64
Days on Market812
Property Features for 1551 W Division St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
RETAIL
Amenities
No columns or pillars
Partial basement
Building Details
Buildings
1
Listing Agency:
Strauss Realty, Ltd.
(773) 736-3600
Listed By:
Craig Wolf · License #475163046
(847) 989-9653
Source:
Moodyscre
Added: Aug 1, 2024
Changed: Oct 11
Last Checked: Oct 21 at 12:11AM
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 Strauss Realty, Ltd.
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Investment Insights
Based on property information with market context.
This 2,800 SF clear-span retail space offers an open interior without columns or pillars, along with 22.5’ high ceilings and a partial basement with 7’ ceilings. The property was formerly the location of evilOlive bar/nightclub and is available to own or lease.
Located at 1551 W Division St in Chicago, the property is two blocks from I-90/94 and near the Polish Triangle. The surrounding area includes bars, restaurants, retailers, and businesses such as Popeyes, Target, Wendy’s, Chopin Theater, Gorilla Sushi, City Sports, and Aaayu Clinics. The Division CTA Blue Line L-stop and bus stops are located across the street.
Located at 1551 W Division St in Chicago, the property is two blocks from I-90/94 and near the Polish Triangle. The surrounding area includes bars, restaurants, retailers, and businesses such as Popeyes, Target, Wendy’s, Chopin Theater, Gorilla Sushi, City Sports, and Aaayu Clinics. The Division CTA Blue Line L-stop and bus stops are located across the street.
Key Highlights
- 2,800 SF clear‑span retail space
- 22.5’ high ceilings with no columns or pillars
- Partial basement with 7’ ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,737
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,740
$774.7K
Cap Rate 7%
$553,386
$553.4K
Cap Rate 9%
$430,411
$430.4K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$60.5K $21.60/SF
− Vacancy
−$5.1K −$1.84/SF
EGI
$55.3K $19.76/SF
− OpEx
−$16.6K −$5.93/SF
NOI
$38.7K $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%
$774,740
Cap Rate 7%
$553,386
Cap Rate 9%
$430,411
Alternative Uses
Best Use
Retail
$553.4K
$484.2K – $645.6K
NOI $38,737 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,413 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,432
Businesses Nearby
204k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 35%
Groceries 32%
Shops & Services 16%
Home Improvements & Furnishings 15%
Jewel-Osco
Groceries
65,395 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
31,134 visits/mo
0.3 miles
Wendy's
Dining
29,664 visits/mo
0.2 miles
BP
Shops & Services
13,250 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
11,777 visits/mo
0.1 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
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Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Retail space - High-traffic retail space near I-90/94 with a partial basement and transit access across the street.
Where is this retail space located?
The property is located at 1551 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 2,800 SF clear‑span retail space; 22.5’ high ceilings with no columns or pillars; Partial basement with 7’ ceilings
