Corner Storefront
New
For Sale
$309,000
1636 N Cicero Avenue, Chicago, IL 60641
Existing lease runs through 2034, with parking provided along the building’s front and sides.
Property Size1,700 SF
Days on Market7
Property Features for 1636 N Cicero Avenue
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Business Opportunity
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$10,949
Building Details
Building Size
1,700 SF
Stories
1
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Midwestrealestate
Added: Aug 14
Changed: Aug 18
Last Checked: Aug 20 at 1:20PM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This storefront property is positioned at the intersection of Cicero Avenue and North Avenue, within an established retail corridor. The sale covers the real estate, with an existing lease extending through 2034. If the current business is sold, the property owner would establish a new lease with the buyer; the buyer may also acquire the business along with the property.
Parking is available along the front and sides of the building. Public transportation is within walking distance, while major roads and area points of interest are located a short distance away. The property is zoned COMMR and is situated in Chicago’s Austin neighborhood retail area.
Parking is available along the front and sides of the building. Public transportation is within walking distance, while major roads and area points of interest are located a short distance away. The property is zoned COMMR and is situated in Chicago’s Austin neighborhood retail area.
Key Highlights
- Storefront property at Cicero Avenue and North Avenue
- Existing lease extends through 2034
- Sale includes real estate only
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
$23,519
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
7.61%
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%
$470,380
$470.4K
Cap Rate 7%
$335,986
$336.0K
Cap Rate 9%
$261,322
$261.3K
Market Conditions
NOI Build-Up for 1,700 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
$36.7K $21.60/SF
− Vacancy
−$3.1K −$1.84/SF
EGI
$33.6K $19.76/SF
− OpEx
−$10.1K −$5.93/SF
NOI
$23.5K $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%
$470,380
Cap Rate 7%
$335,986
Cap Rate 9%
$261,322
Alternative Uses
Best Use
Retail
$336.0K
$294.0K – $392.0K
NOI $23,519 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$801.5K
$701.4K – $935.1K
NOI $56,108 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
185k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Groceries 28%
Shops & Services 25%
Apparel 15%
Food 4 Less
Groceries
51,025 visits/mo
0.1 miles
Wendy's
Dining
28,530 visits/mo
0.1 miles
McDonald's
Dining
26,623 visits/mo
0.4 miles
Five Below
Shops & Services
22,390 visits/mo
0.2 miles
Ross Dress for Less
Apparel
20,258 visits/mo
0.2 miles
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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?
Storefront property - Existing lease runs through 2034, with parking provided along the building’s front and sides.
Where is this storefront property located?
The property is located at 1636 N Cicero Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Storefront property at Cicero Avenue and North Avenue; Existing lease extends through 2034; Sale includes real estate only
