Corner Storefront
For Sale
$589,000
1659 W Chicago Avenue, Chicago, IL 60622
Owner-user or investment storefront with ADA-compliant restrooms and prominent Chicago Avenue exposure.
Property Size24,000 SF
Price / SF$340.46
Days on Market109
Property Features for 1659 W Chicago Avenue
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$12,944
Building Details
Building Size
24,000 SF
Year Built
1984
Stories
4
Units
1
Listing Agency:
Chicago Real Estate Resources
(773) 327-9300
Listed By:
Michael Weaver
(773) 327-9300
Source:
Exit2newbeginningz
Added: Apr 23
Changed: Aug 7
Last Checked: Aug 8 at 12:11PM
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 Chicago Real Estate Resources
Investment Insights
Based on property information with market context.
This 1,730-square-foot corner storefront was built in 1984 and includes two ADA-compliant restrooms. Its commercial layout and prominent position on Chicago Avenue support a range of storefront-oriented uses, subject to applicable requirements.
The property is located at 1659 W Chicago Avenue in Chicago, with exposure along a high-traffic corridor and a dense surrounding residential base. The building also offers signage and branding space visible from the street. There are no HOA fees or assessments associated with the property.
The property is located at 1659 W Chicago Avenue in Chicago, with exposure along a high-traffic corridor and a dense surrounding residential base. The building also offers signage and branding space visible from the street. There are no HOA fees or assessments associated with the property.
Key Highlights
- 1,730 SF corner storefront on Chicago Avenue
- Built in 1984
- Two ADA‑compliant restrooms
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
$23,934
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
4.06%
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%
$478,680
$478.7K
Cap Rate 7%
$341,914
$341.9K
Cap Rate 9%
$265,933
$265.9K
Market Conditions
NOI Build-Up for 1,730 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
$37.4K $21.60/SF
− Vacancy
−$3.2K −$1.84/SF
EGI
$34.2K $19.76/SF
− OpEx
−$10.3K −$5.93/SF
NOI
$23.9K $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%
$478,680
Cap Rate 7%
$341,914
Cap Rate 9%
$265,933
Alternative Uses
Best Use
Retail
$341.9K
$299.2K – $398.9K
NOI $23,934 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$815.7K
$713.7K – $951.6K
NOI $57,098 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,502
Businesses Nearby
115k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Dining 37%
Shops & Services 24%
Electronics 2%
Mariano's
Groceries
43,456 visits/mo
0.5 miles
McDonald's
Dining
38,181 visits/mo
0.5 miles
Shell
Shops & Services
7,577 visits/mo
0.3 miles
Family Dollar
Shops & Services
7,249 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
5,596 visits/mo
0.1 miles
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Flower Firm — 1945 W Fulton St, Chicago, IL 60612
- Italian Court Flowers, Inc. — 2021 W Fulton St, Chicago, IL 60612
- Floral Creations — Chicago, IL 60607
- The Flower Hustler — 2000 W Carroll Ave, Chicago, IL 60612
- Fragrant Design — 1821 W Hubbard St, Chicago, IL 60622
Frequently Asked Questions
What type of property is this?
Storefront property - Owner-user or investment storefront with ADA-compliant restrooms and prominent Chicago Avenue exposure.
Where is this storefront property located?
The property is located at 1659 W Chicago Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 1,730 SF corner storefront on Chicago Avenue; Built in 1984; Two ADA‑compliant restrooms
