New Construction Ground-Floor Retail
For Sale
$399,000
1723 W North Avenue, Chicago, IL 60622
Single-tenant retail space with HVAC, plumbing, wood flooring, and a finished interior.
Property Size5,900 SF
Price / SF$275.17
Days on Market9
Property Features for 1723 W North Avenue
General Information
Standard status
Active
Size
5,900 SF
Property subtype
Retail Condo
Net Operating Income
$37,500
Additional Details
Floor
Ground
Building Details
Building Size
5,900 SF
Year Built
2024
Year Renovated
2024
Buildings
1
Stories
3
Construction
brick
Tenancy
Single
Listing Agency:
SVN | Chicago Commercial
Listed By:
James Mead, CCIM · License #471012893
(708) 289-0297
Source:
Svnchicago
Added: Sep 19
Changed: Sep 23
Last Checked: Sep 26 at 5:53AM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
This 1,450-square-foot ground-floor retail space occupies the retail portion of a three-story mixed-use apartment and retail building. The structure was completed in 2024, while the original 1925 brick facade was retained. Interior features include a rectangular layout, glass picture window, dedicated front door, wood flooring, drywall ceilings and walls, plumbing, and HVAC.
The property is located at 1723 W North Avenue in Chicago’s Wicker Park submarket on the North Side. It is offered as a single-tenant lease investment within a mixed-use building that combines apartment and retail space.
The property is located at 1723 W North Avenue in Chicago’s Wicker Park submarket on the North Side. It is offered as a single-tenant lease investment within a mixed-use building that combines apartment and retail space.
Key Highlights
- 1,450 SF rectangular ground‑floor retail space
- 2024 construction with preserved 1925 original brick facade
- Located in Chicago’s Wicker Park submarket on the North Side
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
$24,469
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
6.13%
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%
$489,380
$489.4K
Cap Rate 7%
$349,557
$349.6K
Cap Rate 9%
$271,878
$271.9K
Market Conditions
NOI Build-Up for 1,450 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
$43.5K $30.00/SF
− Vacancy
−$4.4K −$3.00/SF
EGI
$39.2K $27.00/SF
− OpEx
−$14.7K −$10.13/SF
NOI
$24.5K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$489,380
Cap Rate 7%
$349,557
Cap Rate 9%
$271,878
Alternative Uses
Best Use
Mixed Use
$349.6K
$305.9K – $407.8K
NOI $24,469 @ 7.0% cap · market cap 6.13%
Second Best
Retail
$286.6K
$250.8K – $334.3K
NOI $20,060 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$683.7K
$598.2K – $797.6K
NOI $47,857 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,072
Businesses Nearby
351k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Shops & Services 26%
Groceries 19%
Apparel 9%
Jewel-Osco
Groceries
65,395 visits/mo
0.3 miles
Barnes & Noble
Shops & Services
48,824 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
31,134 visits/mo
0.3 miles
BP
Shops & Services
17,264 visits/mo
0.5 miles
Jeni's Splendid Ice Creams
Dining
11,621 visits/mo
0.2 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant retail space with HVAC, plumbing, wood flooring, and a finished interior.
Where is this retail space located?
The property is located at 1723 W North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,450 SF rectangular ground‑floor retail space; 2024 construction with preserved 1925 original brick facade; Located in Chicago’s Wicker Park submarket on the North Side
