Storefront Retail
New
For Sale
$199,000
1727 N WESTERN Avenue #C-1, Chicago, IL 60647
The commercial unit includes dedicated parking and sits near elevated transit.
Property Size1,100 SF
Price / SF$180.91
Days on Market7
Property Features for 1727 N WESTERN Avenue #C-1
General Information
Standard status
Active
Size
1,100 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
B3-2
Taxes and HOA fees
Annual Taxes
$6,120
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2007
Listing Agency:
MCM REALTY, LTD.
(312) 590-9090
Listed By:
IVONA KARBOWSKI · License #471017740
Source:
Corcoran
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 8:11AM
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 MCM REALTY, LTD.
Investment Insights
Based on property information with market context.
This storefront condominium contains approximately 1,100 square feet within a 2007-built commercial property. The space has 11-foot ceilings, B3-2 zoning, and one outside parking space included with the unit.
Located at 1727 N Western Avenue in Chicago, the property benefits from visibility along Western Avenue and pedestrian activity in the surrounding area. Elevated transit is nearby, supporting access for customers, employees, and visitors.
Located at 1727 N Western Avenue in Chicago, the property benefits from visibility along Western Avenue and pedestrian activity in the surrounding area. Elevated transit is nearby, supporting access for customers, employees, and visitors.
Key Highlights
- Approximately 1,100 square feet of retail space
- 11‑foot ceiling height
- B3‑2 zoning
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
$15,218
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
7.65%
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%
$304,360
$304.4K
Cap Rate 7%
$217,400
$217.4K
Cap Rate 9%
$169,089
$169.1K
Market Conditions
NOI Build-Up for 1,100 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
$23.8K $21.60/SF
− Vacancy
−$2.0K −$1.84/SF
EGI
$21.7K $19.76/SF
− OpEx
−$6.5K −$5.93/SF
NOI
$15.2K $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%
$304,360
Cap Rate 7%
$217,400
Cap Rate 9%
$169,089
Alternative Uses
Best Use
Retail
$217.4K
$190.2K – $253.6K
NOI $15,218 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 18.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,878
Businesses Nearby
141k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 28%
Groceries 23%
Electronics 5%
McDonald's
Dining
43,397 visits/mo
0.4 miles
Aldi
Groceries
32,222 visits/mo
0.4 miles
Circle K
Shops & Services
17,408 visits/mo
0.2 miles
Shell
Shops & Services
11,035 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
8,995 visits/mo
0.2 miles
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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
- bou•K — 1830 N Milwaukee Ave Suite C, Chicago, IL 60647
- Flowerlife, Inc. — 2001 N Oakley Ave, Chicago, IL 60647
- Plant place — 2545 W Division St, Chicago, IL 60622
- Flores Del Amor — 2611 W Division St, Chicago, IL 60622
- Linda's Flowers — 2439 W Armitage Ave, Chicago, IL 60647
Frequently Asked Questions
What type of property is this?
Storefront property - The commercial unit includes dedicated parking and sits near elevated transit.
Where is this storefront property located?
The property is located at 1727 N WESTERN Avenue #C-1 Chicago, IL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Approximately 1,100 square feet of retail space; 11‑foot ceiling height; B3‑2 zoning
