Retail/Flex Office with Storefront
For Sale
$400,000
2078 N Western Avenue, Chicago, IL 60647
New construction retail/flex office delivered as a vanilla box with floor-to-ceiling storefront windows and restroom.
Property Size1,850 SF
Price / SF$216.22
Days on Market75
Property Features for 2078 N Western Avenue
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Commercial
Additional Details
Sprinkler System
Yes
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2026
Listing Agency:
STRAUSS REALTY LTD
(773) 736-3600
Listed By:
ADAM SCHNEIDERMAN · License #475149601
Source:
Corcoran
Added: Jun 10
Changed: Aug 23
Last Checked: Aug 23 at 6:41AM
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
Investment Insights
Based on property information with market context.
This newly constructed retail/flex/office space is delivered as a vanilla box and offers floor-to-ceiling storefront windows for strong natural light. The layout includes a finished restroom and an in-unit fire sprinkler system, providing a straightforward base for a wide range of tenant improvements and finishes.
Located at 2078 N. Western Avenue in Chicago’s Bucktown area, the property is positioned for visibility along Western Avenue with both vehicle and pedestrian traffic. The remarks note convenient access to the CTA Blue Line and a surrounding mix of restaurants, boutiques, and national retailers, supporting a walk-in and drive-by customer presence.
The configuration and front-facing glazing make the space a practical fit for retail, showroom, fitness, wellness, medical, or office use. For operators seeking a modern, customizable ground-floor environment with a restroom already built out and sprinkler protection in place, this suite offers an efficient starting point tailored to storefront-oriented concepts.
Located at 2078 N. Western Avenue in Chicago’s Bucktown area, the property is positioned for visibility along Western Avenue with both vehicle and pedestrian traffic. The remarks note convenient access to the CTA Blue Line and a surrounding mix of restaurants, boutiques, and national retailers, supporting a walk-in and drive-by customer presence.
The configuration and front-facing glazing make the space a practical fit for retail, showroom, fitness, wellness, medical, or office use. For operators seeking a modern, customizable ground-floor environment with a restroom already built out and sprinkler protection in place, this suite offers an efficient starting point tailored to storefront-oriented concepts.
Key Highlights
- New construction retail/flex/office space with 1,850 SF building area (Year built: 2026)
- Delivered as a vanilla box for tenant buildout, with finished restroom included
- Floor‑to‑ceiling storefront windows designed for abundant natural light
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
$25,594
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
6.40%
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%
$511,880
$511.9K
Cap Rate 7%
$365,629
$365.6K
Cap Rate 9%
$284,378
$284.4K
Market Conditions
NOI Build-Up for 1,850 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
$40.0K $21.60/SF
− Vacancy
−$3.4K −$1.84/SF
EGI
$36.6K $19.76/SF
− OpEx
−$11.0K −$5.93/SF
NOI
$25.6K $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%
$511,880
Cap Rate 7%
$365,629
Cap Rate 9%
$284,378
Alternative Uses
Best Use
Retail
$365.6K
$319.9K – $426.6K
NOI $25,594 @ 7.0% cap · market cap 6.40%
Second Best
Flex RnD
$305.1K
$267.0K – $355.9K
NOI $21,356 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$872.3K
$763.2K – $1.02M
NOI $61,059 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,422
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - New construction retail/flex office delivered as a vanilla box with floor-to-ceiling storefront windows and restroom.
Where is this flex space located?
The property is located at 2078 N Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: New construction retail/flex/office space with 1,850 SF building area (Year built: 2026); Delivered as a vanilla box for tenant buildout, with finished restroom included; Floor‑to‑ceiling storefront windows designed for abundant natural light
