Corner Commercial Land with
For Sale
Contact for pricing
2207 West Ogden Avenue, Chicago, IL 60612
Corner commercial land parcel with an existing building and PD 30 zoning along West Ogden Avenue.
Property Size5,000 SF
Price / SF$499
Days on Market42
Property Features for 2207 West Ogden Avenue
General Information
Standard status
Active
Size
5,000 SF
Class
B
Total Parking Spaces
30
Property subtype
Retail, Mixed Use, Land
Zoning
pd 30
Investment Type
Redevelopment
Building Details
Year Built
1955
Buildings
1
Stories
1
Units
1
Listing Agency:
Troy Companies
(630) 853-1313
Listed By:
Peter Karlis · License #IL 471.018214
Source:
Crexi
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 5:01PM
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 Troy Companies
Investment Insights
Based on property information with market context.
This commercial land property at 2207 West Ogden Avenue includes approximately 16,639 square feet of land and an existing 5,000-square-foot building. Constructed in 1955, the building has operated as the home of Lulu's Hot Dogs for more than five decades. The tenant is expected to vacate upon closing.
The property is located in Chicago, Illinois, at a corner position on West Ogden Avenue. The offering is available for sale or ground lease and carries PD 30 zoning.
The property is located in Chicago, Illinois, at a corner position on West Ogden Avenue. The offering is available for sale or ground lease and carries PD 30 zoning.
Key Highlights
- Approximately 16,639 SF of land area
- Existing 5,000 SF building
- Corner position on West Ogden Avenue
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
$93,060
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
3.73%
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%
$1,861,200
$1.9M
Cap Rate 7%
$1,329,429
$1.3M
Cap Rate 9%
$1,034,000
$1.0M
Market Conditions
NOI Build-Up for 5,000 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
$132.0K $26.40/SF
− Vacancy
−$7.9K −$1.58/SF
EGI
$124.1K $24.82/SF
− OpEx
−$31.0K −$6.20/SF
NOI
$93.1K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,861,200
Cap Rate 7%
$1,329,429
Cap Rate 9%
$1,034,000
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,060 @ 7.0% cap · market cap 3.73%
Second Best
Retail
$988.2K
$864.7K – $1.15M
NOI $69,174 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,050
Businesses Nearby
194k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Shops & Services 18%
Hotels & Casinos 2%
McDonald's
Dining
31,471 visits/mo
0.2 miles
Chick-fil-A
Dining
22,259 visits/mo
0.4 miles
Five Guys
Dining
20,797 visits/mo
0.4 miles
KFC
Dining
16,703 visits/mo
0.3 miles
Mobil
Shops & Services
15,910 visits/mo
0.4 miles
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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?
Commercial land - Corner commercial land parcel with an existing building and PD 30 zoning along West Ogden Avenue.
Where is this commercial land located?
The property is located at 2207 West Ogden Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Approximately 16,639 SF of land area; Existing 5,000 SF building; Corner position on West Ogden Avenue
