Corner Storefront
For Sale
Under Contract
$549,900
2357 W North Avenue, Chicago, IL 60647
Commercial Sale, Chicago, IL
Property Size2,806 SF
Lot Size0.07 Acres
Price / SF$195.97
Days on Market132
Property Features for 2357 W North Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Located at the hard southeast corner of Western & North Avenues
Subdivision
CHI - West Town
Standard status
Active Under Contract
APN
17061000010000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
18629
Utilities
Cooling system
Central Air, Zoned
Building Details
Year built
1931
Floors in Building
1
Building materials
Brick, Concrete
Listing Agency:
Keller Williams ONEChicago · Keller Williams Realty
(312) 216-2422
Listed By:
David Piotrowski · License #475155906
(312) 216-2422
Added: Apr 14
Changed: Aug 20
Last Checked: Aug 23 at 6:06AM
MLS# 12619415
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This storefront property at 2357 W North Avenue is positioned at the intersection of Western Avenue and North Avenue in Chicago’s Wicker Park neighborhood. The building was constructed in 1931 with brick and concrete materials and features central air conditioning with zoned cooling. B3-2 zoning supports a range of commercial applications, subject to applicable requirements.
The property occupies a 3,075 SF lot and benefits from exposure along two thoroughfares. Its setting includes nearby public transportation, surrounding amenities, and dense residential development. The corner configuration provides building visibility from both streets and places the property within an established urban commercial environment.
The property occupies a 3,075 SF lot and benefits from exposure along two thoroughfares. Its setting includes nearby public transportation, surrounding amenities, and dense residential development. The corner configuration provides building visibility from both streets and places the property within an established urban commercial environment.
Key Highlights
- 2,806 SF retail building on a 3,075 SF lot
- B3‑2 zoning
- Corner position at Western Avenue and North 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
$38,820
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
7.06%
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%
$776,400
$776.4K
Cap Rate 7%
$554,571
$554.6K
Cap Rate 9%
$431,333
$431.3K
Market Conditions
NOI Build-Up for 2,806 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
$60.6K $21.60/SF
− Vacancy
−$5.2K −$1.84/SF
EGI
$55.5K $19.76/SF
− OpEx
−$16.6K −$5.93/SF
NOI
$38.8K $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%
$776,400
Cap Rate 7%
$554,571
Cap Rate 9%
$431,333
Alternative Uses
Best Use
Retail
$554.6K
$485.3K – $647.0K
NOI $38,820 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,611 @ 7.0% cap · market cap 16.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,998
Businesses Nearby
201k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Dining 19%
Groceries 16%
Apparel 10%
Barnes & Noble
Shops & Services
48,824 visits/mo
0.4 miles
Aldi
Groceries
32,222 visits/mo
0.3 miles
Circle K
Shops & Services
17,408 visits/mo
0.1 miles
Shell
Shops & Services
11,035 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
8,995 visits/mo
0.1 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.
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick-and-concrete commercial building with central air and zoned cooling at a signalized urban corner.
Where is this storefront property located?
The property is located at 2357 W North Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,806 SF retail building on a 3,075 SF lot; B3‑2 zoning; Corner position at Western Avenue and North Avenue
