Established Auto Shop with Real
For Sale
Contact for pricing
2427 W 47th Street, Chicago, IL 60632
Long-standing auto shop with real estate for sale.
Property Size4,020 SF
Price / SF$179.10
Days on Market165
Property Features for 2427 W 47th Street
General Information
Standard status
Active
Size
4,020 SF
Class
B
Property subtype
Retail, Business for Sale
Zoning
OTHER
Occupancy
100%
Investment Type
Owner/User
Net Operating Income
$217,664
Building Details
Year Built
30
Buildings
2
Stories
2
Units
2
Tenancy
Single
Listing Agency:
Aria Real Estate
Listed By:
Carlos Guerra · License #475201872
Source:
Crexi
Added: Mar 7
Changed: Aug 16
Last Checked: Aug 18 at 6:44AM
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 Aria Real Estate
Investment Insights
Based on property information with market context.
A tire and automotive service business with real estate is available. The property, located at 2427 W 47th St, has been operating for over 30 years. The building has approximately 6,200 square feet and features two service bays. The property sits on a commercial corridor with traffic. The property size is 4,020 square feet. This offering includes both the operating business and the underlying real estate. The shop is located in Chicago, IL.
Key Highlights
- Established tire and automotive service business operating for over 30 years with a loyal customer base.
- Includes both the operating business and the underlying real estate.
- Located on a highly visible commercial corridor with consistent daily traffic.
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
$43,257
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
6.01%
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%
$865,140
$865.1K
Cap Rate 7%
$617,957
$618.0K
Cap Rate 9%
$480,633
$480.6K
Market Conditions
NOI Build-Up for 4,020 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
$67.5K $16.80/SF
− Vacancy
−$5.7K −$1.43/SF
EGI
$61.8K $15.37/SF
− OpEx
−$18.5K −$4.61/SF
NOI
$43.3K $10.76/SF
Area
ZIP 60632
Vacancy
8.50%
Lease Rate
$16.80 /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%
$865,140
Cap Rate 7%
$617,957
Cap Rate 9%
$480,633
Alternative Uses
Best Use
Retail
$618.0K
$540.7K – $721.0K
NOI $43,257 @ 7.0% cap · market cap 6.01%
Second Best
Industrial
$248.3K
$217.2K – $289.6K
NOI $17,378 @ 7.0% cap · market cap 2.41%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,834 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
140k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Home Improvements & Furnishings 40%
Dining 16%
Apparel 1%
The Home Depot
Home Improvements & Furnishings
56,400 visits/mo
0.2 miles
BP
Shops & Services
17,721 visits/mo
0.1 miles
Dunkin' Donuts
Dining
14,350 visits/mo
0.4 miles
PLS Financial Services
Shops & Services
12,641 visits/mo
0.0 miles
Family Dollar
Shops & Services
11,013 visits/mo
0.5 miles
Demographics for 60632, IL
92,237
Population
28,860
Households
3.2
Avg Household Size
33
Median Age
13%
College-Educated
69%
High-School Grad
7.4 sq mi
ZIP Area
12,464
Density / Sq Mi
$60,576
Median Household Income
$35,203
Median Earnings
$1,057
Median Rent
$240,600
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?
Auto shop - Long-standing auto shop with real estate for sale.
Where is this auto shop located?
The property is located at 2427 W 47th Street Chicago, IL.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Established tire and automotive service business operating for over 30 years with a loyal customer base.; Includes both the operating business and the underlying real estate.; Located on a highly visible commercial corridor with consistent daily traffic.
