The Dog Stop NNN Retail
For Sale
Contact for pricing
2627 North Western Avenue, Chicago, IL 60647
Single-tenant net lease asset with on-site parking and loading functionality.
Property Size9,779 SF
Price / SF$290.42
Days on Market57
Property Features for 2627 North Western Avenue
General Information
Standard status
Active
Size
9,779 SF
Property subtype
Retail, Industrial
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$202,809
Additional Details
Highway Access
Yes
Amenities
on-site parking
dock doors
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Greenstone Partners
(312) 234-0360
Listed By:
Tom Galvin · License #IL 475181636
Source:
Crexi
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 30 at 10:43PM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
This 9,779-square-foot NNN retail property is occupied by The Dog Stop as a single-tenant asset. The building includes on-site parking and dock doors, supporting customer access and property operations. A long-term tenancy and significant tenant investment are also identified in the property information.
The property is located at 2627 North Western Avenue in Chicago’s Bucktown/Logan Square area. Its setting provides access to the Kennedy Expressway and nearby retail destinations, with the address positioned along North Western Avenue.
The property is located at 2627 North Western Avenue in Chicago’s Bucktown/Logan Square area. Its setting provides access to the Kennedy Expressway and nearby retail destinations, with the address positioned along North Western Avenue.
Key Highlights
- 9,779‑square‑foot NNN retail property
- Single‑tenant occupancy by The Dog Stop
- Long‑term tenancy with significant tenant investment
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
$135,291
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
4.76%
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%
$2,705,820
$2.7M
Cap Rate 7%
$1,932,729
$1.9M
Cap Rate 9%
$1,503,233
$1.5M
Market Conditions
NOI Build-Up for 9,779 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
$211.2K $21.60/SF
− Vacancy
−$18.0K −$1.84/SF
EGI
$193.3K $19.76/SF
− OpEx
−$58.0K −$5.93/SF
NOI
$135.3K $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%
$2,705,820
Cap Rate 7%
$1,932,729
Cap Rate 9%
$1,503,233
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $135,291 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,754 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,294
Businesses Nearby
459k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 42%
Dining 22%
Home Improvements & Furnishings 20%
Leisure 10%
Target
Superstores
190,856 visits/mo
0.2 miles
Regal City North
Leisure
43,577 visits/mo
0.0 miles
HomeGoods
Home Improvements & Furnishings
42,023 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
36,403 visits/mo
0.3 miles
Starbucks
Dining
21,992 visits/mo
0.3 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
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Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant net lease asset with on-site parking and loading functionality.
Where is this nnn property located?
The property is located at 2627 North Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,840,000.
What are key features of this property?
This property features: 9,779‑square‑foot NNN retail property; Single‑tenant occupancy by The Dog Stop; Long‑term tenancy with significant tenant investment
