Storefront Property with Central
For Sale
$999,500
2721 W Peterson Avenue, Chicago, IL 60659
Commercial storefront with central air and COMMR zoning.
Property Size5,500 SF
Days on Market9
Property Features for 2721 W Peterson Avenue
General Information
Standard status
Active
Size
5,500 SF
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$7,989
Amenities
Central Air
Building Details
Building Size
5,500 SF
Year Built
1971
Stories
1
Listing Agency:
Dream Town Realty
(773) 383-0281
Listed By:
Philip Mistrata
(773) 383-0281
Source:
Evrealestate
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 7:07AM
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 Dream Town Realty
Investment Insights
Based on property information with market context.
This storefront property includes central air and was built in 1971. The property carries COMMR zoning and is located at 2721 W Peterson Avenue in Chicago, Illinois.
The site is positioned on Peterson Avenue between Western Avenue and California Avenue, providing a defined commercial corridor setting within Cook County.
The site is positioned on Peterson Avenue between Western Avenue and California Avenue, providing a defined commercial corridor setting within Cook County.
Key Highlights
- Storefront property at 2721 W Peterson Avenue, Chicago, IL 60659
- COMMR zoning
- Central air
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
$76,091
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
7.61%
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%
$1,521,820
$1.5M
Cap Rate 7%
$1,087,014
$1.1M
Cap Rate 9%
$845,456
$845.5K
Market Conditions
NOI Build-Up for 5,500 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
$118.8K $21.60/SF
− Vacancy
−$10.1K −$1.84/SF
EGI
$108.7K $19.76/SF
− OpEx
−$32.6K −$5.93/SF
NOI
$76.1K $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%
$1,521,820
Cap Rate 7%
$1,087,014
Cap Rate 9%
$845,456
Alternative Uses
Best Use
Retail
$1.09M
$951.1K – $1.27M
NOI $76,091 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,526 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,926
Businesses Nearby
121k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 30%
Groceries 22%
Beauty & Spa 1%
Aldi
Groceries
26,510 visits/mo
0.4 miles
Culver's
Dining
23,371 visits/mo
0.5 miles
BP
Shops & Services
17,990 visits/mo
0.1 miles
Bank of America
Shops & Services
14,860 visits/mo
0.5 miles
ARCO
Shops & Services
9,936 visits/mo
0.1 miles
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
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.
Similar Off Market Nearby
- Blooming City Flowers — 3000 W Peterson Ave, Chicago, IL 60659
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial storefront with central air and COMMR zoning.
Where is this storefront property located?
The property is located at 2721 W Peterson Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $999,500.
What are key features of this property?
This property features: Storefront property at 2721 W Peterson Avenue, Chicago, IL 60659; COMMR zoning; Central air
