Street-Front Retail
For Sale
Contact for pricing
2802 W Chicago Ave, Chicago, IL 60622
Flagship storefront at the base of a 2006 condominium with an expansive linear window line for street visibility.
Property Size1,400 SF
Price / SF$249.96
Days on Market165
Property Features for 2802 W Chicago Ave
General Information
Standard status
Active
Size
1,400 SF
Class
B
Property subtype
Retail
Zoning
C1-2
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Traffic Count
24,000 vehicles/day
Building Details
Year Built
2006
Year Renovated
2023
Buildings
1
Stories
2
Units
1
Listing Agency:
Kawash Real Estate Group
Listed By:
Nedal Kawash · License #IL 471022064
(630) 337-9126
Source:
Crexi
Added: Mar 27
Changed: Sep 2
Last Checked: Sep 7 at 5:59AM
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 Kawash Real Estate Group
Investment Insights
Based on property information with market context.
This 1,400 SF storefront is positioned for strong street presence at a hard corner. Located at the base of a premium 2006-built condominium, the space includes an expansive, linear window line that brings natural light into the interior and maintains a continuous visual connection to the sidewalk.
Set in the Humboldt Park / West Town corridor, the property sits on the corner of Chicago Ave and California Ave and is surrounded by dense residential population and local anchors. The location offers heavy vehicular traffic (24,000+ VPD) and immediate access to multiple CTA bus lines, supporting retail or service-oriented uses that benefit from dominant curb appeal and transit-adjacent exposure.
Set in the Humboldt Park / West Town corridor, the property sits on the corner of Chicago Ave and California Ave and is surrounded by dense residential population and local anchors. The location offers heavy vehicular traffic (24,000+ VPD) and immediate access to multiple CTA bus lines, supporting retail or service-oriented uses that benefit from dominant curb appeal and transit-adjacent exposure.
Key Highlights
- 1,400 SF retail storefront on the hard corner of Chicago Ave and California Ave
- Expansive linear window line for street visibility and natural light
- Located at the base of a 2006‑built condominium
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
$19,369
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
5.53%
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%
$387,380
$387.4K
Cap Rate 7%
$276,700
$276.7K
Cap Rate 9%
$215,211
$215.2K
Market Conditions
NOI Build-Up for 1,400 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
$30.2K $21.60/SF
− Vacancy
−$2.6K −$1.84/SF
EGI
$27.7K $19.76/SF
− OpEx
−$8.3K −$5.93/SF
NOI
$19.4K $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%
$387,380
Cap Rate 7%
$276,700
Cap Rate 9%
$215,211
Alternative Uses
Best Use
Retail
$276.7K
$242.1K – $322.8K
NOI $19,369 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
2,014
Businesses Nearby
63k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 29%
Electronics 16%
Apparel 10%
Popeyes Louisiana Kitchen
Dining
15,239 visits/mo
0.5 miles
BP
Shops & Services
7,861 visits/mo
0.4 miles
Dunkin' Donuts
Dining
6,621 visits/mo
0.5 miles
Chase Bank
Shops & Services
6,150 visits/mo
0.5 miles
Cricket Wireless Authorized Retailer
Electronics
5,530 visits/mo
0.5 miles
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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?
Storefront property - Flagship storefront at the base of a 2006 condominium with an expansive linear window line for street visibility.
Where is this storefront property located?
The property is located at 2802 W Chicago Ave Chicago, IL.
What is the asking price?
The asking price for this property is $349,950.
What are key features of this property?
This property features: 1,400 SF retail storefront on the hard corner of Chicago Ave and California Ave; Expansive linear window line for street visibility and natural light; Located at the base of a 2006‑built condominium
