Equipped Auto Repair
New
For Sale
$699,900
2908 W Cermak Rd, Chicago, IL 60623
Established automotive property with service infrastructure, customer reception, offices, and an operating repair business included.
Property Size6,600 SF
Price / SF$106.05
Days on Market2
Property Features for 2908 W Cermak Rd
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Service Bays
7
Amenities
air-conditioned customer lobby
two private offices
front and rear overhead doors
Building Details
Abandoned
No
Listing Agency:
Kale Realty
Listed By:
Sylvia Magallanes · License #475145088
(773) 759-1490
Source:
Amyboston.realtopiare
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:02AM
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 Kale Realty
Investment Insights
Based on property information with market context.
This auto shop sale combines the real estate with an operating repair business, inventory, and equipment. The 6,600-square-foot facility includes seven service bays, each with a lift, along with an alignment machine and a tire repair station designed for cars and large trucks. Front and rear overhead doors support vehicle movement through the building, while an air-conditioned customer lobby and two private offices add customer-service and administrative space.
The property is located at 2908 W Cermak Rd in Chicago’s Little Village area, near a major intersection with drive-by exposure. The site has operated as an auto repair shop for over 25 years, providing an established automotive use and an existing business platform for a new owner.
The property is located at 2908 W Cermak Rd in Chicago’s Little Village area, near a major intersection with drive-by exposure. The site has operated as an auto repair shop for over 25 years, providing an established automotive use and an existing business platform for a new owner.
Key Highlights
- 6,600‑square‑foot auto repair facility at 2908 W Cermak Rd, Chicago, IL 60623
- Seven service bays, each equipped with a lift
- Alignment machine and tire repair station for cars and large trucks
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
$41,388
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
5.91%
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%
$827,760
$827.8K
Cap Rate 7%
$591,257
$591.3K
Cap Rate 9%
$459,867
$459.9K
Market Conditions
NOI Build-Up for 6,600 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
$62.2K $9.43/SF
− Vacancy
−$3.1K −$0.47/SF
EGI
$59.1K $8.96/SF
− OpEx
−$17.7K −$2.69/SF
NOI
$41.4K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$827,760
Cap Rate 7%
$591,257
Cap Rate 9%
$459,867
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,310 @ 7.0% cap · market cap 13.05%
Second Best
Industrial
$591.3K
$517.4K – $689.8K
NOI $41,388 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,832 @ 7.0% cap · market cap 31.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,786
Businesses Nearby
58k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 36%
Electronics 3%
BP
Shops & Services
16,196 visits/mo
0.2 miles
Church's Chicken
Dining
13,470 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,845 visits/mo
0.2 miles
Panda Express
Dining
9,349 visits/mo
0.5 miles
U.S. Bank
Shops & Services
3,754 visits/mo
0.2 miles
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
- Kedzie Auto Repair — 2723 S Kedzie Ave, Chicago, IL 60623
- Pitts Auto Tech Inc. — 2657 S Kedzie Ave, Chicago, IL 60623
- AJ Window Tinting — 3439 W 26th St, Chicago, IL 60623
- AJ Electronics Chicago — 3437 W 26th St, Chicago, IL 60623
- Mandu's Auto Service — 2551 S Spaulding Ave, Chicago, IL 60623
Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive property with service infrastructure, customer reception, offices, and an operating repair business included.
Where is this auto shop located?
The property is located at 2908 W Cermak Rd Chicago, IL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 6,600‑square‑foot auto repair facility at 2908 W Cermak Rd, Chicago, IL 60623; Seven service bays, each equipped with a lift; Alignment machine and tire repair station for cars and large trucks
