Equipped Auto Repair
For Sale
$699,900
2908 W Cermak Road, 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 Market334
Property Features for 2908 W Cermak Road
General Information
Standard status
Active
Size
6,600 SF
Property subtype
COMMERCIAL
Additional Details
Business Included
Yes
Service Bays
7
Taxes and HOA fees
Annual Taxes
$19,557
Amenities
air-conditioned customer lobby
two private offices
front and rear overhead doors
Building Details
Building Size
6,600 SF
Abandoned
No
Listing Agency:
Kale Realty 773-759-1490 Overview Additional information MLS R ID 12495497 Interior features Bedrooms 0 Cooling Yes Exterior features Lot Size 0.16 Acres Other property details Taxes $19,557 Tax Frequency Annually Coldwell Banker Dawn McKenna Group Request a tour Contact agent Request a tour Contact agent Listed by Sylvia Magallanes with Kale Realty 773-759-1490
Listed By:
Sylvia Magallanes · License #475145088
(773) 759-1490
Source:
Dawnmckennagroup
Added: Oct 20, 2025
Changed: Sep 8
Last Checked: Sep 18 at 12:39PM
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 773-759-1490 Overview Additional information MLS R ID 12495497 Interior features Bedrooms 0 Cooling Yes Exterior features Lot Size 0.16 Acres Other property details Taxes $19,557 Tax Frequency Annually Coldwell Banker Dawn McKenna Group Request a tour Contact agent Request a tour Contact agent Listed by Sylvia Magallanes with Kale Realty 773-759-1490
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
- 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 Road 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
