New Net Lease Investment
For Sale
Contact for pricing
2928 North Ashland Avenue, Chicago, IL 60657
New 10-year net lease investment with corporate guaranty.
Property Size24,526 SF
Price / SF$236.48
Days on Market117
Property Features for 2928 North Ashland Avenue
General Information
Standard status
Active
Size
24,526 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$435,337
Building Details
Year Built
1994
Year Renovated
2026
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: May 13
Changed: Aug 25
Last Checked: Sep 4 at 10:35AM
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 CBRE - Atlanta
Investment Insights
Based on property information with market context.
This property presents the opportunity to acquire a new 10-year net lease investment with corporate guaranty from Savers Value Village, Inc., located at 2928 North Ashland Avenue in Chicago, Illinois. The property is set to open on June 18, 2026. The net lease features 10 years of primary term with a 10% rent increase in July 2031 and in each of the two, 5-year renewal options. The property is strategically located within Ashland Wellington Plaza, a shopping center. The property is situated at the nexus of the Lakeview, Lincoln Park, and Roscoe Village neighborhoods along Ashland Avenue, which sees 28,500 vehicles per day, less than four miles northwest of Chicago's center. The location has a Walk Score of 91 out of 100, ensuring pedestrian traffic from the surrounding high-density residential neighborhoods. The property benefits from a new roof with a 20-year roof warranty, valid through 2046. The property offers surface-level parking via easement. Savers benefits from a population of 544,773 with an average household income of $160,539 within a 3-mile radius. The property size is 24,526 square feet.
Key Highlights
- Brand‑new 10‑year net lease with corporate guaranty from Savers Value Village, Inc. (NYSE: SVV / S&P: B+ / Rev: $1.68B).
- Located within Ashland Wellington Plaza, anchored by a top‑performing Jewel‑Osco, at the nexus of Lakeview, Lincoln Park, and Roscoe Village neighborhoods.
- Favorable lease terms include a 10% rent increase in July 2031 and in each of the two, 5‑year renewal options.
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
$339,312
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
5.85%
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%
$6,786,240
$6.8M
Cap Rate 7%
$4,847,314
$4.8M
Cap Rate 9%
$3,770,133
$3.8M
Market Conditions
NOI Build-Up for 24,526 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
$529.8K $21.60/SF
− Vacancy
−$45.0K −$1.84/SF
EGI
$484.7K $19.76/SF
− OpEx
−$145.4K −$5.93/SF
NOI
$339.3K $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%
$6,786,240
Cap Rate 7%
$4,847,314
Cap Rate 9%
$3,770,133
Alternative Uses
Best Use
Retail
$4.85M
$4.24M – $5.66M
NOI $339,312 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.56M
$10.12M – $13.49M
NOI $809,476 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,519
Businesses Nearby
284k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Shops & Services 29%
Dining 25%
Beauty & Spa 2%
Whole Foods Market
Groceries
64,387 visits/mo
0.4 miles
Jewel-Osco
Groceries
55,541 visits/mo
0.1 miles
McDonald's
Dining
36,369 visits/mo
0.0 miles
Fifth Third Bank & ATM
Shops & Services
15,951 visits/mo
0.4 miles
Taco Bell
Dining
14,322 visits/mo
0.5 miles
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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?
Retail space - New 10-year net lease investment with corporate guaranty.
Where is this retail space located?
The property is located at 2928 North Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: Brand‑new 10‑year net lease with corporate guaranty from Savers Value Village, Inc. (NYSE: SVV / S&P: B+ / Rev: $1.68B).; Located within Ashland Wellington Plaza, anchored by a top‑performing Jewel‑Osco, at the nexus of Lakeview, Lincoln Park, and Roscoe Village neighborhoods.; Favorable lease terms include a 10% rent increase in July 2031 and in each of the two, 5‑year renewal options.
