New Net Lease Investment
2928 North Ashland Avenue Chicago, IL 60657
2928 North Ashland Avenue, Chicago, IL, 60657
Contact for pricing
For Sale
Contact for pricing
New 10-year net lease investment with corporate guaranty.
Property Size24,526 SF
Price / SF$236.48
Days on Market71
Property Features for 2928 North Ashland Avenue
General Information
- Standard status
- Active
- Size
- 24,526 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1994
Listing agency
CBRE - Atlanta
Listed by
Chris Bosworth · License #GA 248342
Source
Crexi
Added: May 13 Updated: Jul 10 at 1:35PM Checked: Jul 21 at 12:19PM
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $529.8k | $21.60 |
| − Vacancy | −$45.0k | −$1.84 |
| EGI | $484.7k | $19.76 |
| − OpEx | −$145.4k | −$5.93 |
| NOI | $339.3k | $13.83 |
24,526 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Spirit Halloween
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
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.
