Net-Leased Retail Laundry
For Sale
Contact for pricing
2946 N Central Ave, Chicago, IL 60634
Fully rehabbed retail building with parking lot operated under a fully executed 15-year NNN lease.
Property Size7,010 SF
Price / SF$383.74
Days on Market627
Property Features for 2946 N Central Ave
General Information
Standard status
Active
Size
7,010 SF
Property subtype
RETAIL
Building Details
Year Renovated
2024
Listing Agency:
@Properties | Chicago (North)
(773) 772-0200
Listed By:
Ian Feinerman · License #475124617
(773) 802-2543
Source:
Moodyscre
Added: Dec 17, 2024
Changed: Sep 3
Last Checked: Sep 4 at 6:37AM
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 @Properties | Chicago (North)
Investment Insights
Based on property information with market context.
This net-leased retail property includes a fully rehabbed building and an on-site parking lot. The investment is supported by a fully executed 15-year NNN lease, with minimal landlord responsibilities under the lease structure. The tenant is a Texas-based SpinXpress Laundry operator with over 20 locations, and the lease includes a strong guaranty.
The property is located in Chicago, IL. The building totals 7,010 square feet, and the site includes parking to support day-to-day operations.
Built into the offering is the completed scope from 2023–2024, along with the long-term, net lease framework and tenant credit support provided by the guaranty.
The property is located in Chicago, IL. The building totals 7,010 square feet, and the site includes parking to support day-to-day operations.
Built into the offering is the completed scope from 2023–2024, along with the long-term, net lease framework and tenant credit support provided by the guaranty.
Key Highlights
- Net leased investment property with a 15‑year NNN lease
- 7010 SF building plus parking lot included
- Fully executed 15‑year NNN lease with Texas‑based SpinXpress Laundry
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
$97,300
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
3.62%
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%
$1,946,000
$1.9M
Cap Rate 7%
$1,390,000
$1.4M
Cap Rate 9%
$1,081,111
$1.1M
Market Conditions
NOI Build-Up for 7,010 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
$151.4K $21.60/SF
− Vacancy
−$12.4K −$1.77/SF
EGI
$139.0K $19.83/SF
− OpEx
−$41.7K −$5.95/SF
NOI
$97.3K $13.88/SF
Area
ZIP 60634
Vacancy
8.20%
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%
$1,946,000
Cap Rate 7%
$1,390,000
Cap Rate 9%
$1,081,111
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,300 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,803 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,651
Businesses Nearby
118k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 74%
Shops & Services 21%
Electronics 5%
Tony's Fresh Market
Groceries
44,699 visits/mo
0.5 miles
Tony's Fresh Market
Groceries
43,070 visits/mo
0.4 miles
Dollar Tree
Shops & Services
10,358 visits/mo
0.3 miles
Dollar General
Shops & Services
7,408 visits/mo
0.3 miles
U.S. Bank
Shops & Services
4,086 visits/mo
0.5 miles
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
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?
NNN property - Fully rehabbed retail building with parking lot operated under a fully executed 15-year NNN lease.
Where is this nnn property located?
The property is located at 2946 N Central Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,690,000.
What are key features of this property?
This property features: Net leased investment property with a 15‑year NNN lease; 7010 SF building plus parking lot included; Fully executed 15‑year NNN lease with Texas‑based SpinXpress Laundry
