Lakeview East Retail
For Sale
Contact for pricing
2958 N Clark St, Chicago, IL 60657
High-exposure commercial condo in Lakeview East, perfect for owner-occupancy.
Property Size1,100 SF
Price / SF$359.09
Days on Market162
Property Features for 2958 N Clark St
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Retail
Listing Agency:
Baird & Warner
Listed By:
Peter Cummins · License #IL 471007172
Source:
Crexi
Added: Mar 13
Changed: Aug 10
Last Checked: Aug 20 at 12:43AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This 1100-square-foot commercial condominium is located on a prominent corner in Lakeview East, offering significant exposure to pedestrian and vehicular traffic. The property features floor-to-ceiling windows along both Clark Street and Wellington Avenue. It is situated within a well-maintained, professionally managed 48-unit condominium building. The Homeowner's Association (HOA) declaration prohibits food or beverage operations. The current tenant is operating on a month-to-month basis. Monthly HOA assessments are $525, covering heat, water, common insurance, refuse, and exterior maintenance. The underlying zoning is B3-2. The basement is owned by the HOA and can be leased for storage. This property is suitable for an owner-occupied retail or service business.
Key Highlights
- High‑profile Lakeview East corner location with unmatched exposure.
- 1100 square foot commercial condo with floor‑to‑ceiling windows wrapping Clark & Wellington.
- Located in a well‑maintained and professionally managed 48‑unit condominium building.
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
$15,218
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
3.85%
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%
$304,360
$304.4K
Cap Rate 7%
$217,400
$217.4K
Cap Rate 9%
$169,089
$169.1K
Market Conditions
NOI Build-Up for 1,100 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
$23.8K $21.60/SF
− Vacancy
−$2.0K −$1.84/SF
EGI
$21.7K $19.76/SF
− OpEx
−$6.5K −$5.93/SF
NOI
$15.2K $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%
$304,360
Cap Rate 7%
$217,400
Cap Rate 9%
$169,089
Alternative Uses
Best Use
Retail
$217.4K
$190.2K – $253.6K
NOI $15,218 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$518.6K
$453.8K – $605.1K
NOI $36,305 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,098
Businesses Nearby
406k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 31%
Shops & Services 23%
Groceries 23%
Home Improvements & Furnishings 9%
Trader Joe's
Groceries
43,874 visits/mo
0.3 miles
Target
Superstores
33,595 visits/mo
0.5 miles
The Home Depot
Home Improvements & Furnishings
30,960 visits/mo
0.4 miles
McDonald's
Dining
29,548 visits/mo
0.5 miles
Binny's Beverage Depot
Groceries
26,649 visits/mo
0.0 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 - High-exposure commercial condo in Lakeview East, perfect for owner-occupancy.
Where is this retail space located?
The property is located at 2958 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: High‑profile Lakeview East corner location with unmatched exposure.; 1100 square foot commercial condo with floor‑to‑ceiling windows wrapping Clark & Wellington.; Located in a well‑maintained and professionally managed 48‑unit condominium building.
