Listing Agency: Century 21 Circle

Listed By: Mark Ahmad · License #471007186 Show Phone

Source: Bktchicago

Added: Sep 5 Changed: Oct 5 Last Checked: Oct 7 at 3:50PM

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Investment Insights

Based on property information with market context.

This 1,000-square-foot grocery retail operation includes a dedicated meat department and serves as an established neighborhood food business. The offering is positioned for an owner-operator continuing grocery and meat sales from the existing location.

The store is located at 3102 W Devon Ave in Chicago, Illinois, along a commercial corridor described as serving surrounding residential areas. The business has daily walk-in customers and an established local clientele.

Key Highlights

• 1,000‑square‑foot grocery retail operation
• Dedicated meat department
• Established grocery and meat market business

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,612

Cap Rate

8.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$372,240 $372.2K

Cap Rate 7%

$265,886 $265.9K

Cap Rate 9%

$206,800 $206.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,000 SF

Gross rent

$26.4K $26.40/SF

− Vacancy

−$1.6K −$1.58/SF

EGI

$24.8K $24.82/SF

− OpEx

−$6.2K −$6.20/SF

NOI

$18.6K $18.61/SF

Area

Chicago, IL

Vacancy

6.00%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$372,240

Cap Rate 7%

$265,886

Cap Rate 9%

$206,800

Alternative Uses

Best Use

Specialty Retail

$265.9K

$232.7K – $310.2K (±1% cap)

NOI $18,612 @ 7.0% cap · market cap 8.16%

Second Best

Retail

$197.6K

$172.9K – $230.6K (±1% cap)

NOI $13,835 @ 7.0% cap · market cap 6.07%

Theoretical Best

Office A

$471.5K

$412.6K – $550.1K (±1% cap)

NOI $33,005 @ 7.0% cap · market cap 14.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Everyday Meat Market Specialty Food Shop

Suggested Use

Top Pick Pet Grooming Service (Bike/Boat/Book/etc) Store Veterinary Clinic Florist Skin Care Clinic Bed & Breakfast

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

2,680

Businesses Nearby

366k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 32% Dining 29% Home Improvements & Furnishings 16% Apparel 13%

The Home Depot Home Improvements & Furnishings

59,396 visits/mo 0.3 miles

T.J. Maxx Apparel

37,330 visits/mo 0.2 miles

McDonald's Dining

34,098 visits/mo 0.5 miles

Five Below Shops & Services

32,290 visits/mo 0.2 miles

Aldi Groceries

26,510 visits/mo 0.4 miles

Demographics for 60659, IL

40,579

Population

14,748

Households

2.8

Avg Household Size

36

Median Age

40%

College-Educated

82%

High-School Grad

2.4 sq mi

ZIP Area

16,908

Density / Sq Mi

$70,033

Median Household Income

$40,493

Median Earnings

$1,391

Median Rent

$358,800

Median Home Value

Market

Vacancy Rate% for Retail in Chicago, IL

9.1% 2019

9.2% 2020

8.8% 2021

8.1% 2022

7% 2023

6.6% 2024

7.4% 2025

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Similar Off Market Nearby

• City Fresh Market — 3201 W Devon Ave, Chicago, IL 60659
• Someria Food Market — 2812 1/2 W Devon Ave, Chicago, IL 60659
• PMP Inc — 2658 W Devon Ave, Chicago, IL 60659, United States
• Patel Brothers — 2610 W Devon Ave, Chicago, IL 60659
• Fresh Farms International Market — 2626 W Devon Ave, Chicago, IL 60659

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Operational food retail business with a dedicated meat department.

Where is this grocery and convenience store located?

The property is located at 3102 W Devon Ave Chicago, IL.

What is the asking price?

The asking price for this property is $228,000.

What are key features of this property?

This property features: 1,000‑square‑foot grocery retail operation; Dedicated meat department; Established grocery and meat market business