Grocery and Convenience
New
For Sale
$229,000
3102 W Devon Ave, Chicago, IL 60659
Operational food retail business with a dedicated meat department.
Property Size1,000 SF
Price / SF$229
Days on Market2
Property Features for 3102 W Devon Ave
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Bktchicago
Added: Sep 5
Last Checked: Sep 5 at 3:16PM
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 Century 21 Circle
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.
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 = 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
$18,612
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
8.13%
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%
$372,240
$372.2K
Cap Rate 7%
$265,886
$265.9K
Cap Rate 9%
$206,800
$206.8K
Market Conditions
NOI Build-Up for 1,000 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
$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 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%
$372,240
Cap Rate 7%
$265,886
Cap Rate 9%
$206,800
Alternative Uses
Best Use
Specialty Retail
$265.9K
$232.7K – $310.2K
NOI $18,612 @ 7.0% cap · market cap 8.13%
Second Best
Retail
$197.6K
$172.9K – $230.6K
NOI $13,835 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$471.5K
$412.6K – $550.1K
NOI $33,005 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $229,000.
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
