Ground-Floor Retail Condo With
For Sale
Contact for pricing
Pending
3132 North Sheffield Avenue, Chicago, IL 60657
Fully occupied ground-floor retail condo with two tenants and prominent frontage, two minutes from the Belmont CTA station.
Property Size7,113 SF
Days on Market108
Property Features for 3132 North Sheffield Avenue
General Information
Standard status
Pending
Size
7,113 SF
Property subtype
Retail
Investment Type
Net Lease
Building Details
Year Built
2003
Listing Agency:
Northmarq Capital, LLC
(918) 794-9516
Listed By:
Chad Byerly · License #OK 155856
Source:
Crexi
Added: Apr 28
Changed: Aug 8
Last Checked: Jul 26 at 8:05AM
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 Northmarq Capital, LLC
Investment Insights
Based on property information with market context.
This fully occupied, ground-floor retail condo is part of a larger mixed-use development and features two lifestyle tenants: Yoga Box and Chiro One Chiropractic & Wellness Centers. The condominium is integrated within a greater project that includes 51 residential units.
The property has frontage along N Sheffield Ave, with traffic counts reported at 8,900+ VPD. It sits just south of a signalized intersection at W Belmont Ave, with traffic counts reported at 17,700+ VPD, and it is described as a two-minute walk from the Belmont CTA Station.
As offered, the unit presents an income-producing retail opportunity within a neighborhood retail corridor supported by nearby transit connectivity and on-site residential density.
The property has frontage along N Sheffield Ave, with traffic counts reported at 8,900+ VPD. It sits just south of a signalized intersection at W Belmont Ave, with traffic counts reported at 17,700+ VPD, and it is described as a two-minute walk from the Belmont CTA Station.
As offered, the unit presents an income-producing retail opportunity within a neighborhood retail corridor supported by nearby transit connectivity and on-site residential density.
Key Highlights
- Fully occupied ground‑floor retail condo in Chicago’s Lakeview neighborhood
- Two tenants: Yoga Box and Chiro One Chiropractic & Wellness Centers
- Frontage on N Sheffield Ave with 8,900+ VPD
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
$98,407
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
3.15%
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%
$1,968,140
$2.0M
Cap Rate 7%
$1,405,814
$1.4M
Cap Rate 9%
$1,093,411
$1.1M
Market Conditions
NOI Build-Up for 7,113 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
$153.6K $21.60/SF
− Vacancy
−$13.1K −$1.84/SF
EGI
$140.6K $19.76/SF
− OpEx
−$42.2K −$5.93/SF
NOI
$98.4K $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%
$1,968,140
Cap Rate 7%
$1,405,814
Cap Rate 9%
$1,093,411
Alternative Uses
Best Use
Retail
$1.41M
$1.23M – $1.64M
NOI $98,407 @ 7.0% cap · market cap 3.15%
Second Best
Healthcare Medical
$1.35M
$1.18M – $1.57M
NOI $94,233 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,763 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,406
Businesses Nearby
262k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 32%
Groceries 19%
Home Improvements & Furnishings 2%
Binny's Beverage Depot
Groceries
26,649 visits/mo
0.3 miles
The Fresh Market
Groceries
23,763 visits/mo
0.5 miles
Chick-fil-A
Dining
19,353 visits/mo
0.5 miles
Fifth Third Bank & ATM
Shops & Services
17,071 visits/mo
0.2 miles
Chase Bank
Shops & Services
10,982 visits/mo
0.2 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 - Fully occupied ground-floor retail condo with two tenants and prominent frontage, two minutes from the Belmont CTA station.
Where is this retail space located?
The property is located at 3132 North Sheffield Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $3,120,000.
What are key features of this property?
This property features: Fully occupied ground‑floor retail condo in Chicago’s Lakeview neighborhood; Two tenants: Yoga Box and Chiro One Chiropractic & Wellness Centers; Frontage on N Sheffield Ave with 8,900+ VPD
