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Leased Retail Condo in Albany Park

3227 W Montrose Ave, Chicago, IL

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For Sale

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Fully leased retail condo with value-add potential in Chicago.

Type:RETAIL

Property size:

4,000 SF

Lot size:

0.12 Acres

Price / SF:

$243/SF

Contact for Pricing

Please call us for current price
and status of this listing

Randolph Taylor

Real Estate License ID: 475142701

HighLights

Value‑add opportunity: Current rents average $20/SF, while market rents are approaching $28/SF.
Fully leased: Six storefronts provide stabilized income with a mix of service, food, and professional tenants.
Flexible leases: Month‑to‑month and short‑term leases allow for near‑term repositioning and rent increases.
High‑traffic location: Montrose Avenue frontage with over 21,000 vehicles per day and strong foot traffic.
Low retail vacancy: Submarket vacancy rate of only 3.1% indicates strong demand.
Excellent accessibility: Proximity to CTA bus routes and the Brown Line provides convenient public transportation options.

For Sale

Contact for pricing

Fully leased retail condo with value-add potential in Chicago.

Type:RETAIL

Property size:

4,000 SF

Lot size:

0.12 Acres

Price / SF:

$243/SF

Added:: Jul 1, 2025
Days on Market:: 345
Last Refresh:: May 20 at 9:07 pm

Property Features for 3227 W Montrose Ave

General Information

Standard status: Active
Size: 4,000 SF
Lot size: 0.12 Acres
Property subtype: RETAIL

We can help!

Listing Contact

Randolph Taylor

Listing agent Randolph Taylor License #475142701

Listing office eXp Commercial - IL

Listing date Jul 1, 2025

Source Moodyscre

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 eXp Commercial - IL

HighLights

Value‑add opportunity: Current rents average $20/SF, while market rents are approaching $28/SF.
Fully leased: Six storefronts provide stabilized income with a mix of service, food, and professional tenants.
Flexible leases: Month‑to‑month and short‑term leases allow for near‑term repositioning and rent increases.
High‑traffic location: Montrose Avenue frontage with over 21,000 vehicles per day and strong foot traffic.
Low retail vacancy: Submarket vacancy rate of only 3.1% indicates strong demand.
Excellent accessibility: Proximity to CTA bus routes and the Brown Line provides convenient public transportation options.

Overview

Located in Chicago’s Albany Park neighborhood, this property features a ground-floor retail condominium of approximately 4,000 square feet. The property is situated along Montrose Avenue, a high-traffic retail corridor experiencing over 21,000 vehicles per day. The retail condo comprises six fully leased storefronts within a mixed-use building, occupied by a mix of local service, food, and professional tenants. Several tenants operate under month-to-month or short-term leases. Current rents average approximately $20 per square foot, while nearby market rates are approaching $28 per square foot. The location benefits from a dense surrounding residential population and proximity to CTA bus routes and the Brown Line. Retail vacancy in the surrounding submarket is 3.1% The property is suitable for investors seeking stabilized income with upside potential.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$86.4k	$21.60
− Vacancy	−$7.3k	−$1.84
EGI	$79.1k	$19.76
− OpEx	−$23.7k	−$5.93
NOI	$55.3k	$13.83

4,000 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%

Alternative Uses

Best Use

Retail

$790.6K

$691.7K – $922.3K (±1% cap)

NOI $55,339 @ 7.0% cap · market cap 5.68%

Second Best

—

no second resolved use

Theoretical Best

Office A

$1.89M

$1.65M – $2.20M (±1% cap)

NOI $132,019 @ 7.0% cap · market cap 13.54%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Retail space

Suggested Use

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.7094
Latitude: 41.9611

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For sale
Retail space
IL
Chicago
3227 W Montrose Ave

What type of property is this?

Retail space - Fully leased retail condo with value-add potential in Chicago.

Where is this retail space located?

The property is located at 3227 W Montrose Ave Chicago, IL.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: Value‑add opportunity: Current rents average $20/SF, while market rents are approaching $28/SF.; Fully leased: Six storefronts provide stabilized income with a mix of service, food, and professional tenants.; Flexible leases: Month‑to‑month and short‑term leases allow for near‑term repositioning and rent increases.

3227 W Montrose Ave, Chicago, IL

Fully leased retail condo with value-add potential in Chicago.

Property Features for 3227 W Montrose Ave

General Information

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Renovated Chicago Industrial Flex Warehouse

West Town Corner Retail Space

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with Licenses

Turnkey Restaurant Opportunity in Chicago

Prime Retail Space in Chicago

Chicago Office Building with Parking

Chicago Commercial Buildings For Sale

Chicago Commercial Space for Sale

Fulton River District Commercial Loft

Wicker Park Corner Retail Building

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