Net Leased Retail
3244 W 55th St Chicago, IL 60632
For Sale
Contact for pricing
Six-tenant retail center with annual rent escalations and ~3,000 SF vacant space for lease.
Property Size9,600 SF
Price / SF$148.33
Days on Market114
Property Features for 3244 W 55th St
General Information
- Standard status
- Active
- Size
- 9,600 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1967
Listing Agency:
Marcus & Millichap SWM Group
(630) 570-2261
Listed By:
Phoebe Klein · License #IL:475.208946
Source:
Crexi
Added: Apr 1
Changed: Jul 22
Last Checked: Jul 23 at 1:02PM
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 Marcus & Millichap SWM Group
Investment Insights
Based on property information with market context.
This net leased, six-tenant retail center totals 9,600 square feet and includes built-in rental escalations, with four tenants benefiting from annual rent increases. La Michocana and Elite Staffing have been in place since 2014, and the property has executed three new leases since 2023. Approximately 3,000 square feet of space is available for lease.
Located at 3244 W 55th St in Chicago, the center is 1.8 miles from Chicago Midway International Airport and 1.1 miles from the Kedzie Orange Line CTA station. The surrounding trade area includes 54,474 residents within one mile and 179,327 within two miles, along with 127,397 employees within a two-mile radius, supporting consistent local demand.
Located at 3244 W 55th St in Chicago, the center is 1.8 miles from Chicago Midway International Airport and 1.1 miles from the Kedzie Orange Line CTA station. The surrounding trade area includes 54,474 residents within one mile and 179,327 within two miles, along with 127,397 employees within a two-mile radius, supporting consistent local demand.
Key Highlights
- Net leased six‑tenant retail center built in 1967
- Four tenants have built‑in annual rent escalations
- 3 new leases executed since 2023
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.3k | $16.80 |
| − Vacancy | −$13.7k | −$1.43 |
| EGI | $147.6k | $15.37 |
| − OpEx | −$44.3k | −$4.61 |
| NOI | $103.3k | $10.76 |
9,600 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.48M
$1.29M – $1.72M
NOI $103,300 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.22M
$3.70M – $4.93M
NOI $295,723 @ 7.0% cap · market cap 20.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Strip malls
FAQs
What type of property is this?
Strip mall - Six-tenant retail center with annual rent escalations and ~3,000 SF vacant space for lease.
Where is this strip mall located?
The property is located at 3244 W 55th St Chicago, IL.
What is the asking price?
The asking price for this property is $1,423,962.
What are key features of this property?
This property features: Net leased six‑tenant retail center built in 1967; Four tenants have built‑in annual rent escalations; 3 new leases executed since 2023
