Full-Block Strip
For Sale
$5,068,000
3434 S Halsted St, Chicago, IL 60608
Fully occupied retail center with long-term net leases and access to CTA, Metra, and major interstates.
Property Size18,405 SF
Price / SF$275.36
Days on Market151
Property Features for 3434 S Halsted St
General Information
Standard status
Active
Size
18,405 SF
Property subtype
Shopping Strip
Amenities
100 Percent Occupied First Floor Retail | Strong Mix of Established and Newly Added Tenants
Wings & Rings has more than 13 Years of Term Remaining
New Leasing Momentum | Bridgeport Footcare Signed a 4-Year Lease Commencing 12/1/2025; Solo Eye Care & Eyewear Gallery Executed a 10-Year Lease in 2021; Manning Silverman & Company Secured a 7-Year
Signalized Hard-Corner Intersection | Near I-90 and I-55 with Convenient CTA and Metra Access
36,224 People Live within a Mile radius of the Subject Property and 131,845 People Live within a Two-Mile Radius
0.6 Miles from Rate Field, Home of the Chicago White Sox, which Attracts 2.2 Million Annual Visitors | Ranks in the Top 2 Percent of Stadiums, Arenas and Athletics Fields Nationwide by Visits(placer.ai)
Building Details
Building Size
18,405 SF
Year Built
2006
Listing Agency:
Chicago Oak Brook Office
(630) 570-2238
Listed By:
Sean R. Sharko · License #IL: 471.010712
(630) 570-2238
Source:
Marcusmillichap
Added: Apr 4
Changed: Aug 31
Last Checked: Aug 29 at 8:06PM
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 Chicago Oak Brook Office
Investment Insights
Based on property information with market context.
Built in 2006, this first-floor strip mall contains 18,405 square feet and is 100 percent occupied under long-term net leases. The tenant roster includes Verve Credit Union, Wings & Rings, Solo Eye Care & Eyewear Gallery, Manning Silverman & Company, and Bridgeport Footcare.
The center occupies a full block at 3434 S Halsted St, with nearly 300 feet of frontage along a street carrying 12,100 vehicles per day. Direct access to CTA, Metra, Interstates 90 and 55, Rate Field, Illinois Institute of Technology, and surrounding national and local retailers supports the property’s established urban commercial setting. More than 131,000 residents live within two miles, while average household income exceeds $121,000 within a half-mile radius.
The center occupies a full block at 3434 S Halsted St, with nearly 300 feet of frontage along a street carrying 12,100 vehicles per day. Direct access to CTA, Metra, Interstates 90 and 55, Rate Field, Illinois Institute of Technology, and surrounding national and local retailers supports the property’s established urban commercial setting. More than 131,000 residents live within two miles, while average household income exceeds $121,000 within a half-mile radius.
Key Highlights
- 100 percent occupied with long‑term net leases
- 18,405 SF first‑floor retail center built in 2006
- Full‑block property with nearly 300ft of frontage on S Halsted Street
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
$254,629
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
5.02%
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%
$5,092,580
$5.1M
Cap Rate 7%
$3,637,557
$3.6M
Cap Rate 9%
$2,829,211
$2.8M
Market Conditions
NOI Build-Up for 18,405 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
$397.5K $21.60/SF
− Vacancy
−$33.8K −$1.84/SF
EGI
$363.8K $19.76/SF
− OpEx
−$109.1K −$5.93/SF
NOI
$254.6K $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%
$5,092,580
Cap Rate 7%
$3,637,557
Cap Rate 9%
$2,829,211
Alternative Uses
Best Use
Retail
$3.64M
$3.18M – $4.24M
NOI $254,629 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.68M
$7.59M – $10.12M
NOI $607,453 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,137
Businesses Nearby
318k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Dining 28%
Groceries 25%
Home Improvements & Furnishings 2%
Jewel-Osco
Groceries
36,425 visits/mo
0.3 miles
Binny's Beverage Depot
Groceries
26,649 visits/mo
0.5 miles
Shell
Shops & Services
21,286 visits/mo
0.3 miles
Chick-fil-A
Dining
19,353 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
17,071 visits/mo
0.3 miles
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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?
Strip mall - Fully occupied retail center with long-term net leases and access to CTA, Metra, and major interstates.
Where is this strip mall located?
The property is located at 3434 S Halsted St Chicago, IL.
What is the asking price?
The asking price for this property is $5,068,000.
What are key features of this property?
This property features: 100 percent occupied with long‑term net leases; 18,405 SF first‑floor retail center built in 2006; Full‑block property with nearly 300ft of frontage on S Halsted Street
