Retail Space Near Wrigley
For Sale
Contact for pricing
3477 North Clark Street, Chicago, IL 60657
For-sale retail space positioned for game-day foot traffic and strong public transit access in Wrigleyville.
Property Size5,477 SF
Price / SF$410.81
Days on Market77
Property Features for 3477 North Clark Street
General Information
Standard status
Active
Size
5,477 SF
Property subtype
Retail
Zoning
B3-5
Listing Agency:
Miller Chicago
(312) 513-8333
Listed By:
Andrea Miller · License #IL 471016960
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 20 at 1:04AM
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 Miller Chicago
Investment Insights
Based on property information with market context.
This for-sale retail space is located at 3477 North Clark Street in Chicago. The property’s value is closely tied to its walkable, high-activity setting, with pedestrian activity expected to increase on game days due to its proximity to Wrigley Field.
Wrigley Field, home of the Chicago Cubs, is described as a 4-minute walk away, which can drive surges in pedestrian and vehicle traffic during events. The surrounding area is noted for restaurants and bars, including Pilot Project Brewing, The Rabbit Hole Wrigley, Philly Cheez, Zam-Zam Middle Eastern Grill, and Hacienda D’Suarez. Walk score is listed as 97, indicating excellent walkability. Transit access is also a key factor, with the Red Line Train station about a 3-minute walk from the property. The property is steps from the #22 Clark bus route and about 0.1 miles from the #152 Addison bus line. Additional train service is described as 0.4 miles from the Purple and Brown Line stations.
The location supports retail concepts that benefit from frequent pedestrian activity and convenient transit access, particularly for tenants seeking strong day-to-day visibility in a dense entertainment and dining corridor.
Wrigley Field, home of the Chicago Cubs, is described as a 4-minute walk away, which can drive surges in pedestrian and vehicle traffic during events. The surrounding area is noted for restaurants and bars, including Pilot Project Brewing, The Rabbit Hole Wrigley, Philly Cheez, Zam-Zam Middle Eastern Grill, and Hacienda D’Suarez. Walk score is listed as 97, indicating excellent walkability. Transit access is also a key factor, with the Red Line Train station about a 3-minute walk from the property. The property is steps from the #22 Clark bus route and about 0.1 miles from the #152 Addison bus line. Additional train service is described as 0.4 miles from the Purple and Brown Line stations.
The location supports retail concepts that benefit from frequent pedestrian activity and convenient transit access, particularly for tenants seeking strong day-to-day visibility in a dense entertainment and dining corridor.
Key Highlights
- 4‑minute walk to Wrigley Field (home of the Chicago Cubs), with increased pedestrian and vehicle traffic on game days
- Walk Score of 97 for excellent walkability
- Red Line Train station is a 3‑minute walk from the property
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
$75,773
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
3.37%
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%
$1,515,460
$1.5M
Cap Rate 7%
$1,082,471
$1.1M
Cap Rate 9%
$841,922
$841.9K
Market Conditions
NOI Build-Up for 5,477 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
$118.3K $21.60/SF
− Vacancy
−$10.1K −$1.84/SF
EGI
$108.2K $19.76/SF
− OpEx
−$32.5K −$5.93/SF
NOI
$75.8K $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%
$1,515,460
Cap Rate 7%
$1,082,471
Cap Rate 9%
$841,922
Alternative Uses
Best Use
Retail
$1.08M
$947.2K – $1.26M
NOI $75,773 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,767 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,430
Businesses Nearby
318k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 42%
Shops & Services 26%
Groceries 15%
Apparel 10%
Raising Cane's Chicken Fingers
Dining
36,207 visits/mo
0.3 miles
Jewel-Osco
Groceries
30,208 visits/mo
0.5 miles
Shell
Shops & Services
21,286 visits/mo
0.3 miles
Chick-fil-A
Dining
19,353 visits/mo
0.0 miles
Whole Foods Market
Groceries
16,040 visits/mo
0.3 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 - For-sale retail space positioned for game-day foot traffic and strong public transit access in Wrigleyville.
Where is this retail space located?
The property is located at 3477 North Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 4‑minute walk to Wrigley Field (home of the Chicago Cubs), with increased pedestrian and vehicle traffic on game days; Walk Score of 97 for excellent walkability; Red Line Train station is a 3‑minute walk from the property
