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    Leased Retail Space Investment Opportunity Title is generated by Realmo AI

    3500 N Halsted Street, Chicago, IL 60657

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    For Sale
    $1,850,000

    Fully leased retail space with long-term tenants in East Lakeview.

    Type:Commercial
    Property size:
    3,004 SF
    Price / SF:
    $615/SF
    Added:
    Feb 5, 2026
    Days on Market:
    121
    Last Refresh:
    Apr 5 at 8:29 pm

    Property Features for 3500 N Halsted Street

    General Information

    Standard status
    Active
    Size
    3,004 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2004

    We can help!

    Listing Contact
    MARVIN GRAHN

    Listing agent MARVIN GRAHN

    Listing office MARVIN G. GRAHN

    Listing date Feb 5, 2026

    Source Corcoran

    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 MARVIN G. GRAHN

    HighLights

    • Fully leased with two high‑quality, long‑term tenants under NNN leases
    • High NOI of $112,785 and a CAP Rate of 6.1 in 2026 with yearly lease escalations
    • Prominent corner location with 137' frontage at a high‑traffic intersection in East Lakeview
    • High Walk Score (96) and Transit Score (86) with excellent access to public transportation
    • Located in a densely populated area with high average household income and strong demographics
    • Not part of the condo association and has its own tax PIN

    Overview

    This is a fully leased investment opportunity featuring two high-quality, long-term tenants under NNN leases. The leases have remaining terms of 9 and 4 years. The combined space totals 3,004 square feet of retail space with 13' tall ceilings and high-quality buildouts. The property generates an NOI of $112,785 with a CAP RATE of 6.1 in 2026, and both leases include yearly escalations. The property also includes 1 indoor parking space. Both stores have outdoor seating areas available during the summer months. Located on the ground floor of a 25-unit high-end condo building constructed in 2004, the property has its own tax PIN and is not part of the condo association. It occupies a prominent corner location with 137' of frontage at the high-traffic stop-sign corner of Halsted and Cornelia, one block south of Addison, in the East Lakeview neighborhood. The surrounding area has a 1-mile population radius of 92,000 and a 3-mile radius of 410,000. The average household income is $148,000. Daily traffic count is 13,000. The Walk Score is 96, and the Transit Score is 86. The new 71,000 SF Howard Brown Health Center is located across the street, and Wrigley Field, Whole Foods, and Target are all within three blocks of the property. The Halsted #8 bus stop is on the corner, and the CTA Red line stop is 2.5 blocks away.
    Property Profile Location Intelligence

    Current Use by Public Records

    Two Hearted Queen ... Cafe & Coffee Shop Stussy's Diner Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Similar Places Nearby

    • Les Fleurs du Mal — 915 W Belmont Ave, Chicago, IL 60657
    • Luna Flowers Lakeview — 3226 N Sheffield Ave, Chicago, IL 60657
    • Wicked Plants — 3240 N Clark St, Chicago, IL 60657
    • Halsted Flowers, LLC — 2725 N Halsted St, Chicago, IL 60614
    • The Flower Flat — 620 W Addison St, Chicago, IL 60613

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6498
    Latitude
    41.9457

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    FAQs

    What type of property is this?
    Storefront property - Fully leased retail space with long-term tenants in East Lakeview.
    Where is this storefront property located?
    The property is located at 3500 N Halsted Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Fully leased with two high‑quality, long‑term tenants under NNN leases; High NOI of $112,785 and a CAP Rate of 6.1 in 2026 with yearly lease escalations; Prominent corner location with 137' frontage at a high‑traffic intersection in East Lakeview
    (773) 227-0900
    We can help!
    Listing Contact
    MARVIN GRAHN
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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