Versatile Commercial Property on Cicero
For Sale
Contact for pricing
3632-52 N Cicero Avenue, Chicago, IL 60641
15,900 SF property with office, warehouse, and automotive space.
Property Size15,900 SF
Lot Size0.60 Acres
Price / SF$141.51
Days on Market178
Property Features for 3632-52 N Cicero Avenue
General Information
Standard status
Active
Size
15,900 SF
Lot size
0.60 Acres
Property subtype
Retail
Building Details
Units
3
Listing Agency:
STRAUSS REALTY LTD
(773) 736-3600
Listed By:
David Kaplan · License #475212948
Source:
Crexi
Added: Feb 23
Changed: Aug 18
Last Checked: Aug 19 at 9:29AM
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 STRAUSS REALTY LTD
Investment Insights
Based on property information with market context.
This commercial property is located just north of the intersection of Cicero Avenue and Addison Street. The property consists of three contiguous buildings totaling approximately 15,900 square feet, offering a mix of office, showroom, warehouse, and automotive bay space. The site includes 10,000 square feet of private on-site parking, with two additional free city parking lots within a four-minute walk. The location offers visibility and access. The site is suitable for a car wash, detailing, fleet, or automotive service user. Flexible configurations allow a user to lease one, two, or all three buildings. An optional 23' x 11' rooftop billboard provides branding visibility for tenants. The zoning allows for a range of development options including retail, restaurant, or event space. The 210'x125' site offers corner exposure within an active redevelopment corridor, with 210' of frontage along Cicero Avenue. Traffic counts reach 31,500 vehicles per day. The location provides access to I-90/94 and is approximately 9 miles from downtown Chicago.
Key Highlights
- High‑visibility location on Cicero Avenue with 210' of frontage and traffic counts of 31,500 vehicles per day.
- Versatile 15,900 SF property with office, showroom, warehouse, and automotive bay space.
- 10,000 SF of private on‑site parking, plus two free city parking lots nearby.
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
$120,437
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
5.35%
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%
$2,408,740
$2.4M
Cap Rate 7%
$1,720,529
$1.7M
Cap Rate 9%
$1,338,189
$1.3M
Market Conditions
NOI Build-Up for 15,900 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
$149.9K $9.43/SF
− Vacancy
−$8.2K −$0.52/SF
EGI
$141.7K $8.91/SF
− OpEx
−$21.3K −$1.34/SF
NOI
$120.4K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$2,408,740
Cap Rate 7%
$1,720,529
Cap Rate 9%
$1,338,189
Alternative Uses
Best Use
Office B
$4.87M
$4.26M – $5.69M
NOI $341,150 @ 7.0% cap · market cap 15.16%
Second Best
Retail
$3.14M
$2.75M – $3.67M
NOI $219,973 @ 7.0% cap · market cap 9.78%
Theoretical Best
Office A
$7.50M
$6.56M – $8.75M
NOI $524,776 @ 7.0% cap · market cap 23.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - 15,900 SF property with office, warehouse, and automotive space.
Where is this retail property located?
The property is located at 3632-52 N Cicero Avenue 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: High‑visibility location on Cicero Avenue with 210' of frontage and traffic counts of 31,500 vehicles per day.; Versatile 15,900 SF property with office, showroom, warehouse, and automotive bay space.; 10,000 SF of private on‑site parking, plus two free city parking lots nearby.
