Free-Standing Retail Building with
For Sale
$1,155,000
3711 W Lawrence Avenue, Chicago, IL 60625
Retail space with parking, drive-through, and development potential.
Property Size3,000 SF
Lot Size0.29 Acres
Price / SF$385
Days on Market350
Property Features for 3711 W Lawrence Avenue
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,724
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1983
Listing Agency:
COLDWELL BANKER REALTY
(312) 266-7000
Listed By:
KELLY WONG · License #475130230
(773) 732-1048
Source:
Corcoran
Added: Sep 22, 2025
Changed: Sep 5
Last Checked: Sep 5 at 8:15AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This property features a free-standing building with approximately 3,000 square feet of clear span space and includes two bathrooms and two exam rooms suitable for a doctor's office. The site, zoned B1-2, sits on a 100x125 lot, totaling approximately 12,500 square feet, and includes over 20 parking spaces with a drive-through driveway. The property has two entrances and exits and is located next to an alley. The zoning allows for various development opportunities, including condos, commercial retail spaces, strip centers, banks, and drive-thru restaurants. The location is near national retailers, fitness centers, restaurants, Circle K, 7-Eleven, and offices. It is conveniently located close to downtown and easily accessible from the expressway. The owner is willing to lease out the property and lease back six parking spaces for Tesla superchargers, presenting an investment opportunity.
Key Highlights
- Prime location with high development potential due to B1‑2 zoning, suitable for condos, retail, or restaurants.
- Free‑standing 3,000 sq ft clear span building with 2 bathrooms and 2 exam rooms.
- Over 20 parking spaces with a drive‑through driveway, a rare amenity in the area.
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
$41,504
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
3.59%
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%
$830,080
$830.1K
Cap Rate 7%
$592,914
$592.9K
Cap Rate 9%
$461,156
$461.2K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$5.5K −$1.84/SF
EGI
$59.3K $19.76/SF
− OpEx
−$17.8K −$5.93/SF
NOI
$41.5K $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%
$830,080
Cap Rate 7%
$592,914
Cap Rate 9%
$461,156
Alternative Uses
Best Use
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,166
Businesses Nearby
150k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 43%
Dining 32%
Groceries 18%
Electronics 3%
Aldi
Groceries
26,529 visits/mo
0.5 miles
McDonald's
Dining
26,439 visits/mo
0.2 miles
Chase Bank
Shops & Services
19,841 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,539 visits/mo
0.5 miles
Dollar Tree
Shops & Services
15,000 visits/mo
0.5 miles
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
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 - Retail space with parking, drive-through, and development potential.
Where is this retail space located?
The property is located at 3711 W Lawrence Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,155,000.
What are key features of this property?
This property features: Prime location with high development potential due to B1‑2 zoning, suitable for condos, retail, or restaurants.; Free‑standing **3,000 sq ft clear span building** with 2 bathrooms and 2 exam rooms.; Over **20 parking spaces with a drive‑through driveway**, a rare amenity in the area.
