Mechanic Shop Approved for
For Sale
Contact for pricing
3800 W Division St, Chicago, IL 60651
Three-bay mechanic shop with dealership approval.
Property Size1,600 SF
Price / SF$406.25
Days on Market1593
Property Features for 3800 W Division St
General Information
Standard status
Active
Size
1,600 SF
Total Parking Spaces
15
Property subtype
Retail
Zoning
b3-1
Building Details
Buildings
1
Units
1
Listing Agency:
RE/MAX Suburban
(847) 367-8686
Listed By:
Jason Bitton · License #IL475170841
Source:
Crexi
Added: Apr 14, 2022
Changed: Aug 22
Last Checked: Aug 22 at 6:17PM
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 RE/MAX Suburban
Investment Insights
Based on property information with market context.
This 1,600-square-foot property features a three-bay mechanic shop. It has been previously approved by the alderman for use as a car dealership.
Key Highlights
- 3‑bay mechanic shop ready for your business.
- Previously approved for a car dealership, offering great potential.
- Functioning mechanic shop.
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
$22,136
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
3.41%
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%
$442,720
$442.7K
Cap Rate 7%
$316,229
$316.2K
Cap Rate 9%
$245,956
$246.0K
Market Conditions
NOI Build-Up for 1,600 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
$34.6K $21.60/SF
− Vacancy
−$2.9K −$1.84/SF
EGI
$31.6K $19.76/SF
− OpEx
−$9.5K −$5.93/SF
NOI
$22.1K $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%
$442,720
Cap Rate 7%
$316,229
Cap Rate 9%
$245,956
Alternative Uses
Best Use
Retail
$316.2K
$276.7K – $368.9K
NOI $22,136 @ 7.0% cap · market cap 3.41%
Second Best
Industrial
$143.3K
$125.4K – $167.2K
NOI $10,034 @ 7.0% cap · market cap 1.54%
Theoretical Best
Office A
$754.4K
$660.1K – $880.1K
NOI $52,808 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,546
Businesses Nearby
53k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
12,018 visits/mo
0.3 miles
Family Dollar
Shops & Services
9,447 visits/mo
0.4 miles
AutoZone
Shops & Services
8,177 visits/mo
0.3 miles
Shell
Shops & Services
6,517 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
4,983 visits/mo
0.4 miles
Demographics for 60651, IL
62,819
Population
22,885
Households
2.7
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
17,948
Density / Sq Mi
$52,963
Median Household Income
$33,783
Median Earnings
$1,186
Median Rent
$262,700
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mas Collision Experts — 4342 W Chicago Ave, Chicago, IL 60651
- MASTACHE AUTO BODY Inc — 4348 W Chicago Ave, Chicago, IL 60651
- Sierra Tire & Auto Repair — 4112 W Chicago Ave, Chicago, IL 60651
- Snowman Auto — 4200 W Chicago Ave, Chicago, IL 60651
- Westside Tires & Brakes — 601 N Hamlin Ave, Chicago, IL 60624
Frequently Asked Questions
What type of property is this?
Auto shop - Three-bay mechanic shop with dealership approval.
Where is this auto shop located?
The property is located at 3800 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3‑bay mechanic shop ready for your business.; Previously approved for a car dealership, offering great potential.; Functioning mechanic shop.
