Corner Retail
For Sale
Contact for pricing
39-41 N Morgan St., Chicago, IL 60607
A 1,583-square-foot unit occupies a visible corner within a four-story condominium building.
Property Size1,583 SF
Price / SF$284.27
Days on Market79
Property Features for 39-41 N Morgan St.
General Information
Standard status
Active
Size
1,583 SF
Property subtype
Retail
Zoning
DX-3
Site & Location
Corner Location
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1583
Buildings
1
Stories
4
Listing Agency:
Millennium Properties R/E
Listed By:
Daniel Hyman · License #IL 471.013658x
(312) 338-3000
Source:
Crexi
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 30 at 9:08PM
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 Millennium Properties R/E
Investment Insights
Based on property information with market context.
This 1,583-square-foot retail space is positioned within a four-story condominium building and occupies a traffic-signalized corner. The unit previously served as a bank and is designated DX-3. Its retail and office configuration provides a commercial presence in the West Loop.
The property is located at 39-41 N. Morgan St. in Chicago’s Jackson Boulevard District, near downtown Chicago. Restaurants, shopping, and entertainment surround the area, while public and vehicular transportation provide access to the property.
The property is located at 39-41 N. Morgan St. in Chicago’s Jackson Boulevard District, near downtown Chicago. Restaurants, shopping, and entertainment surround the area, while public and vehicular transportation provide access to the property.
Key Highlights
- 1,583‑square‑foot retail space
- Traffic‑signalized corner position
- Located in a four‑story condominium building
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
$33,965
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
7.55%
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%
$679,300
$679.3K
Cap Rate 7%
$485,214
$485.2K
Cap Rate 9%
$377,389
$377.4K
Market Conditions
NOI Build-Up for 1,583 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
$60.8K $38.40/SF
− Vacancy
−$15.5K −$9.79/SF
EGI
$45.3K $28.61/SF
− OpEx
−$11.3K −$7.15/SF
NOI
$34.0K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$679,300
Cap Rate 7%
$485,214
Cap Rate 9%
$377,389
Alternative Uses
Best Use
Office B
$485.2K
$424.6K – $566.1K
NOI $33,965 @ 7.0% cap · market cap 7.55%
Second Best
Retail
$312.9K
$273.8K – $365.0K
NOI $21,900 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$746.4K
$653.1K – $870.8K
NOI $52,247 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8,781
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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 space - A 1,583-square-foot unit occupies a visible corner within a four-story condominium building.
Where is this retail space located?
The property is located at 39-41 N Morgan St. Chicago, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,583‑square‑foot retail space; Traffic‑signalized corner position; Located in a four‑story condominium building
