Two-Unit Mixed-Use Retail
New
For Sale
$399,000
4233-39 N Kedzie Ave., Chicago, IL 60618
Newer-construction storefront property with flexible retail and office layouts in a mixed-use building.
Property Size2,020 SF
Price / SF$203.57
Days on Market2
Property Features for 4233-39 N Kedzie Ave.
General Information
Standard status
Active
Size
2,020 SF
Property subtype
Retail - Street Retail
Additional Details
Road Access
Yes
Amenities
private offices
washroom
utility room
Building Details
Building Size
2,020 SF
Year Built
2007
Year Renovated
2017
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
First Western Properties
(773) 355-4780
Listed By:
Paul Tsakiris · License #471005153
Source:
Commercialcafe
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 2:41AM
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 First Western Properties
Investment Insights
Based on property information with market context.
This mixed-use property contains two retail storefront units within a 2007 building. The spaces measure 1,154 square feet and 806 square feet and may be combined or occupied separately. Interior layouts include open retail areas, private offices, a washroom, and a utility room. One unit is immediately available, while the short lease terms provide flexibility for future occupancy changes or lease restructuring.
The property is located at 4233-39 N. Kedzie Ave. in Chicago’s Old Irving Park neighborhood, just north of the Irving Park and Kedzie intersection. It sits across from Cermak Produce and benefits from exposure along Kedzie Avenue. The commercial configuration supports both user occupancy and continued retail leasing, with NNN lease terms identified for the available space.
The property is located at 4233-39 N. Kedzie Ave. in Chicago’s Old Irving Park neighborhood, just north of the Irving Park and Kedzie intersection. It sits across from Cermak Produce and benefits from exposure along Kedzie Avenue. The commercial configuration supports both user occupancy and continued retail leasing, with NNN lease terms identified for the available space.
Key Highlights
- Two retail units measuring 1,154 square feet and 806 square feet
- 2007 mixed‑use building with newer construction
- Units can be occupied separately or combined
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
$33,075
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
8.29%
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%
$661,500
$661.5K
Cap Rate 7%
$472,500
$472.5K
Cap Rate 9%
$367,500
$367.5K
Market Conditions
NOI Build-Up for 1,960 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
$58.8K $30.00/SF
− Vacancy
−$5.9K −$3.00/SF
EGI
$52.9K $27.00/SF
− OpEx
−$19.8K −$10.13/SF
NOI
$33.1K $16.88/SF
Area
ZIP 60618
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$661,500
Cap Rate 7%
$472,500
Cap Rate 9%
$367,500
Alternative Uses
Best Use
Mixed Use
$472.5K
$413.4K – $551.3K
NOI $33,075 @ 7.0% cap · market cap 8.29%
Second Best
Retail
$393.8K
$344.6K – $459.5K
NOI $27,568 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$856.4K
$749.3K – $999.1K
NOI $59,946 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,997
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Shops & Services 13%
Home Improvements & Furnishings 4%
McDonald's
Dining
28,743 visits/mo
0.4 miles
7-Eleven
Shops & Services
4,380 visits/mo
0.4 miles
Jays True Value
Home Improvements & Furnishings
1,216 visits/mo
0.5 miles
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
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?
Mixed-use property - Newer-construction storefront property with flexible retail and office layouts in a mixed-use building.
Where is this mixed-use property located?
The property is located at 4233-39 N Kedzie Ave. Chicago, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two retail units measuring 1,154 square feet and 806 square feet; 2007 mixed‑use building with newer construction; Units can be occupied separately or combined
