Retail Condominium with Prime Street
For Sale
Contact for pricing
4420-28 N Clark St, Chicago, IL 60640
Modern retail condominium with 40 feet of Clark Street frontage, 10-foot clear ceilings, and six deeded parking spaces.
Property Size4,000 SF
Price / SF$273.75
Days on Market57
Property Features for 4420-28 N Clark St
General Information
Standard status
Active
Size
4,000 SF
Class
A
Total Parking Spaces
2
Property subtype
Retail
Zoning
B1-2 Neighborhood Shopping District
Investment Type
Owner/User
Additional Details
Frontage
40 ft
Amenities
contemporary track lighting
monitored security system
three separate entrances
three finished restrooms
kitchenette
separate utility metering
Building Details
Year Built
2008
Year Renovated
2008
Stories
5
Listing Agency:
Mark B. Weiss Real Estate
Listed By:
Mark B Weiss · License #IL 471007694
(773) 871-1818
Source:
Crexi
Added: Jul 22
Changed: Sep 13
Last Checked: Sep 16 at 1:47PM
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 Mark B. Weiss Real Estate
Investment Insights
Based on property information with market context.
4420-28 N. Clark Street is a modern 4,000-square-foot retail condominium built in 2008, designed with an expansive open floor plan for flexible merchandising and tenant layouts. The space features approximately 10-foot clear ceiling heights, contemporary track lighting, and a monitored security system. It includes three separate entrances, three finished restrooms, and a convenient kitchenette. The property also has separate utility metering, supporting the option to subdivide into as many as three individual commercial suites.
The asset benefits from 40 feet of prime frontage along Clark Street, positioned in Chicago’s Andersonville/Uptown commercial corridor with pedestrian activity and strong vehicle traffic. Zoned B1-2 Neighborhood Shopping District, the space is set up to accommodate a wide range of neighborhood-oriented commercial uses.
Six deeded parking spaces support customer and employee access, including four indoor garage spaces and two exterior spaces.
The asset benefits from 40 feet of prime frontage along Clark Street, positioned in Chicago’s Andersonville/Uptown commercial corridor with pedestrian activity and strong vehicle traffic. Zoned B1-2 Neighborhood Shopping District, the space is set up to accommodate a wide range of neighborhood-oriented commercial uses.
Six deeded parking spaces support customer and employee access, including four indoor garage spaces and two exterior spaces.
Key Highlights
- 4,000‑square‑foot retail condominium constructed in 2008
- 40 feet of Clark Street frontage
- Approximately 10‑foot clear ceiling heights
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
$55,339
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
5.05%
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%
$1,106,780
$1.1M
Cap Rate 7%
$790,557
$790.6K
Cap Rate 9%
$614,878
$614.9K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$7.3K −$1.84/SF
EGI
$79.1K $19.76/SF
− OpEx
−$23.7K −$5.93/SF
NOI
$55.3K $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%
$1,106,780
Cap Rate 7%
$790,557
Cap Rate 9%
$614,878
Alternative Uses
Best Use
Retail
$790.6K
$691.7K – $922.3K
NOI $55,339 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,019 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,049
Businesses Nearby
93k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Groceries 35%
Office Supplies 13%
Dining 13%
Aldi
Groceries
32,487 visits/mo
0.4 miles
Staples
Office Supplies
12,326 visits/mo
0.2 miles
Mobil
Shops & Services
7,262 visits/mo
0.5 miles
7-Eleven
Shops & Services
7,133 visits/mo
0.1 miles
BP
Shops & Services
6,740 visits/mo
0.5 miles
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
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?
Retail space - Modern retail condominium with 40 feet of Clark Street frontage, 10-foot clear ceilings, and six deeded parking spaces.
Where is this retail space located?
The property is located at 4420-28 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 4,000‑square‑foot retail condominium constructed in 2008; 40 feet of Clark Street frontage; Approximately 10‑foot clear ceiling heights
