Fully Occupied Shopping
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For Sale
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4701-4729 North Pulaski Road, Chicago, IL 60630
Established retail and service tenancy serves a densely populated Chicago neighborhood with convenient regional access.
Property Size23,563 SF
Price / SF$221.32
Days on Market7
Property Features for 4701-4729 North Pulaski Road
General Information
Standard status
Active
Size
23,563 SF
Total Parking Spaces
43
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$365,131
Site & Location
Anchor Co-Tenants
Discovery Clothing, 1st Family Dental, Sally Beauty Supply, Spin Cycle, Mayfair Early Learning, Mobile Generation, Currency Exchange
Traffic Count
36,000 vehicles/day
Building Details
Year Built
1927
Year Renovated
2004
Buildings
2
Units
7
Tenancy
Multi
Listing Agency:
CBRE - Oak Brook
Listed By:
Adam Foret · License #IL 475160621
Source:
Crexi
Added: Aug 28
Changed: Sep 2
Last Checked: Sep 2 at 2:13PM
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 CBRE - Oak Brook
Investment Insights
Based on property information with market context.
Leland Plaza is a 23,563-square-foot shopping center at 4701-4729 North Pulaski Road in Chicago. Built in 1927, the property is fully occupied and anchored by Discovery Clothing, with additional tenants including 1st Family Dental, Sally Beauty Supply, Spin Cycle, Mayfair Early Learning, Mobile Generation, and Currency Exchange.
The center sits south of the Pulaski Road and Lawrence Avenue intersection, where traffic exceeds 36,000 vehicles per day. Interstate 90/94 is less than one mile away, and multiple CTA lines provide access to Chicago’s central business district. The property is located in the Albany Park neighborhood, approximately 10 miles from downtown Chicago.
The center sits south of the Pulaski Road and Lawrence Avenue intersection, where traffic exceeds 36,000 vehicles per day. Interstate 90/94 is less than one mile away, and multiple CTA lines provide access to Chicago’s central business district. The property is located in the Albany Park neighborhood, approximately 10 miles from downtown Chicago.
Key Highlights
- 23,563‑square‑foot shopping center at 4701‑4729 North Pulaski Road
- 100% occupied with Discovery Clothing as the anchor tenant
- Additional tenancy includes dental, beauty, laundry, learning, wireless, and currency‑exchange uses
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
$325,989
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
6.25%
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%
$6,519,780
$6.5M
Cap Rate 7%
$4,656,986
$4.7M
Cap Rate 9%
$3,622,100
$3.6M
Market Conditions
NOI Build-Up for 23,563 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
$509.0K $21.60/SF
− Vacancy
−$43.3K −$1.84/SF
EGI
$465.7K $19.76/SF
− OpEx
−$139.7K −$5.93/SF
NOI
$326.0K $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%
$6,519,780
Cap Rate 7%
$4,656,986
Cap Rate 9%
$3,622,100
Alternative Uses
Best Use
Retail
$4.66M
$4.07M – $5.43M
NOI $325,989 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.11M
$9.72M – $12.96M
NOI $777,692 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
36,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,864
Businesses Nearby
191k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 35%
Groceries 14%
Electronics 2%
Aldi
Groceries
26,529 visits/mo
0.3 miles
McDonald's
Dining
26,439 visits/mo
0.1 miles
Chase Bank
Shops & Services
19,841 visits/mo
0.1 miles
Dollar Tree
Shops & Services
18,539 visits/mo
0.3 miles
Wendy's
Dining
15,143 visits/mo
0.4 miles
Demographics for 60630, IL
54,064
Population
23,393
Households
2.3
Avg Household Size
40
Median Age
44%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
11,503
Density / Sq Mi
$97,134
Median Household Income
$54,576
Median Earnings
$1,357
Median Rent
$362,900
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?
Shopping center - Established retail and service tenancy serves a densely populated Chicago neighborhood with convenient regional access.
Where is this shopping center located?
The property is located at 4701-4729 North Pulaski Road Chicago, IL.
What is the asking price?
The asking price for this property is $5,215,000.
What are key features of this property?
This property features: 23,563‑square‑foot shopping center at 4701‑4729 North Pulaski Road; 100% occupied with Discovery Clothing as the anchor tenant; Additional tenancy includes dental, beauty, laundry, learning, wireless, and currency‑exchange uses
