Lincoln Square Redevelopment
4820 N Western Avenue Chicago, IL 60625
4820 N Western Avenue, Chicago, IL, 60625
$4,950,000
For Sale
$4,950,000
Vacant 18,000 SF building in Chicago's Lincoln Square.
Property Size18,000 SF
Lot Size0.19 Acres
Price / SF$275
Days on Market585
Property Features for 4820 N Western Avenue
General Information
- Standard status
- Active
- Size
- 18,000 SF
- Lot size
- 0.19 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1910
Listing agency
BAIRD & WARNER
(312) 640-7010
Listed by
WESLEY JONBERG · License #475124475
Source
Corcoran
Added: Dec 13, 2024 Updated: Jul 10 at 12:57PM Checked: Jul 21 at 6:02AM
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 BAIRD & WARNER
Investment Insights
Based on property information with market context.
Located at 4810-4820 North Western Ave. in Chicago's Lincoln Square neighborhood, this property presents a development or redevelopment opportunity. The property is a vacant two-story building with 18,000 square feet of gross leasable area (GLA) on an 8,276 square foot lot. Zoned B3-2, the property is situated in a mixed commercial and residential city setting. It features 90.03 feet of frontage on Western Avenue, which experiences traffic counts exceeding 34,500 vehicles per day. Recent neighborhood investments, including new construction condos, rentals, restaurants, nightlife, and supermarkets, have attracted new homeowners and tenants to the area.
Key Highlights
- Prime Lincoln Square location in a dense, affluent neighborhood.
- High traffic count of over 34,500 vehicles per day on Western Avenue.
- Significant frontage of 90.03' on Western Avenue.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $691.2k | $38.40 |
| − Vacancy | −$176.3k | −$9.79 |
| EGI | $514.9k | $28.61 |
| − OpEx | −$128.7k | −$7.15 |
| NOI | $386.2k | $21.46 |
18,000 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$5.52M
$4.83M – $6.44M
NOI $386,208 @ 7.0% cap · market cap 7.80%
Second Best
Mixed Use
$4.34M
$3.80M – $5.06M
NOI $303,750 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$8.49M
$7.43M – $9.90M
NOI $594,086 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Vacant 18,000 SF building in Chicago's Lincoln Square.
Where is this mixed-use property located?
The property is located at 4820 N Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Prime Lincoln Square location in a dense, affluent neighborhood.; High traffic count of over 34,500 vehicles per day on Western Avenue.; Significant frontage of 90.03' on Western Avenue.
