Mixed-Use Redevelopment
4851 N Western Avenue Chicago, IL 60625
For Sale
Contact for pricing
Vacant land at 126' x 106' with existing furniture showroom and 17' ceilings.
Property Size13,358 SF
Lot Size0.31 Acres
Price / SF$186.78
Days on Market98
Property Features for 4851 N Western Avenue
General Information
- Standard status
- Active
- Size
- 13,358 SF
- Lot size
- 0.31 Acres
- Property subtype
- Retail, Mixed Use, Land
Listing Agency:
L.J. Sheridan & Co. Corporate
(312) 738-9502
Listed By:
Miraya Vlacho · License #478000190
Source:
Crexi
Added: Apr 17
Changed: Jul 22
Last Checked: Jul 22 at 4:28PM
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 L.J. Sheridan & Co. Corporate
Investment Insights
Based on property information with market context.
This offering is a mixed-use redevelopment land parcel featuring dimensions of 126' x 106' and an existing furniture showroom with 17' ceilings. The property is described as subject to Western Ave ARO, and environmental reports I and II are available.
The parcel is positioned for transit-oriented development, with redevelopment plans described as older plans for a four-story commercial/residential project including parking in the lower level. The seller indicates zoning as B3-3 and notes plans to redevelop into commercial/residential. Existing details also mention the opportunity to discuss a short-term lease back after closing, and that the property is currently in furniture showroom use.
The site is identified as approximately 13,358 square feet, and the remarks state it is walkable to the Western Ave Brown Line and shops in Lincoln Square.
The parcel is positioned for transit-oriented development, with redevelopment plans described as older plans for a four-story commercial/residential project including parking in the lower level. The seller indicates zoning as B3-3 and notes plans to redevelop into commercial/residential. Existing details also mention the opportunity to discuss a short-term lease back after closing, and that the property is currently in furniture showroom use.
The site is identified as approximately 13,358 square feet, and the remarks state it is walkable to the Western Ave Brown Line and shops in Lincoln Square.
Key Highlights
- Vacant land lot measuring 126' x 106' (13,358 SF) at Lincoln Sq.
- B3‑3 zoning, with redevelopment planned for commercial/residential use.
- Current structure includes a furniture showroom with 17' ceilings.
Financial Insights For Retail
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 | $288.5k | $21.60 |
| − Vacancy | −$24.5k | −$1.84 |
| EGI | $264.0k | $19.76 |
| − OpEx | −$79.2k | −$5.93 |
| NOI | $184.8k | $13.83 |
13,358 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.64M
$2.31M – $3.08M
NOI $184,805 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.30M
$5.51M – $7.35M
NOI $440,878 @ 7.0% cap · market cap 17.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Decorium Furniture
Furniture & Home Goods
FAQs
What type of property is this?
Commercial land - Vacant land at 126' x 106' with existing furniture showroom and 17' ceilings.
Where is this commercial land located?
The property is located at 4851 N Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Vacant land lot measuring 126' x 106' (13,358 SF) at Lincoln Sq.; B3‑3 zoning, with redevelopment planned for commercial/residential use.; Current structure includes a furniture showroom with 17' ceilings.
