Corner Storefront Property with Flexible
For Sale
$1,890,000
50 E 16th Street C-1a, Chicago, IL 60616
Commercial storefront with multiple entrances and access to South Loop destinations, transit, restaurants, and retail services.
Property Size7,000 SF
Price / SF$270
Days on Market13
Property Features for 50 E 16th Street C-1a
General Information
Standard status
Active
Size
7,000 SF
Additional Details
Corner Location
Yes
Building Details
Year Built
2009
Listing Agency:
Century 21 Realty Associates
(312) 428-9123
Listed By:
Wen Kai Chueh
Source:
Amyboston.realtopiare
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 8:37PM
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 Century 21 Realty Associates
Investment Insights
Based on property information with market context.
This 7,000-square-foot storefront property was built in 2009 and occupies a corner position at 16th Street and Wabash. Multiple entrances support a flexible interior configuration, including the possibility of separating the space for multiple tenants. The property has frontage on Wabash and is positioned in Chicago’s South Loop.
The surrounding area includes Columbia College, retail shops, restaurants, Mariano’s, Soldier Field, the Field Museum, the Lakefront, Fred Anderson Dog Park, and McCormick Place Convention Center. Transportation access includes the Red Line, Roosevelt CTA, and buses, with street parking nearby.
The surrounding area includes Columbia College, retail shops, restaurants, Mariano’s, Soldier Field, the Field Museum, the Lakefront, Fred Anderson Dog Park, and McCormick Place Convention Center. Transportation access includes the Red Line, Roosevelt CTA, and buses, with street parking nearby.
Key Highlights
- 7,000 SF storefront property built in 2009
- Corner location at 16th Street and Wabash with frontage on Wabash
- Multiple entrances support potential subdivision for multiple tenants
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
$96,844
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
5.12%
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%
$1,936,880
$1.9M
Cap Rate 7%
$1,383,486
$1.4M
Cap Rate 9%
$1,076,044
$1.1M
Market Conditions
NOI Build-Up for 7,000 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
$151.2K $21.60/SF
− Vacancy
−$12.9K −$1.84/SF
EGI
$138.3K $19.76/SF
− OpEx
−$41.5K −$5.93/SF
NOI
$96.8K $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%
$1,936,880
Cap Rate 7%
$1,383,486
Cap Rate 9%
$1,076,044
Alternative Uses
Best Use
Retail
$1.38M
$1.21M – $1.61M
NOI $96,844 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,034 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,907
Businesses Nearby
181k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 53%
Dining 29%
Shops & Services 17%
Mariano's
Groceries
50,480 visits/mo
0.2 miles
Jewel-Osco
Groceries
46,012 visits/mo
0.5 miles
White Castle
Dining
23,545 visits/mo
0.4 miles
Pizanos Pizza
Dining
13,973 visits/mo
0.4 miles
Chase Bank
Shops & Services
11,972 visits/mo
0.3 miles
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
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?
Storefront property - Commercial storefront with multiple entrances and access to South Loop destinations, transit, restaurants, and retail services.
Where is this storefront property located?
The property is located at 50 E 16th Street C-1a Chicago, IL.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: 7,000 SF storefront property built in 2009; Corner location at 16th Street and Wabash with frontage on Wabash; Multiple entrances support potential subdivision for multiple tenants
