Building Details

Building Size 2,370 SF

Year Built 1949

Listing Agency: SVN | Chicago Commercial w***@svn.com Show Phone

Listed By: Wayne Caplan · License #475132248

Source: Svnchicago

Added: Nov 21, 2025 Changed: Aug 8 Last Checked: Aug 24 at 5:08AM

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Investment Insights

Based on property information with market context.

Located on Park Drive across from the Metra station in Kenilworth, Illinois, this 2,370 square foot single-story commercial building is suitable for retail, office, or service businesses. The property benefits from street parking and visibility. Situated in Kenilworth's B-Business District and the village's TIF district, the current zoning allows for a 3+ story structure. There is potential for assemblage of up to approximately 11,000 square feet of land. Kenilworth is an affluent north shore suburban area of Chicago, approximately 15 miles from downtown. Green Bay Road serves as the major north-south commercial corridor in this area, which includes Winnetka and Wilmette.

Key Highlights

• Located across from the Kenilworth Metra station in an affluent Chicago suburb.
• Flexible B‑Business zoning allows for various uses.
• Potential for assemblage of up to 11,000 SF of land for new development.

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

$32,896

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

5.49%

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%

$657,920 $657.9K

Cap Rate 7%

$469,943 $469.9K

Cap Rate 9%

$365,511 $365.5K

Market Conditions

NOI Build-Up for 2,370 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

$51.2K $21.60/SF

− Vacancy

−$4.2K −$1.77/SF

EGI

$47.0K $19.83/SF

− OpEx

−$14.1K −$5.95/SF

NOI

$32.9K $13.88/SF

Area

Cook County, IL

Vacancy

8.20%

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%

$657,920

Cap Rate 7%

$469,943

Cap Rate 9%

$365,511

Alternative Uses

Best Use

Retail

$469.9K

$411.2K – $548.3K (±1% cap)

NOI $32,896 @ 7.0% cap · market cap 5.49%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$818.3K

$716.0K – $954.6K (±1% cap)

NOI $57,278 @ 7.0% cap · market cap 9.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Federalist Antiques Home Decor Store

Suggested Use

Top Pick Hair Salon Pharmacy Auto Parts Store Nail Salon Grocery & Convenience Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

878

Businesses Nearby

2k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 54% Home Improvements & Furnishings 46%

Jiffy Lube Shops & Services

1,270 visits/mo 0.3 miles

Sherwin-Williams Paint Store Home Improvements & Furnishings

1,066 visits/mo 0.3 miles

Demographics for 60043, IL

2,514

Population

815

Households

3.1

Avg Household Size

42

Median Age

92%

College-Educated

100%

High-School Grad

0.6 sq mi

ZIP Area

4,190

Density / Sq Mi

$250,001

Median Household Income

$152,813

Median Earnings

$3,501

Median Rent

$1,409,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Storefront property - Single-story commercial building suitable for retail, office, or service business.

Where is this storefront property located?

The property is located at 515 Park Drive Kenilworth, IL.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Located across from the Kenilworth Metra station in an affluent Chicago suburb.; Flexible B‑Business zoning allows for various uses.; Potential for assemblage of up to 11,000 SF of land for new development.