Free Standing Building For
For Sale
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525 W 119th St, Chicago, IL 60628
700sf building on 5,250sf site, ideal for fast food.
Property Size700 SF
Lot Size0.12 Acres
Price / SF$198.57
Days on Market2056
Property Features for 525 W 119th St
General Information
Standard status
Active
Size
700 SF
Class
C
Lot size
0.12 Acres
Property subtype
Office
Zoning
B1-1
Occupancy
100%
Lease Type
Absolute Net
Building Details
Tenancy
Single
Listing Agency:
Network Real Estate Group
Listed By:
Neil Haleem · License #IL 37077037778HN
(708) 927-8000
Source:
Crexi
Added: Jan 18, 2021
Changed: Sep 4
Last Checked: Sep 1 at 11:59AM
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 Network Real Estate Group
Investment Insights
Based on property information with market context.
This is a 700 square foot free standing building situated on a 5,250 square foot site. The property is located at the southeast corner of 119th Street and Parnell Avenue. It is for sale and is ideally suited for fast food or small retail businesses. There is potential for a drive thru. The site is located in a TIF district.
Key Highlights
- Ideal location for fast food or small retail business
- Potential for adding a drive‑thru
- Located in a TIF district
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
$9,684
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
6.97%
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%
$193,680
$193.7K
Cap Rate 7%
$138,343
$138.3K
Cap Rate 9%
$107,600
$107.6K
Market Conditions
NOI Build-Up for 700 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
$15.1K $21.60/SF
− Vacancy
−$1.3K −$1.84/SF
EGI
$13.8K $19.76/SF
− OpEx
−$4.2K −$5.93/SF
NOI
$9.7K $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%
$193,680
Cap Rate 7%
$138,343
Cap Rate 9%
$107,600
Alternative Uses
Best Use
Retail
$138.3K
$121.1K – $161.4K
NOI $9,684 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$330.0K
$288.8K – $385.1K
NOI $23,103 @ 7.0% cap · market cap 16.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
52k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 36%
Apparel 9%
Electronics 3%
Wendy's
Dining
15,572 visits/mo
0.4 miles
Chase Bank
Shops & Services
15,087 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,730 visits/mo
0.4 miles
AutoZone
Shops & Services
4,555 visits/mo
0.5 miles
Citi Trends
Apparel
4,549 visits/mo
0.4 miles
Demographics for 60628, IL
62,832
Population
28,736
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
5,712
Density / Sq Mi
$49,719
Median Household Income
$35,974
Median Earnings
$1,168
Median Rent
$158,500
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 - 700sf building on 5,250sf site, ideal for fast food.
Where is this storefront property located?
The property is located at 525 W 119th St Chicago, IL.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: Ideal location for fast food or small retail business; Potential for adding a drive‑thru; Located in a TIF district
