Corner Auto
For Sale
$475,000
5300 S Western Avenue, Chicago, IL 60609
Existing automotive service operation with customer parking and access from two streets.
Property Size1,200 SF
Price / SF$395.83
Days on Market163
Property Features for 5300 S Western Avenue
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
30
Property subtype
Business Opportunity
Zoning
COMMR
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,693
Building Details
Building Size
1,200 SF
Stories
1
Listing Agency:
RE/MAX Mi Casa
(773) 767-1616
Listed By:
Ubaldo Garcia · License #471001599
(773) 767-1616
Source:
Gia-sells
Added: Mar 20
Changed: Aug 28
Last Checked: Aug 25 at 7:32AM
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 RE/MAX Mi Casa
Investment Insights
Based on property information with market context.
This auto shop is positioned at the corner of S Western Ave and 53rd Street in Chicago. The established operation has been used for mechanic, muffler, and tire services, with open customer parking for 30 cars.
Access is available from both Western Ave and 53rd Street. The property is currently leased on a month-to-month basis, providing an existing occupancy arrangement for the next owner.
Access is available from both Western Ave and 53rd Street. The property is currently leased on a month-to-month basis, providing an existing occupancy arrangement for the next owner.
Key Highlights
- Corner location at S Western Ave and 53rd Street
- Open parking for 30 cars
- Access from both Western Ave and 53rd Street
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
$16,602
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
3.50%
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%
$332,040
$332.0K
Cap Rate 7%
$237,171
$237.2K
Cap Rate 9%
$184,467
$184.5K
Market Conditions
NOI Build-Up for 1,200 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
$25.9K $21.60/SF
− Vacancy
−$2.2K −$1.84/SF
EGI
$23.7K $19.76/SF
− OpEx
−$7.1K −$5.93/SF
NOI
$16.6K $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%
$332,040
Cap Rate 7%
$237,171
Cap Rate 9%
$184,467
Alternative Uses
Best Use
Retail
$237.2K
$207.5K – $276.7K
NOI $16,602 @ 7.0% cap · market cap 3.50%
Second Best
Industrial
$107.5K
$94.1K – $125.4K
NOI $7,525 @ 7.0% cap · market cap 1.58%
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,606 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,509
Businesses Nearby
92k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 51%
Shops & Services 45%
Electronics 3%
Dining 1%
Tony's Fresh Market
Groceries
46,822 visits/mo
0.2 miles
Dollar Tree
Shops & Services
9,356 visits/mo
0.2 miles
7-Eleven
Shops & Services
8,529 visits/mo
0.1 miles
Mobil
Shops & Services
8,368 visits/mo
0.1 miles
Shell
Shops & Services
6,656 visits/mo
0.1 miles
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
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?
Auto shop - Existing automotive service operation with customer parking and access from two streets.
Where is this auto shop located?
The property is located at 5300 S Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Corner location at S Western Ave and 53rd Street; Open parking for 30 cars; Access from both Western Ave and 53rd Street
