Indoor Parking Space For
For Sale
$155,000
5320 N Sheridan Road #310, Chicago, IL 60640
Deeded parking space in Edgewater's Metropolitan Condominium building.
Property Size595 SF
Days on Market183
Property Features for 5320 N Sheridan Road #310
General Information
Standard status
Active
Size
595 SF
Property subtype
Apartment
Building Details
Building Size
595 SF
Year Built
1984
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
David Duncan
(312) 217-5421
Source:
Chicago-home-listings.kw
Added: Mar 5
Changed: Sep 3
Last Checked: Sep 4 at 2:13AM
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 Jameson Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
A deeded parking space is available for purchase in the Metropolitan Condominium building, located at 5320 N. Sheridan Road in Edgewater. The secure, indoor parking space, designated as C41, is situated on the second floor of the garage. The location is across the street from shopping and on the 147 express bus line. Ownership of a condominium unit or residency in the building is not a requirement for purchase.
Key Highlights
- Deeded parking space in a secure, indoor garage.
- Purchaser does not need to own a condominium unit or reside in the building.
- Located in the Metropolitan Condominium building at 5320 N. Sheridan Road in Edgewater.
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
$8,232
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
5.31%
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%
$164,640
$164.6K
Cap Rate 7%
$117,600
$117.6K
Cap Rate 9%
$91,467
$91.5K
Market Conditions
NOI Build-Up for 595 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
$12.9K $21.60/SF
− Vacancy
−$1.1K −$1.84/SF
EGI
$11.8K $19.76/SF
− OpEx
−$3.5K −$5.93/SF
NOI
$8.2K $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%
$164,640
Cap Rate 7%
$117,600
Cap Rate 9%
$91,467
Alternative Uses
Best Use
Retail
$117.6K
$102.9K – $137.2K
NOI $8,232 @ 7.0% cap · market cap 5.31%
Second Best
Industrial
$53.3K
$46.6K – $62.2K
NOI $3,731 @ 7.0% cap · market cap 2.41%
Theoretical Best
Office A
$280.5K
$245.5K – $327.3K
NOI $19,638 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,785
Businesses Nearby
149k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Groceries 26%
Dining 22%
Home Improvements & Furnishings 5%
Mariano's
Groceries
38,415 visits/mo
0.2 miles
McDonald's
Dining
27,614 visits/mo
0.3 miles
Shell
Shops & Services
22,949 visits/mo
0.5 miles
BP
Shops & Services
17,307 visits/mo
0.3 miles
Chase Bank
Shops & Services
9,088 visits/mo
0.5 miles
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
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?
Parking lot & garage - Deeded parking space in Edgewater's Metropolitan Condominium building.
Where is this parking lot & garage located?
The property is located at 5320 N Sheridan Road #310 Chicago, IL.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Deeded parking space in a secure, indoor garage.; Purchaser does not need to own a condominium unit or reside in the building.; Located in the Metropolitan Condominium building at 5320 N. Sheridan Road in Edgewater.
