Edgewater Automotive Repair Redevelopment
For Sale
Contact for pricing
5407 N Broadway, Chicago, IL 60640
7,000 SF building in rapidly developing Edgewater neighborhood.
Property Size7,000 SF
Lot Size0.17 Acres
Price / SF$170.71
Days on Market807
Property Features for 5407 N Broadway
General Information
Standard status
Active
Size
7,000 SF
Lot size
0.17 Acres
Property subtype
Land
Zoning
B1-3
Listing Agency:
Chicago Real Estate Resources Inc
Listed By:
Nate Gautsche · License #IL 475120343
Source:
Crexi
Added: Jun 5, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:23AM
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 Chicago Real Estate Resources Inc
Investment Insights
Based on property information with market context.
This approximately 7,000 square foot barrel truss building presents an opportunity for purchase as an automotive repair business or for redevelopment in the rapidly developing Edgewater neighborhood. Situated on a 50' x 150' lot with alley access, the site is TOD Eligible with dash 3 zoning. The location offers proximity to the Berwyn Red Line CTA, approximately 832 feet away, and the Bryn Mawr Red Line CTA, approximately 1,192 feet away. Existing zoning permits 18 residential units above ground floor commercial within right. Parking requirement reductions are available due to TOD status. The development site is directly east of Lakewood Balmoral and Andersonville. Foster Beach and the Lakefront Trail are a 13-minute walk from the site.
Key Highlights
- TOD Eligible site with dash 3 zoning allowing for redevelopment with potential for 18 residential units above ground floor commercial.
- Proximity to Berwyn and Bryn Mawr Red Line CTA stations (~832' and ~1,192' respectively).
- Located in rapidly developing Edgewater, east of Lakewood Balmoral and Andersonville.
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
8.10%
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 8.10%
Second Best
Industrial
$627.1K
$548.7K – $731.6K
NOI $43,897 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,034 @ 7.0% cap · market cap 19.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,982
Businesses Nearby
167k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 24%
Groceries 23%
Home Improvements & Furnishings 5%
Mariano's
Groceries
38,415 visits/mo
0.3 miles
McDonald's
Dining
27,614 visits/mo
0.3 miles
Shell
Shops & Services
22,949 visits/mo
0.4 miles
BP
Shops & Services
17,307 visits/mo
0.2 miles
Chase Bank
Shops & Services
9,088 visits/mo
0.4 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- High Point Auto Service — 4922 N Clark St, Chicago, IL 60640
- Just Tires — 4809 N Broadway Ste 19, Chicago, IL 60640
- Al Medina Auto Repair — 4876 N Clark St, Chicago, IL 60640
- Protective Parking Services — 4882 n clark st, chicago, il 60640
- Belmont Auto Enterprises Inc — Chicago, IL 60640
Frequently Asked Questions
What type of property is this?
Auto shop - 7,000 SF building in rapidly developing Edgewater neighborhood.
Where is this auto shop located?
The property is located at 5407 N Broadway Chicago, IL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: TOD Eligible site with dash 3 zoning allowing for redevelopment with potential for **18 residential units above ground floor commercial.**; Proximity to **Berwyn and Bryn Mawr Red Line CTA stations** (~832' and ~1,192' respectively).; Located in rapidly developing Edgewater, east of Lakewood Balmoral and Andersonville.
