Neighborhood Retail
For Sale
Contact for pricing
5430 West Devon Avenue, Chicago, IL 60646
Service-oriented tenants and daily-needs retailers occupy a well-established neighborhood shopping center in Chicago’s Edgebrook community.
Property Size11,902 SF
Price / SF$202.44
Days on Market126
Property Features for 5430 West Devon Avenue
General Information
Standard status
Active
Size
11,902 SF
Total Parking Spaces
6
Property subtype
Retail, Office, Mixed Use
Occupancy
87%
Lease Type
Net
Investment Type
Value Add
Net Operating Income
$168,664
Site & Location
Corner Location
Yes
Traffic Count
22,400 vehicles/day
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
CBRE - Oak Brook
Listed By:
Adam Foret · License #IL 475160621
Source:
Crexi
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 6:52AM
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 CBRE - Oak Brook
Investment Insights
Based on property information with market context.
This 11,902-square-foot neighborhood shopping center in Chicago’s Edgebrook community is occupied by a mix of service and daily-needs tenants, including USPS, Baird & Warner, Archie Doratie Co, Tax, Titles & Plates, and Little Nest. The property is currently 87.4% occupied and includes a 1,500-square-foot vacancy.
The center sits at the intersection of Devon Avenue and Kinzua Avenue, with Devon Avenue reporting 22,400 VPD. Metra’s Milwaukee District North Edgebrook Station is located just steps from the property, adding rail access to the surrounding commercial setting. The offering includes 100% fee simple interest in the retail center.
The center sits at the intersection of Devon Avenue and Kinzua Avenue, with Devon Avenue reporting 22,400 VPD. Metra’s Milwaukee District North Edgebrook Station is located just steps from the property, adding rail access to the surrounding commercial setting. The offering includes 100% fee simple interest in the retail center.
Key Highlights
- 11,902‑square‑foot neighborhood shopping center
- 87.4% occupied with a 1,500‑square‑foot vacancy
- 22,400 VPD reported along Devon Avenue
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
$164,662
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
6.83%
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%
$3,293,240
$3.3M
Cap Rate 7%
$2,352,314
$2.4M
Cap Rate 9%
$1,829,578
$1.8M
Market Conditions
NOI Build-Up for 11,902 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
$257.1K $21.60/SF
− Vacancy
−$21.9K −$1.84/SF
EGI
$235.2K $19.76/SF
− OpEx
−$70.6K −$5.93/SF
NOI
$164.7K $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%
$3,293,240
Cap Rate 7%
$2,352,314
Cap Rate 9%
$1,829,578
Alternative Uses
Best Use
Retail
$2.35M
$2.06M – $2.74M
NOI $164,662 @ 7.0% cap · market cap 6.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.61M
$4.91M – $6.55M
NOI $392,823 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22,400 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Home Improvements & Furnishings 24%
Dining 5%
BP
Shops & Services
16,318 visits/mo
0.1 miles
Edgebrook Ace Hardware
Home Improvements & Furnishings
5,767 visits/mo
0.1 miles
Domino's Pizza
Dining
1,119 visits/mo
0.1 miles
Associated Bank
Shops & Services
979 visits/mo
0.1 miles
Demographics for 60646, IL
28,383
Population
11,636
Households
2.4
Avg Household Size
44
Median Age
58%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
6,451
Density / Sq Mi
$111,115
Median Household Income
$66,105
Median Earnings
$1,241
Median Rent
$493,600
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?
Shopping center - Service-oriented tenants and daily-needs retailers occupy a well-established neighborhood shopping center in Chicago’s Edgebrook community.
Where is this shopping center located?
The property is located at 5430 West Devon Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,409,485.
What are key features of this property?
This property features: 11,902‑square‑foot neighborhood shopping center; 87.4% occupied with a 1,500‑square‑foot vacancy; 22,400 VPD reported along Devon Avenue
