Updated Connected
For Sale
$589,000
5829 W Irving Park Rd, Chicago, IL 60634
Three refreshed retail suites offer flexible connected layouts, dedicated rear parking, and prominent Irving Park Road exposure.
Property Size3,000 SF
Price / SF$196.33
Days on Market26
Property Features for 5829 W Irving Park Rd
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
9
Amenities
LED lighting
network cabling
Building Details
Year Built
1928
Listing Agency:
Gateway Realty LLC
(773) 792-0909
Listed By:
William Darling · License #471017558
Source:
Grandviewrealtyservices
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 25 at 5:57AM
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 Gateway Realty LLC
Investment Insights
Based on property information with market context.
This retail property comprises three connected storefront units totaling 3,000 square feet, with interior doorways linking the spaces. Each 1,000-square-foot unit has been updated with 100-amp electrical service, a high-efficiency gas furnace and A/C system, thermopane glass, aluminum storefronts, finished flooring, LED lighting, and network cabling. The 1928-built property accommodates retail or storefront operations in a configuration that can function as one larger space or multiple suites.
The property is located at 5829 W Irving Park Rd in Chicago, with strong exposure along Irving Park Road. It sits two doors west of the Jesuit Millennium Center, which has 5000+ members. Rear parking is accessed from the alley and secured by a 12-foot sliding gate and an 8-foot perimeter fence topped with barbed wire. Nine securely lit parking spaces are included at the rear.
The property is located at 5829 W Irving Park Rd in Chicago, with strong exposure along Irving Park Road. It sits two doors west of the Jesuit Millennium Center, which has 5000+ members. Rear parking is accessed from the alley and secured by a 12-foot sliding gate and an 8-foot perimeter fence topped with barbed wire. Nine securely lit parking spaces are included at the rear.
Key Highlights
- Three connected storefront units totaling 3,000 square feet
- Each unit measures 1,000 square feet and includes interior connecting doorways
- Updated with 100‑amp electric service, high‑efficiency gas furnace and A/C
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
$41,640
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
7.07%
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%
$832,800
$832.8K
Cap Rate 7%
$594,857
$594.9K
Cap Rate 9%
$462,667
$462.7K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$5.3K −$1.77/SF
EGI
$59.5K $19.83/SF
− OpEx
−$17.8K −$5.95/SF
NOI
$41.6K $13.88/SF
Area
ZIP 60634
Vacancy
8.20%
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%
$832,800
Cap Rate 7%
$594,857
Cap Rate 9%
$462,667
Alternative Uses
Best Use
Retail
$594.9K
$520.5K – $694.0K
NOI $41,640 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$818.0K
$715.8K – $954.4K
NOI $57,262 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,502
Businesses Nearby
75k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 42%
McDonald's
Dining
28,442 visits/mo
0.2 miles
Dollar Tree
Shops & Services
24,040 visits/mo
0.2 miles
7-Eleven
Shops & Services
12,425 visits/mo
0.3 miles
BMO Harris Bank
Shops & Services
6,903 visits/mo
0.2 miles
Giordano's
Dining
1,606 visits/mo
0.2 miles
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Storefront property - Three refreshed retail suites offer flexible connected layouts, dedicated rear parking, and prominent Irving Park Road exposure.
Where is this storefront property located?
The property is located at 5829 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Three connected storefront units totaling 3,000 square feet; Each unit measures 1,000 square feet and includes interior connecting doorways; Updated with 100‑amp electric service, high‑efficiency gas furnace and A/C
