Walgreens on Hard
For Sale
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6016 W 63rd St, Chicago, IL 60638
Located near Chicago Midway Airport and dense residential area.
Property Size14,050 SF
Price / SF$335.59
Days on Market165
Property Features for 6016 W 63rd St
General Information
Standard status
Active
Size
14,050 SF
Total Parking Spaces
32
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Stabilized
Net Operating Income
$351,250
Building Details
Year Built
2001
Tenancy
Single
Listing Agency:
Equity Investment Advisors
Listed By:
Rich Lydon · License #CA 01466991
Source:
Crexi
Added: Feb 27
Changed: Aug 11
Last Checked: Aug 9 at 6:48AM
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 Equity Investment Advisors
Investment Insights
Based on property information with market context.
Located approximately 10 miles southwest of downtown Chicago, this property is positioned on a hard corner at the signalized intersection of W 63rd Street and S Austin Avenue. Chicago Midway International Airport, with approximately 172 domestic and 8 international departures daily, is located less than 3 miles from the site. The property is diagonally across from 7-Eleven and proximate to Fair Share, Little Learners Daycare, BMO Harris Bank, Hoyne Savings Bank, Family Dollar, Metro by T-Mobile, and Dunkin’. The surrounding area features a dense residential concentration, with 8,371 households and 22,750 individuals within a 1-mile radius. The property is located within the Chicago-Naperville-Elgin MSA, which has a population of 9.5 million. The property size is 14,050 square feet.
Key Highlights
- Located on a hard corner at a signalized intersection (W 63rd Street and S Austin Avenue).
- Proximity to Chicago Midway International Airport (less than 3 miles).
- High‑density residential area with 8,371 households and 22,750 individuals within a 1‑mile radius.
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
$261,499
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
5.55%
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%
$5,229,980
$5.2M
Cap Rate 7%
$3,735,700
$3.7M
Cap Rate 9%
$2,905,544
$2.9M
Market Conditions
NOI Build-Up for 14,050 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
$370.9K $26.40/SF
− Vacancy
−$22.3K −$1.58/SF
EGI
$348.7K $24.82/SF
− OpEx
−$87.2K −$6.20/SF
NOI
$261.5K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$5,229,980
Cap Rate 7%
$3,735,700
Cap Rate 9%
$2,905,544
Alternative Uses
Best Use
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,499 @ 7.0% cap · market cap 5.55%
Second Best
Retail
$2.78M
$2.43M – $3.24M
NOI $194,379 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$6.62M
$5.80M – $7.73M
NOI $463,717 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BMO Harris Bank
Shops & Services
4,134 visits/mo
0.4 miles
Demographics for 60638, IL
56,928
Population
21,636
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
84%
High-School Grad
11.1 sq mi
ZIP Area
5,129
Density / Sq Mi
$89,191
Median Household Income
$50,902
Median Earnings
$1,327
Median Rent
$283,500
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.
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Frequently Asked Questions
What type of property is this?
Drug store - Located near Chicago Midway Airport and dense residential area.
Where is this drug store located?
The property is located at 6016 W 63rd St Chicago, IL.
What is the asking price?
The asking price for this property is $4,715,000.
What are key features of this property?
This property features: Located on a hard corner at a **signalized intersection** (W 63rd Street and S Austin Avenue).; Proximity to Chicago Midway International Airport (less than 3 miles).; High‑density residential area with 8,371 households and 22,750 individuals within a 1‑mile radius.
