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    Prime Retail Space in Old Town Title is generated by Realmo AI

    W North Ave & N Wells St Chicago IL 60610 USA, Chicago, IL 60610

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    For Lease
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    Up to 8,415 SF available in a high-traffic location.

    Type:Retail
    Property size:
    8,415 SF
    Added:
    Nov 22, 2025
    Days on Market:
    182
    Last Refresh:
    Apr 5 at 8:41 pm

    Property Features for W North Ave & N Wells St Chicago IL 60610 USA

    General Information

    Standard status
    Active
    Size
    8,415 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Danny Jacobson

    Listing agent Danny Jacobson

    Listing office CBRE | Chicago

    Listing date Nov 22, 2025

    Source Cbre

    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 | Chicago

    HighLights

    • Great location: Heavily trafficked corner at Wells and North in the heart of Old Town.
    • High‑income area: Densely populated residential neighborhood with high average household income ($140,069 within a half mile).
    • Up to 8,415 SF of divisible retail space available.
    • Benefit from 375 on‑site parking stalls.
    • Daytime population: Located near Second City, XSport Fitness, 24/7 Starbucks and Roots Pizza.
    • Easy access: Walking distance to the CTA Brown/Purple Sedgwick stop.

    Overview

    Up to 8,415 square feet of divisible retail space is available. The property benefits from 375 on-site parking stalls. Situated along Wells Street, the location is in a densely populated residential neighborhood with an average household income of $140,069 within a half mile. The property is located at the heavily trafficked corner of Wells and North, in the heart of Old Town, and is within walking distance of the CTA Brown/Purple Sedgwick stop. The location benefits from a built-in daytime population due to the presence of Second City, XSport Fitness, a 24/7 Starbucks, and Roots Pizza. Pipers Alley features three of the newest retail tenants in Old Town: AT&T, Bank of America ATM, and Roots Pizza. Roots Pizza has restaurant space at grade with Old Town’s first rooftop bar.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6364
    Latitude
    41.9002

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    FAQs

    What type of property is this?
    Retail space - Up to 8,415 SF available in a high-traffic location.
    Where is this retail space located?
    The property is located at W North Ave & N Wells St Chicago IL 60610 USA Chicago, IL.
    What are key features of this property?
    This property features: Great location: Heavily trafficked corner at Wells and North in the heart of Old Town.; High‑income area: Densely populated residential neighborhood with high average household income ($140,069 within a half mile).; Up to 8,415 SF of divisible retail space available.
    (312) 935-1901
    We can help!
    Listing Contact
    Danny Jacobson
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    W North Ave & N Wells St, Chicago, IL 60610, USA, Chicago, IL, 60610
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