LA Fitness NNN
For Sale
Contact for pricing
6107 North Broadway, Chicago, IL 60660
Long-term lease extension and planned renovation are identified for the property.
Property Size22,000 SF
Price / SF$363.64
Days on Market142
Property Features for 6107 North Broadway
General Information
Standard status
Active
Size
22,000 SF
Property subtype
Retail
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$540,000
Building Details
Year Built
1921
Year Renovated
2014
Tenancy
Single
Listing Agency:
SRS National Net Lease Group
Listed By:
Chuck Klein · License #CA License No. 00947314
Source:
Crexi
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 29 at 9:52PM
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 SRS National Net Lease Group
Investment Insights
Based on property information with market context.
This 22,000-square-foot NNN property was constructed in 1921 and is identified with the LA Fitness name. The property is located at 6107 North Broadway in Chicago, Illinois, within ZIP code 60660.
The offering includes a long-term lease extension and a planned renovation, providing key lease and property improvement details for review.
The offering includes a long-term lease extension and a planned renovation, providing key lease and property improvement details for review.
Key Highlights
- 22,000‑square‑foot NNN property
- Identified with the LA Fitness name
- Constructed in 1921
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
$304,366
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
3.80%
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%
$6,087,320
$6.1M
Cap Rate 7%
$4,348,086
$4.3M
Cap Rate 9%
$3,381,844
$3.4M
Market Conditions
NOI Build-Up for 22,000 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
$475.2K $21.60/SF
− Vacancy
−$40.4K −$1.84/SF
EGI
$434.8K $19.76/SF
− OpEx
−$130.4K −$5.93/SF
NOI
$304.4K $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%
$6,087,320
Cap Rate 7%
$4,348,086
Cap Rate 9%
$3,381,844
Alternative Uses
Best Use
Retail
$4.35M
$3.80M – $5.07M
NOI $304,366 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.37M
$9.08M – $12.10M
NOI $726,106 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,910
Businesses Nearby
151k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 30%
Groceries 26%
Whole Foods Market
Groceries
38,840 visits/mo
0.1 miles
McDonald's
Dining
28,639 visits/mo
0.3 miles
Shell
Shops & Services
22,949 visits/mo
0.4 miles
Dunkin' Donuts
Dining
12,163 visits/mo
0.4 miles
Starbucks
Dining
11,282 visits/mo
0.4 miles
Demographics for 60660, IL
42,534
Population
23,508
Households
1.8
Avg Household Size
38
Median Age
57%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
32,718
Density / Sq Mi
$66,206
Median Household Income
$46,871
Median Earnings
$1,286
Median Rent
$287,500
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?
NNN property - Long-term lease extension and planned renovation are identified for the property.
Where is this nnn property located?
The property is located at 6107 North Broadway Chicago, IL.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 22,000‑square‑foot NNN property; Identified with the LA Fitness name; Constructed in 1921
