Automotive Building With
For Sale
$1,100,000
6243 N Clark Street, Chicago, IL 60660
B3-2 Wide zoning supports a flexible commercial building with automotive, storage, retail, and other business configurations.
Property Size8,000 SF
Lot Size0.14 Acres
Price / SF$137.50
Days on Market50
Property Features for 6243 N Clark Street
General Information
Standard status
Active
Size
8,000 SF
Lot size
0.14 Acres
Property subtype
COMMERCIAL
Zoning
B3-2 Wide
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$28,385
Amenities
overhead garage doors
mezzanine storage
Building Details
Building Size
8,000 SF
Year Built
1938
Buildings
1
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Harkinsandassociates
Added: Jul 28
Changed: Sep 14
Last Checked: Sep 14 at 8:27AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This Auto Shop property includes approximately 8,000 square feet of building area on about 6,000 square feet of land. The building includes the south side portion of the second-level mezzanine, with approximately 2,000 square feet designated for storage. Two overhead car garage doors each have an independent pedestrian door, creating a divisible layout for two separate businesses.
The property has been used for classic car interior restoration, upholstering, and renovation for decades. B3-2 Wide zoning supports shopping centers, large stores, retail storefronts, many businesses, and apartments above the ground floor. The property is located on Clark Street within the Edgewater area, near Uptown, East Rogers Park, and the Historic Andersonville commercial district. It is also within walking distance of Loyola University campuses and a short distance from Lake Shore Drive and Sheridan beaches.
The property has been used for classic car interior restoration, upholstering, and renovation for decades. B3-2 Wide zoning supports shopping centers, large stores, retail storefronts, many businesses, and apartments above the ground floor. The property is located on Clark Street within the Edgewater area, near Uptown, East Rogers Park, and the Historic Andersonville commercial district. It is also within walking distance of Loyola University campuses and a short distance from Lake Shore Drive and Sheridan beaches.
Key Highlights
- Approximately 8,000 Sq. ft. of building area on about 6,000 Sq. ft. of land
- Two overhead car garage doors, each with an independent pedestrian door
- Approximately 2,000 Sq. ft. of second‑level mezzanine storage
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
$50,168
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
4.56%
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%
$1,003,360
$1.0M
Cap Rate 7%
$716,686
$716.7K
Cap Rate 9%
$557,422
$557.4K
Market Conditions
NOI Build-Up for 8,000 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
$75.4K $9.43/SF
− Vacancy
−$3.8K −$0.47/SF
EGI
$71.7K $8.96/SF
− OpEx
−$21.5K −$2.69/SF
NOI
$50.2K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$1,003,360
Cap Rate 7%
$716,686
Cap Rate 9%
$557,422
Alternative Uses
Best Use
Retail
$1.58M
$1.38M – $1.84M
NOI $110,678 @ 7.0% cap · market cap 10.06%
Second Best
Industrial
$716.7K
$627.1K – $836.1K
NOI $50,168 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,038 @ 7.0% cap · market cap 24.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,494
Businesses Nearby
153k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Shops & Services 28%
Electronics 2%
Apparel 1%
McDonald's
Dining
28,639 visits/mo
0.5 miles
McDonald's
Dining
17,391 visits/mo
0.4 miles
Dunkin' Donuts
Dining
12,163 visits/mo
0.4 miles
Starbucks
Dining
11,282 visits/mo
0.4 miles
White Castle
Dining
10,202 visits/mo
0.5 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Similar Off Market Nearby
- T & H Auto Services — 5743 N Broadway, Chicago, IL 60660
- Uptown Auto Services — 5745 N Broadway, Chicago, IL 60660
- Leo's Body Shop — 5971 N Ridge Ave, Chicago, IL 60660
- European Autohaus — 5981 N Ridge Ave, Chicago, IL 60660
- Peterson Car Care — 2002 W Peterson Ave, Chicago, IL 60659
Frequently Asked Questions
What type of property is this?
Auto shop - B3-2 Wide zoning supports a flexible commercial building with automotive, storage, retail, and other business configurations.
Where is this auto shop located?
The property is located at 6243 N Clark Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 8,000 Sq. ft. of building area on about 6,000 Sq. ft. of land; Two overhead car garage doors, each with an independent pedestrian door; Approximately 2,000 Sq. ft. of second‑level mezzanine storage
