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For Sale
$1,100,000
6243 N Clark Street, Chicago, IL 60660
Commercial Sale, Chicago, IL
Property Size8,000 SF
Lot Size0.20 Acres
Price / SF$137.50
Days on Market67
Property Features for 6243 N Clark Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Devon Ave. south on Clark St. to address. Peterson Ave. north on Clark St. to address.
Subdivision
CHI - Edgewater
Standard status
Active
APN
14051080370000
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
29280
Utilities
Cooling system
Central Air
Amenities
overhead car garage doors
mezzanine storage space
Building Details
Year built
1938
Floors in Building
1
Number of units
2
Building materials
Concrete, Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Jul 28
Changed: Sep 20
Last Checked: Oct 2 at 6:06AM
MLS# 12717578
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1938 commercial building includes approximately 8,000 square feet of space on a roughly 6,000-square-foot parcel. The property has two overhead garage doors, each paired with its own pedestrian entrance, creating a configuration that can support separate business areas. A second-level mezzanine contributes approximately 2,000 square feet of storage space. Concrete and brick construction, central air, and a long-standing automotive restoration and upholstery use are part of the existing improvements.
The property is located at 6243-6247 N Clark Street in Chicago’s Edgewater area, within the 60660 postal code. The Clark Street corridor extends through nearby Uptown, East Rogers Park, and Andersonville commercial areas. Loyola University campuses are within walking distance, while Lake Shore Drive and Sheridan beaches are a short distance away. The parcel is identified by two PINs: 14051080370000 and 14051080040000.
The property is located at 6243-6247 N Clark Street in Chicago’s Edgewater area, within the 60660 postal code. The Clark Street corridor extends through nearby Uptown, East Rogers Park, and Andersonville commercial areas. Loyola University campuses are within walking distance, while Lake Shore Drive and Sheridan beaches are a short distance away. The parcel is identified by two PINs: 14051080370000 and 14051080040000.
Key Highlights
- Approximately 8,000 SF building on approximately 6,000 SF of land
- Two overhead garage doors, each with an independent pedestrian door
- Approximately 2,000 SF second‑level mezzanine for 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
$60,597
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
5.51%
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%
$1,211,940
$1.2M
Cap Rate 7%
$865,671
$865.7K
Cap Rate 9%
$673,300
$673.3K
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
−$4.1K −$0.52/SF
EGI
$71.3K $8.91/SF
− OpEx
−$10.7K −$1.34/SF
NOI
$60.6K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$1,211,940
Cap Rate 7%
$865,671
Cap Rate 9%
$673,300
Alternative Uses
Best Use
Retail
$1.58M
$1.38M – $1.84M
NOI $110,678 @ 7.0% cap · market cap 10.06%
Second Best
Warehouse
$865.7K
$757.5K – $1.01M
NOI $60,597 @ 7.0% cap · market cap 5.51%
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
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,494
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial 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 - Commercial building with garage access, flexible interior space, and a Clark Street address in Chicago’s Edgewater area.
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 SF building on approximately 6,000 SF of land; Two overhead garage doors, each with an independent pedestrian door; Approximately 2,000 SF second‑level mezzanine for storage
