Net-Leased Walgreens Corner
For Sale
$3,900,000
6301 South Kedzie Avenue, Chicago, IL 60629
Freestanding Walgreens property on a signalized four-way intersection at 63rd Street and Kedzie Avenue.
Property Size14,029 SF
Lot Size0.91 Acres
Price / SF$277
Days on Market115
Property Features for 6301 South Kedzie Avenue
General Information
Standard status
Active
Size
14,029 SF
Lot size
0.91 Acres
Property subtype
Retail - Freestanding
Additional Details
Traffic Count
33,000 vehicles/day
Building Details
Building Size
14,029 SF
Year Built
2001
Tenancy
Single
Listing Agency:
Network Commercial Real Estate
Listed By:
Neil Haleem · License #37077037778HN
(708) 927-8000
Source:
Commercialcafe
Added: May 15
Changed: Sep 5
Last Checked: Sep 6 at 4:27AM
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 Network Commercial Real Estate
Investment Insights
Based on property information with market context.
This single-tenant, net-leased Walgreens property features a freestanding building of approximately 14,029 square feet on an approximately 39,558 square-foot site. The asset is located on the northeast corner of 63rd Street and Kedzie Avenue, positioned for strong street-facing exposure.
The property sits at a fully signalized four-way intersection along Kedzie Avenue. The location is reported to have approximately 33,000 vehicles per day and provides access and visibility in Chicago’s Chicago Lawn/West Lawn trade area. It also offers CTA bus accessibility and connectivity to nearby residential communities.
Walgreens has operated at this location since its original construction in 2001, and the lease has been extended through January 2029. The described net lease structure limits landlord responsibilities to roof and structural components.
The property sits at a fully signalized four-way intersection along Kedzie Avenue. The location is reported to have approximately 33,000 vehicles per day and provides access and visibility in Chicago’s Chicago Lawn/West Lawn trade area. It also offers CTA bus accessibility and connectivity to nearby residential communities.
Walgreens has operated at this location since its original construction in 2001, and the lease has been extended through January 2029. The described net lease structure limits landlord responsibilities to roof and structural components.
Key Highlights
- Net‑leased single‑tenant Walgreens on the northeast corner of 63rd St & Kedzie Ave in Chicago, IL
- Freestanding building with a +/-14,029 SF footprint on an approximately +/-39,558 SF site
- Located at a fully signalized four‑way intersection with approximately 33,000 vehicles per day
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
$223,103
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
5.72%
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%
$4,462,060
$4.5M
Cap Rate 7%
$3,187,186
$3.2M
Cap Rate 9%
$2,478,922
$2.5M
Market Conditions
NOI Build-Up for 14,029 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
$319.9K $22.80/SF
− Vacancy
−$22.4K −$1.60/SF
EGI
$297.5K $21.20/SF
− OpEx
−$74.4K −$5.30/SF
NOI
$223.1K $15.90/SF
Area
ZIP 60629
Vacancy
7.00%
Lease Rate
$22.80 /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%
$4,462,060
Cap Rate 7%
$3,187,186
Cap Rate 9%
$2,478,922
Alternative Uses
Best Use
Specialty Retail
$3.19M
$2.79M – $3.72M
NOI $223,103 @ 7.0% cap · market cap 5.72%
Second Best
Retail
$2.77M
$2.43M – $3.23M
NOI $194,088 @ 7.0% cap · market cap 4.98%
Theoretical Best
Warehouse
$12.59M
$11.01M – $14.68M
NOI $880,952 @ 7.0% cap · market cap 22.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,680
Businesses Nearby
366k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Dining 29%
Home Improvements & Furnishings 16%
Apparel 13%
The Home Depot
Home Improvements & Furnishings
59,396 visits/mo
0.3 miles
T.J. Maxx
Apparel
37,330 visits/mo
0.2 miles
McDonald's
Dining
34,098 visits/mo
0.5 miles
Five Below
Shops & Services
32,290 visits/mo
0.2 miles
Aldi
Groceries
26,510 visits/mo
0.4 miles
Demographics for 60629, IL
114,453
Population
36,283
Households
3.2
Avg Household Size
33
Median Age
14%
College-Educated
74%
High-School Grad
7.0 sq mi
ZIP Area
16,350
Density / Sq Mi
$58,813
Median Household Income
$34,635
Median Earnings
$1,106
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
- COVID-19 Drive-Thru Testing at Walgreens — 3019 W Peterson Ave, Chicago, IL 60659
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- Intense Heal — 5875 N Lincoln Ave, Chicago, IL 60659
- Walgreens Pharmacy — 3019 W Peterson Ave, Chicago, IL 60659
- Thinh Nguyen — 3019 W Peterson Ave, Chicago, IL 606593726
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding Walgreens property on a signalized four-way intersection at 63rd Street and Kedzie Avenue.
Where is this drug store located?
The property is located at 6301 South Kedzie Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Net‑leased single‑tenant Walgreens on the northeast corner of 63rd St & Kedzie Ave in Chicago, IL; Freestanding building with a +/-14,029 SF footprint on an approximately +/-39,558 SF site; Located at a fully signalized four‑way intersection with approximately 33,000 vehicles per day
