Western Avenue Car Dealership
For Sale
$834,960
6518-6542 S Western Ave, Chicago, IL 60636
Car dealership on 0.7 AC lot, redevelopment opportunity.
Property Size7,234 SF
Lot Size0.70 Acres
Price / SF$115.42
Days on Market165
Property Features for 6518-6542 S Western Ave
General Information
Standard status
Active
Size
7,234 SF
Lot size
0.70 Acres
Property subtype
Land
Listing Agency:
NAI Hiffman
(708) 539-6398
Listed By:
John Basile · License #475212108
(708) 539-6398
Source:
Naiglobal
Added: Mar 6
Changed: Jul 10
Last Checked: Aug 18 at 4:57AM
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 NAI Hiffman
Investment Insights
Based on property information with market context.
This property features an existing car dealership situated on a 0.7-acre lot with frontage on Western Avenue, presenting a redevelopment opportunity. The site is located approximately 3 miles from I-94 and 4.8 miles from I-55 interstates, and 9 miles from Chicago Business District. The existing building is a +/-7,234 SF 3-story mixed-use structure, currently vacant. Additionally, there is an office and garage space of +/-1,500 SF. The site size is +/-30,243 SF and is zoned B1-2. The 2023 real estate taxes were $43,399. The property is located in Ward 16, Alderman Stephanie D. Coleman.
Key Highlights
- Prime redevelopment opportunity on .7 AC lot with frontage on Western Avenue
- Ideal plug and play car dealership
- Located +/-3 miles from I‑94 and 4.8 miles from I‑55 interstates
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
$45,364
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
5.43%
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%
$907,280
$907.3K
Cap Rate 7%
$648,057
$648.1K
Cap Rate 9%
$504,044
$504.0K
Market Conditions
NOI Build-Up for 7,234 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
$68.2K $9.43/SF
− Vacancy
−$3.4K −$0.47/SF
EGI
$64.8K $8.96/SF
− OpEx
−$19.4K −$2.69/SF
NOI
$45.4K $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%
$907,280
Cap Rate 7%
$648,057
Cap Rate 9%
$504,044
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,639 @ 7.0% cap · market cap 16.13%
Second Best
Retail
$1.43M
$1.25M – $1.67M
NOI $100,081 @ 7.0% cap · market cap 11.99%
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,757 @ 7.0% cap · market cap 28.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
44k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 49%
White Castle
Dining
11,784 visits/mo
0.5 miles
Church's Chicken
Dining
10,809 visits/mo
0.5 miles
Dollar General
Shops & Services
9,854 visits/mo
0.2 miles
Shell
Shops & Services
7,221 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
3,941 visits/mo
0.3 miles
Demographics for 60636, IL
34,800
Population
14,363
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
78%
High-School Grad
3.9 sq mi
ZIP Area
8,923
Density / Sq Mi
$35,077
Median Household Income
$30,411
Median Earnings
$1,135
Median Rent
$150,600
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?
Car wash - Car dealership on 0.7 AC lot, redevelopment opportunity.
Where is this car wash located?
The property is located at 6518-6542 S Western Ave Chicago, IL.
What is the asking price?
The asking price for this property is $834,960.
What are key features of this property?
This property features: Prime redevelopment opportunity on .7 AC lot with frontage on Western Avenue; Ideal plug and play car dealership; Located +/-3 miles from I‑94 and 4.8 miles from I‑55 interstates
