Building Details

Year Built 1973

Listing Agency: Fulton Grace Realty

Listed By: Matthew Engle matt@fultongrace.com

Source: Searchillinoishomesforsale

Added: Jul 26 Changed: Oct 1 Last Checked: Oct 19 at 7:18AM

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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 Fulton Grace Realty

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Investment Insights

Based on property information with market context.

A set of commercial condo offerings at 655 W Irving Park includes a 1,500 SF retail condo available for sale. Additional income-producing components include 82 laundry machines generating $408,000 annually (subject to offer) and 150 private storage lockers generating $96,000 annually (subject to offer).

The availability list also includes 56th floor commercial office & storage space and two 56th floor penthouse units, including Penthouse A (3,500 SF) and Penthouse B (1,500 SF), each offered for sale.

Collectively, the configuration provides multiple distinct condo options spanning retail, office/storage, and penthouse space, along with operational laundry and storage components.

Key Highlights

• Portfolio includes a 1,500 SF retail condo at 655 Irving Park for sale at $475,000
• 82 laundry machines generating $408,000 annually
• 150 private storage lockers generating $96,000 annually

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,184

Suggested Prices Based on Cap Rates

Cap Rate 5%

$643,680 $643.7K

Cap Rate 7%

$459,771 $459.8K

Cap Rate 9%

$357,600 $357.6K

What to ask about pricing

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$57.6K $38.40/SF

− Vacancy

−$14.7K −$9.79/SF

EGI

$42.9K $28.61/SF

− OpEx

−$10.7K −$7.15/SF

NOI

$32.2K $21.46/SF

Area

Chicago, IL

Vacancy

25.50%

Lease Rate

$38.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$643,680

Cap Rate 7%

$459,771

Cap Rate 9%

$357,600

Alternative Uses

Best Use

Office B

$459.8K

$402.3K – $536.4K (±1% cap)

NOI $32,184 @ 7.0% cap · market cap 183.91%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$707.2K

$618.8K – $825.1K (±1% cap)

NOI $49,507 @ 7.0% cap · market cap 282.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Gloria Arfelis, PsyD Physician Michael Bricker, PhD Counselor 2nd Story Counseling Counselor Richard Gleiner, LCSW Psychotherapist Depression Counseling Chicago Physician

Suggested Use

Top Pick Law Firm Auto Repair Shop Electrical Service Auto Parts Store Building Supply Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,055

Businesses Nearby

Explore this area Business Placement

Demographics for 60613, IL

53,048

Population

31,263

Households

1.7

Avg Household Size

34

Median Age

75%

College-Educated

97%

High-School Grad

2.3 sq mi

ZIP Area

23,064

Density / Sq Mi

$91,351

Median Household Income

$68,713

Median Earnings

$1,616

Median Rent

$397,800

Median Home Value

Market

Vacancy Rate% for Office in Chicago, IL

17.9% 2019

19.2% 2020

20.7% 2021

23.1% 2022

23.3% 2023

25.1% 2024

25.6% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Portfolio includes a 1,500 SF retail condo plus income-generating laundry machines and private storage lockers.

Where is this office unit located?

The property is located at 655 W Irving Park Rd Unit V020 Chicago, IL.

What are key features of this property?

This property features: Portfolio includes a 1,500 SF retail condo at 655 Irving Park for sale at $475,000; 82 laundry machines generating $408,000 annually; 150 private storage lockers generating $96,000 annually