Grand Avenue Retail Spaces For
For Sale
Contact for pricing
7162 W GRAND Avenue 1EW, Chicago, IL 60707
High-end retail spaces with modern buildout in Montclare neighborhood.
Property Size2,540 SF
Price / SF$236.22
Days on Market170
Property Features for 7162 W GRAND Avenue 1EW
General Information
Standard status
Active
Size
2,540 SF
Property subtype
Retail
Zoning
COMMR
Building Details
Year Built
2006
Units
2
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Feb 24
Changed: Aug 11
Last Checked: Aug 12 at 9:55AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
These masonry commercial retail spaces on Grand Avenue are available for sale. Currently configured as two high-end retail hair care salons, the units feature a modern buildout. Each unit is approximately 1,270 square feet, totaling 2,540 square feet, with 50 feet of frontage along Grand Avenue. The existing buildout includes a reception waiting area, hair stations, pedicure chairs, nail stations, facial beds, shampoo sinks, massage rooms, a laundry room with a washer and dryer, a full bath with a waterfall shower, and three bathrooms. The property is well-maintained and equipped with high-security entrance doors and cameras. The zoning is C1-2. The property has parking in front and close neighborhood parking. Grand Avenue sees approximately 19,000 vehicles per day (VPD). The building utilizes a 200+ amp electric system. Located in the Montclare Neighborhood, this property is suitable for retail, office, or professional use, such as a law firm, insurance agency, technology company, financial trading firm, real estate office, or accounting office, or continue as a high end hair salon operation.
Key Highlights
- High‑end, modern buildout currently configured as two hair salons, ready for immediate operation or easy adaptation.
- Prime location on Grand Ave with high visibility (19,000 VPD) and ample parking.
- Two combined units totaling 2,540 sq ft with 50 ft of frontage, offering substantial retail space.
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
$35,140
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
5.86%
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%
$702,800
$702.8K
Cap Rate 7%
$502,000
$502.0K
Cap Rate 9%
$390,444
$390.4K
Market Conditions
NOI Build-Up for 2,540 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
$54.9K $21.60/SF
− Vacancy
−$4.7K −$1.84/SF
EGI
$50.2K $19.76/SF
− OpEx
−$15.1K −$5.93/SF
NOI
$35.1K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$702,800
Cap Rate 7%
$502,000
Cap Rate 9%
$390,444
Alternative Uses
Best Use
Retail
$502.0K
$439.3K – $585.7K
NOI $35,140 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,832 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,076
Businesses Nearby
190k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Groceries 21%
Dining 15%
Home Improvements & Furnishings 3%
Angelo Caputo's Fresh Markets!
Groceries
40,497 visits/mo
0.1 miles
McDonald's
Dining
28,311 visits/mo
0.1 miles
Zips Car Wash
Shops & Services
25,765 visits/mo
0.3 miles
BP
Shops & Services
23,998 visits/mo
0.4 miles
Chase Bank
Shops & Services
16,729 visits/mo
0.0 miles
Demographics for 60707, IL
43,241
Population
16,590
Households
2.6
Avg Household Size
41
Median Age
31%
College-Educated
86%
High-School Grad
3.6 sq mi
ZIP Area
12,011
Density / Sq Mi
$82,746
Median Household Income
$48,093
Median Earnings
$1,309
Median Rent
$315,300
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?
Retail space - High-end retail spaces with modern buildout in Montclare neighborhood.
Where is this retail space located?
The property is located at 7162 W GRAND Avenue 1EW Chicago, IL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: High‑end, modern buildout currently configured as two hair salons, ready for immediate operation or easy adaptation.; Prime location on Grand Ave with high visibility (19,000 VPD) and ample parking.; Two combined units totaling 2,540 sq ft with 50 ft of frontage, offering substantial retail space.
