Masonry Auto Shop with
For Sale
$375,000
7214 S Western Avenue, Chicago, IL 60636
C2-zoned facility includes service areas, rear parking, vehicle storage space, and two bathrooms.
Property Size3,500 SF
Days on Market93
Property Features for 7214 S Western Avenue
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Commercial
Zoning
COMMR
Occupancy
100%
Site & Location
Road Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
4
Service Bays
9
Taxes and HOA fees
Annual Taxes
$15,550
Amenities
new rubber roof
secure 18-ft high double sliding gates
steel insulated garage doors
diamond plate steel entry doors
overhead gas heaters
2 bathrooms
parking
Building Details
Building Size
3,500 SF
Year Built
1964
Buildings
1
Stories
1
Units
1
Construction
masonry
Tenancy
Single
Abandoned
No
Listing Agency:
Real People Realty
(815) 469-7449
Listed By:
Amanda Colby
(815) 469-7449
Source:
Exit2newbeginningz
Added: May 28
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Real People Realty
Investment Insights
Based on property information with market context.
This masonry auto shop was built in 1964 and is currently occupied by a tenant. The facility includes 9 indoor workstations, 2 bathrooms, rear parking, and additional outdoor vehicle space. A Flexi-Core ceiling, rubber roof installed in November 2022, and ceiling-mounted gas heaters support the building’s functional service configuration.
Access and security improvements include 18-ft high double sliding gates installed in 2021, one remote-operated front garage door installed in 2019, and 3 manually operated rear garage doors. The property also has 2 diamond plate steel entry doors added in 2023. C2 zoning, along with two separate addresses and PINs, supports the property’s current automotive use and flexible ownership structure.
Access and security improvements include 18-ft high double sliding gates installed in 2021, one remote-operated front garage door installed in 2019, and 3 manually operated rear garage doors. The property also has 2 diamond plate steel entry doors added in 2023. C2 zoning, along with two separate addresses and PINs, supports the property’s current automotive use and flexible ownership structure.
Key Highlights
- C2‑zoned auto shop currently occupied by a tenant
- 9 indoor workstations and 2 bathrooms
- 18‑ft high double sliding gates installed in 2021
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
$21,948
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
5.85%
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%
$438,960
$439.0K
Cap Rate 7%
$313,543
$313.5K
Cap Rate 9%
$243,867
$243.9K
Market Conditions
NOI Build-Up for 3,500 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
$33.0K $9.43/SF
− Vacancy
−$1.7K −$0.47/SF
EGI
$31.4K $8.96/SF
− OpEx
−$9.4K −$2.69/SF
NOI
$21.9K $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%
$438,960
Cap Rate 7%
$313,543
Cap Rate 9%
$243,867
Alternative Uses
Best Use
Retail
$691.7K
$605.3K – $807.0K
NOI $48,422 @ 7.0% cap · market cap 12.91%
Second Best
Flex RnD
$577.2K
$505.1K – $673.4K
NOI $40,404 @ 7.0% cap · market cap 10.77%
Theoretical Best
Office A
$1.65M
$1.44M – $1.93M
NOI $115,517 @ 7.0% cap · market cap 30.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
9
Service bays
100%
Occupancy
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - C2-zoned facility includes service areas, rear parking, vehicle storage space, and two bathrooms.
Where is this auto shop located?
The property is located at 7214 S Western Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: C2‑zoned auto shop currently occupied by a tenant; 9 indoor workstations and 2 bathrooms; 18‑ft high double sliding gates installed in 2021
