Masonry Auto Shop
New
For Sale
$375,000
7214 S Western Ave, Chicago, IL 60636
C2-zoned automotive property with multiple work areas, rear parking, and separate addresses and PINs.
Property Size3,500 SF
Price / SF$107.14
Days on Market2
Property Features for 7214 S Western Ave
General Information
Standard status
Active
Size
3,500 SF
Zoning
C2
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Service Bays
9
Amenities
18-ft high double sliding gates
steel insulated garage doors
diamond plate steel entry doors
overhead gas heaters
9 indoor workstations
2 bathrooms
Building Details
Year Built
1964
Buildings
1
Construction
masonry
Listing Agency:
Real People Realty
Listed By:
Amanda Colby
(815) 474-8519
Source:
Liveliferealty
Added: Sep 18
Last Checked: Sep 18 at 2:34PM
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 3,500-square-foot masonry commercial building at 7214 S Western Ave in Chicago is configured for automotive use and currently operates as an auto body shop. Built in 1964, the property includes 9 indoor workstations, 2 bathrooms, rear parking, and additional outdoor vehicle space. A Flexi-Core ceiling, two ceiling-mounted gas heaters installed in 2019, and multiple steel garage doors support the existing layout.
The building has two separate addresses and PINs, providing distinct property identifiers for the site. Improvements include a rubber roof installed in November 2022, 18-foot-high double sliding gates installed in 2021, one remote-operated front garage door installed in 2019, and three newer manually operated rear doors. Two diamond plate steel entry doors were added in 2023. The property is currently occupied by a long-term tenant.
The building has two separate addresses and PINs, providing distinct property identifiers for the site. Improvements include a rubber roof installed in November 2022, 18-foot-high double sliding gates installed in 2021, one remote-operated front garage door installed in 2019, and three newer manually operated rear doors. Two diamond plate steel entry doors were added in 2023. The property is currently occupied by a long-term tenant.
Key Highlights
- 3,500 SF masonry commercial building built in 1964
- C2 zoning with current auto body shop use
- 9 indoor workstations and 2 bathrooms
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
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Open Analytics
Current Use
Lease Details
9
Service bays
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Chicago, IL
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Similar Off Market Nearby
- Cumbia's Auto Repair — 7758 s claremont ave, chicago, il 60620
- CDE Collision Center-Chicago (7659) — 7659 S Western Ave, Chicago, IL 60620
- Vaquero Auto Repair — 7742 S Claremont Ave, Chicago, IL 60620
- Cumbia's Repair Shop — 7758 s claremont ave, chicago, il 60620
- Al's Oil & Lube — 7724 s claremont ave, chicago, il 60620
Frequently Asked Questions
What type of property is this?
Auto shop - C2-zoned automotive property with multiple work areas, rear parking, and separate addresses and PINs.
Where is this auto shop located?
The property is located at 7214 S Western Ave 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: 3,500 SF masonry commercial building built in 1964; C2 zoning with current auto body shop use; 9 indoor workstations and 2 bathrooms
