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    Income-Producing Retail Strip in Chicago Title is generated by Realmo AI

    741 W 79TH ST, Chicago, IL 60620

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    Multi-tenant retail strip with income and value-add potential.

    Type:Retail
    Property size:
    4,778 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $85/SF
    Added:
    May 26, 2026
    Days on Market:
    3
    Last Refresh:
    May 27 at 8:27 am

    Property Features for 741 W 79TH ST

    General Information

    Standard status
    Active
    Size
    4,778 SF
    Lot size
    0.17 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1909

    We can help!

    Listing Contact
    Maikol Akintonde

    Listing agent Maikol Akintonde License #IL 471004463

    Listing office Real People Realty, Inc.

    Listing date May 26, 2026

    Source Crexi

    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, Inc.

    HighLights

    • Immediate income from three occupied retail units (convenience store, tutoring center, restaurant).
    • Significant upside potential from vacant, move‑in‑ready storefront requiring no initial capital investment.
    • Full 4,778 sq ft basement with original limestone walls, steel framing, and plumbing, suitable for various uses.
    • Located on 79th Street, a rapidly revitalizing commercial corridor with substantial public and private investment.
    • Proximity to the under‑construction Auburn Park Metra Station (completion 2026) enhancing commuter accessibility and property value.
    • Offered at $408,000 ($85.40/sq ft), representing a compelling entry point below replacement cost.

    Overview

    Located along a revitalizing commercial corridor in Chicago's Auburn Gresham neighborhood, the property at 741-747 W. 79th Street is a multi-tenant retail strip. The property features four street-facing retail storefronts totaling 4,778 square feet on a 7,500 square foot lot. Three of the four units are occupied by a convenience/grocery store, a children's tutoring center, and a fully built-out restaurant, generating immediate income. The fourth storefront is vacant and move-in ready. The property includes a full-footprint basement spanning the entire 4,778 square feet beneath the building, featuring original limestone walls, structural steel framing, and full plumbing rough-ins. The surrounding 79th Street corridor is experiencing public and private investment. The Auburn Park Metra Station, currently under construction and slated for completion in 2026, will enhance commuter accessibility. The City of Chicago's INVEST South/West initiative, the adopted 79th Street Corridor Plan, and streetscape improvements are contributing to the corridor's repositioning. The property is located in an Enterprise Zone.
    Location Intelligence

    Current Use by Public Records

    auburn preparatory preschool ... High School Soldierz At Variety Store (Bike/Boat/Book/etc) Store ParkChicago #390602 Parking Lot & Garage Pangea Apartments Apartment Building S A W BEAUTY ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.643284
    Latitude
    41.750435

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    FAQs

    What type of property is this?
    Strip mall - Multi-tenant retail strip with income and value-add potential.
    Where is this strip mall located?
    The property is located at 741 W 79TH ST Chicago, IL.
    What is the asking price?
    The asking price for this property is $408,000.
    What are key features of this property?
    This property features: Immediate income from three occupied retail units (convenience store, tutoring center, restaurant).; Significant upside potential from vacant, move‑in‑ready storefront requiring no initial capital investment.; **Full 4,778 sq ft basement with original limestone walls, steel framing, and plumbing, suitable for various uses.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Maikol Akintonde
    Real Estate License ID: IL 471004463
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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