Corner Development Site in
For Sale
$949,000
7455 W Irving Park Road, Chicago, IL 60634
LAND - Chicago, IL
Property Size4,055 SF
Lot Size0.16 Acres
Price / SF$234.03
Days on Market128
Property Features for 7455 W Irving Park Road
General Information
Property type
Land
Property subtype
Other
Zoning
COMMR
Elementary school district
299
Middle school district
299
High school district
299
Directions
W on Irving Park Rd from Harlem Ave. Property is 0.2 miles ahead on the left (SW corner of Irving Park & 75th/Oketo).
Subdivision
CHI - Dunning
Standard status
Active
APN
12242020020000
Size
4,055 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16802
Utilities
Utilities
Cable Available
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Thoma Socrates Panos · License #1015118
(773) 325-2800
Added: Apr 14
Changed: May 13
Last Checked: Aug 19 at 6:06AM
MLS# 12619294
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.16-acre corner development site is located in Chicago's Belmont Heights/Dunning corridor. The property is situated on a high-visibility signalized-adjacent corner and offers 50 feet of frontage on Irving Park Road, a major Northwest Side artery with traffic counts exceeding 18,000 vehicles per day. Zoned C1-2 (Neighborhood Commercial), the property allows for retail, professional office, or medical use, with the potential for multi-story mixed-use development featuring residential units above ground-floor commercial. The site includes a fully renovated (2024) 4,055 square-foot freestanding structure with a turnkey restaurant, an apartment unit above, and a 15-car dedicated side parking lot. The property is located in Jefferson Township (Area 8017) within Chicago School District 299, blocks from the Harlem-Irving Plaza (HIP), and benefits from the dense, high-income residential demographics of the surrounding neighborhood. The median household income is $92,000+. The property has proximity to the I-90/294 O'Hare corridor and heavy commuter bus transit. The property has immediate utility or a high-income holding opportunity while final plans are secured. The lot size is 6,250 square feet (50' x 125').
Key Highlights
- Prime corner development site (6,250 SF) in a high‑traffic location on Irving Park Road (18,000+ VPD).
- Flexible C1‑2 zoning allows for retail, office, medical, or mixed‑use development with residential potential.
- Includes a fully renovated (2024) 4,055 SF structure with a turnkey restaurant and apartment, providing immediate income.
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
$61,889
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
6.52%
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%
$1,237,780
$1.2M
Cap Rate 7%
$884,129
$884.1K
Cap Rate 9%
$687,656
$687.7K
Market Conditions
NOI Build-Up for 4,055 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
$107.1K $26.40/SF
− Vacancy
−$8.0K −$1.98/SF
EGI
$99.0K $24.42/SF
− OpEx
−$37.1K −$9.16/SF
NOI
$61.9K $15.26/SF
Area
ZIP 60634
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
37.50%
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%
$1,237,780
Cap Rate 7%
$884,129
Cap Rate 9%
$687,656
Alternative Uses
Best Use
Mixed Use
$884.1K
$773.6K – $1.03M
NOI $61,889 @ 7.0% cap · market cap 6.52%
Second Best
Retail
$804.1K
$703.6K – $938.1K
NOI $56,284 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$1.11M
$967.5K – $1.29M
NOI $77,400 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
165k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Groceries 31%
Apparel 27%
Shops & Services 6%
Jewel-Osco
Groceries
50,945 visits/mo
0.1 miles
T.J. Maxx
Apparel
40,713 visits/mo
0.1 miles
McDonald's
Dining
29,175 visits/mo
0.5 miles
Burger King
Dining
15,386 visits/mo
0.1 miles
Dunkin' Donuts
Dining
9,094 visits/mo
0.1 miles
Demographics for 60634, IL
75,694
Population
29,344
Households
2.6
Avg Household Size
41
Median Age
27%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
10,661
Density / Sq Mi
$84,997
Median Household Income
$46,694
Median Earnings
$1,271
Median Rent
$333,900
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?
Mixed-use property - High-visibility corner lot with development potential in Belmont Heights/Dunning.
Where is this mixed-use property located?
The property is located at 7455 W Irving Park Road Chicago, IL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Prime corner development site (6,250 SF) in a high‑traffic location on Irving Park Road (18,000+ VPD).; Flexible C1‑2 zoning allows for retail, office, medical, or mixed‑use development with residential potential.; Includes a fully renovated (2024) 4,055 SF structure with a turnkey restaurant and apartment, providing immediate income.
