Uptown Chicago Redevelopment
For Sale
$2,250,000
Pending
822 West Wilson Avenue, Chicago, IL 60640
Two-story warehouse building in Chicago's Uptown neighborhood.
Property Size10,766 SF
Lot Size0.25 Acres
Days on Market149
Property Features for 822 West Wilson Avenue
General Information
Standard status
Pending
Size
10,766 SF
Lot size
0.25 Acres
Property subtype
Land
Listing Agency:
CBRE | Chicago
(312) 935-1481
Listed By:
Tom Svoboda
(312) 935-1481
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Jul 23 at 4:36AM
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 CBRE | Chicago
Investment Insights
Based on property information with market context.
Located in Chicago's Uptown neighborhood, this property presents a flexible use opportunity, allowing for industrial, flex, adaptive reuse, or total redevelopment. The improved site spans approximately 10,766 square feet and features a two-story warehouse building with an area of approximately 12,625 square feet. The property benefits from rear alley access, which is advantageous for servicing and potential future multifamily development. It is situated approximately 0.5 miles, a 9-minute walk, from the Wilson CTA Station, providing access to the Red and Purple Lines. This transit-oriented infill development opportunity offers a 20–25 minute train ride to Downtown Chicago. The location also provides convenient access to amenities, including Wrigley Field, Jewel-Osco, Aldi, Mariano’s, and the Sydney Marovitz Golf Course.
Key Highlights
- Transit‑oriented development: Located just 0.5 miles from Wilson CTA Station (Red and Purple Lines) for an easy commute to Downtown Chicago.
- Flexible use/redevelopment potential: Suitable for industrial, flex use, adaptive reuse, or total redevelopment.
- Rear alley access: Beneficial for servicing and future multifamily development.
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
$181,676
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
8.07%
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%
$3,633,520
$3.6M
Cap Rate 7%
$2,595,371
$2.6M
Cap Rate 9%
$2,018,622
$2.0M
Market Conditions
NOI Build-Up for 10,766 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
$323.0K $30.00/SF
− Vacancy
−$32.3K −$3.00/SF
EGI
$290.7K $27.00/SF
− OpEx
−$109.0K −$10.13/SF
NOI
$181.7K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /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%
$3,633,520
Cap Rate 7%
$2,595,371
Cap Rate 9%
$2,018,622
Alternative Uses
Best Use
Mixed Use
$2.60M
$2.27M – $3.03M
NOI $181,676 @ 7.0% cap · market cap 8.07%
Second Best
Warehouse
$1.16M
$1.02M – $1.36M
NOI $81,549 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,330 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,978
Businesses Nearby
Explore this area
Business Placement
Demographics for 60640, IL
65,941
Population
40,850
Households
1.6
Avg Household Size
38
Median Age
63%
College-Educated
92%
High-School Grad
2.4 sq mi
ZIP Area
27,475
Density / Sq Mi
$71,030
Median Household Income
$59,264
Median Earnings
$1,374
Median Rent
$363,300
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?
Commercial land - Two-story warehouse building in Chicago's Uptown neighborhood.
Where is this commercial land located?
The property is located at 822 West Wilson Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Transit‑oriented development: Located just 0.5 miles from Wilson CTA Station (Red and Purple Lines) for an easy commute to Downtown Chicago.; Flexible use/redevelopment potential: Suitable for industrial, flex use, adaptive reuse, or total redevelopment.; Rear alley access: Beneficial for servicing and future multifamily development.
