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    6418 Sheridan Rd Chicago, IL 60626

    Sponsored
    For Lease
    Contact for pricing

    2019 Construction, 5,838 SF Available

    Lot size:
    28,989 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 5,838 square foot retail space is located in Chicago's vibrant Rogers Park neighborhood, within a newly constructed (2019) building adjacent to a Target. The property boasts a brand-new, open interior, ideal for various uses including retail, restaurant, or medical office. Situated at 6418-6422 North Sheridan Road, this space benefits from its proximity to Loyola University's Rogers Park campus and the Loyola Red Line "L" station, ensuring high foot traffic and visibility. The building offers underground parking for tenants, employees, and customers, adding convenience. This location is part of a thriving retail corridor, surrounded by established businesses such as Halal Guys, Potbelly, Taco Bell, Insomnia Cookies, T-Mobile, Tropical Smoothie Cafe, CVS, Chase Bank, Chipotle, Starbucks, Dunkin', Popeye's Chicken, and 7-Eleven. The building is part of a larger development including 111 eco-friendly apartments, further enhancing the area's vibrancy and attracting a diverse customer base. The total building size is 28,989 square feet, with 5,838 square feet currently available for lease. Cook County location, zip code 60626. This is a unique opportunity to establish a business in a high-traffic, well-established area with excellent visibility and ample parking.

    Property Features for 6418 Sheridan Rd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    28,989 SF

    Building Details

    Year Built
    2019

    Unit(s) available at that property

    Space
    Available space
    Size
    5,838 SF

    HighLights

    • 5,838 SF retail space available for lease in Rogers Park, Chicago.
    • High‑visibility location on Sheridan Road with over 20,000 vehicles per day (VPD) and high pedestrian traffic.
    • Located in a newly constructed (2019) building with a Target and 111 eco‑friendly apartments.
    • Part of a thriving retail corridor with numerous established businesses including Halal Guys, Potbelly, and more.
    • Within walking distance of the Loyola Red Line "L" station and one mile from Lake Shore Drive.
    • Suitable for retail, restaurant, or medical uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Starbucks Coffee Shop

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6609627
    Latitude
    41.9989543

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    FAQs

    What type of property is this?
    Retail property - 2019 Construction, 5,838 SF Available
    Where is this retail property located?
    The property is located at 6418 Sheridan Rd Chicago, IL.
    What are key features of this property?
    This property features: 5,838 SF retail space available for lease in Rogers Park, Chicago.; High-visibility location on Sheridan Road with over 20,000 vehicles per day (VPD) and high pedestrian traffic.; Located in a newly constructed (2019) building with a Target and 111 eco-friendly apartments.
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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.

    Alternative use

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

    More about this property
    6418 Sheridan Rd Chicago, IL 60626
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