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    Roosevelt Rd & Jefferson St Chicago, IL 60607

    Sponsored
    For Lease
    Contact for pricing

    Prime Chicago retail, 44,000+ SF available.

    Lot size:
    44,133 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    Joffco Square presents a remarkable retail opportunity in the heart of Chicago, Cook County, Illinois. Located at the prominent intersection of Roosevelt Road and Jefferson Street, this property boasts a total building area of 44,133 square feet, currently entirely vacant and available for lease. The space is exceptionally versatile, offering multiple tenancy options with a minimum divisible unit of 16,651 square feet and a maximum contiguous space of 44,000 square feet, catering to a wide range of retail businesses. This prime location in the 60607 zip code provides unparalleled visibility and accessibility, ensuring high foot traffic and strong brand recognition. The property's size and flexibility make it ideal for large-format retailers, multi-tenant developments, or a single, expansive flagship store. With its strategic location and substantial square footage, Joffco Square represents a unique chance to establish a significant retail presence in a vibrant Chicago market. Interested parties are encouraged to inquire about lease terms and explore the possibilities this exceptional property offers. The property is situated at 41.8671713 latitude and -87.6421809 longitude.

    Property Features for 0 Roosevelt Rd & Jefferson St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    44,133 SF

    Unit(s) available at that property

    Space
    Available Space
    Size
    44,000 SF
    Space
    Available space
    Size
    44,000 SF

    We can help!

    Listing Contact
    Joe Parrott
    Joe Parrott

    Learn more

    HighLights

    • 44,133 square foot retail space available for lease in Chicago, IL (60607).
    • High‑visibility location at Roosevelt Road and Jefferson Street, one block from I‑90/94.
    • Flexible space divisible from 16,651 to 44,000 square feet.
    • Strong co‑tenancy with Best Buy, Home Depot, Whole Foods, Nordstrom Rack, Dick's, and Marshalls.
    • Free on‑site parking with escalator access.
    • Prominent signage on all sides of the building.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6421809
    Latitude
    41.8671713

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    FAQs

    What type of property is this?
    Retail property - Prime Chicago retail, 44,000+ SF available.
    Where is this retail property located?
    The property is located at Roosevelt Rd & Jefferson St Chicago, IL.
    What are key features of this property?
    This property features: 44,133 square foot retail space available for lease in Chicago, IL (60607).; High-visibility location at Roosevelt Road and Jefferson Street, one block from I-90/94.; Flexible space divisible from 16,651 to 44,000 square feet.
    Request Owner's contact information
    Roosevelt Rd & Jefferson St Chicago, IL 60607
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    Chicago, IL 60607
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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.

    More about this property
    Roosevelt Rd & Jefferson St Chicago, IL 60607
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    We can help!
    Listing Contact
    Joe Parrott
    Joe Parrott
    Real Estate License ID: 007666
    Learn more
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