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    7356 Greenview Ave Chicago, IL 60626

    Sponsored
    For Sale
    $2,490,000

    Profitable Coin Laundry-Anchored Shopping Center

    Property size:
    13,125 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    Jarvis Plaza, a prime retail investment opportunity in Chicago, Illinois, presents a well-established 13,125 square foot shopping center. Built in 1970, this single-story property is situated at 7356 N Greenview Ave, Chicago, IL 60626, in Cook County, and benefits from a B3-3 zoning designation. The asking price is $2,490,000, translating to $189.71 per square foot. The entire 13,125 square feet of net rentable space is currently 100% leased to a mix of long-term tenants, providing immediate and consistent cash flow. A key feature is the inclusion of a thriving coin laundry business within the sale, adding significant value to the investment. The property's convenient location adjacent to the Jarvis CTA station ensures high visibility and accessibility for both tenants and customers, contributing to its strong performance and potential for future growth. This is an exceptional opportunity to acquire a stable, income-producing retail asset in a desirable Chicago neighborhood. The property's history of successful tenancy and its strategic location make it an attractive investment for discerning buyers seeking a proven, cash-flowing asset.

    Property Features for 7356 Greenview Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    13,125 SF

    Building Details

    Year Built
    1970
    Stories
    1

    HighLights

    • Prime retail investment opportunity in Chicago, IL.
    • 13,125 SF single‑story shopping center at 7356 N Greenview Ave, Chicago, IL 60626.
    • $2,490,000 asking price ($189.71/SF).
    • 100% leased with long‑term tenants, providing immediate cash flow.
    • Includes a thriving coin laundry business.
    • Excellent location adjacent to Jarvis CTA station.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jarvis Hookah and Smokes Tobacco 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
    -87.6683311
    Latitude
    42.0154944

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    FAQs

    What type of property is this?
    Lifestyle center - Profitable Coin Laundry-Anchored Shopping Center
    Where is this lifestyle center located?
    The property is located at 7356 Greenview Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,490,000.
    What are key features of this property?
    This property features: Prime retail investment opportunity in Chicago, IL.; 13,125 SF single-story shopping center at 7356 N Greenview Ave, Chicago, IL 60626.; $2,490,000 asking price ($189.71/SF).
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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
    7356 Greenview Ave Chicago, IL 60626
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