Commercial Building on Western
For Sale
Contact for pricing
Pending
6335 N Western Ave, Chicago, IL 60659
9,090 SF building on 0.63 AC with high traffic.
Property Size9,090 SF
Lot Size0.63 Acres
Days on Market618
Property Features for 6335 N Western Ave
General Information
Standard status
Pending
Size
9,090 SF
Class
B
Total Parking Spaces
35
Lot size
0.63 Acres
Property subtype
Office, Retail
Zoning
B3-2
Building Details
Year Built
2001
Listing Agency:
CBRE - Oak Brook
Listed By:
Peter Graham · License #IL
Source:
Crexi
Added: Dec 10, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:29AM
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 - Oak Brook
Investment Insights
Based on property information with market context.
The property is a commercial building with a size of approximately 9,090 square feet, situated on a 0.63-acre lot. It benefits from a traffic count of 22,300 vehicles per day. The property has 35 parking spaces and is zoned B3-2. It features approximately 250 feet of frontage on Western Avenue, with an average depth of 110 feet.
Key Highlights
- High Traffic Count: 22,300 VPD
- Ample Parking: 35 spaces
- Significant Western Avenue Frontage: 250 feet**
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
$195,035
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
7.80%
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%
$3,900,700
$3.9M
Cap Rate 7%
$2,786,214
$2.8M
Cap Rate 9%
$2,167,056
$2.2M
Market Conditions
NOI Build-Up for 9,090 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
$349.1K $38.40/SF
− Vacancy
−$89.0K −$9.79/SF
EGI
$260.0K $28.61/SF
− OpEx
−$65.0K −$7.15/SF
NOI
$195.0K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$3,900,700
Cap Rate 7%
$2,786,214
Cap Rate 9%
$2,167,056
Alternative Uses
Best Use
Office B
$2.79M
$2.44M – $3.25M
NOI $195,035 @ 7.0% cap · market cap 7.80%
Second Best
Retail
$1.80M
$1.57M – $2.10M
NOI $125,758 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$4.29M
$3.75M – $5.00M
NOI $300,014 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 9,090 SF building on 0.63 AC with high traffic.
Where is this retail space located?
The property is located at 6335 N Western Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High Traffic Count: 22,300 VPD; Ample Parking: 35 spaces; Significant Western Avenue Frontage: 250 feet**
