Vacant Drug Store
For Sale
Contact for pricing
9148 S Commercial Ave, Chicago, IL 60617
Vacant retail premises identified with the Walgreens brand in Chicago’s South Side corridor.
Property Size15,120 SF
Price / SF$158.73
Days on Market154
Property Features for 9148 S Commercial Ave
General Information
Standard status
Active
Size
15,120 SF
Property subtype
Retail
Building Details
Stories
1
Tenancy
Single
Listing Agency:
Chicago Retail Brokers
Listed By:
Jason Sorce · License #471016013
Source:
Crexi
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 6:04PM
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 Chicago Retail Brokers
Investment Insights
Based on property information with market context.
This vacant drug store property comprises 15,120 square feet and is identified with the Walgreens brand. The asset is located at 9148 S Commercial Ave in Chicago, Illinois, within the South Side corridor. It is offered for sale and carries a retail-oriented property classification.
Key Highlights
- 15,120‑square‑foot vacant drug store property
- Walgreens‑branded property identified as vacant
- Located at 9148 S Commercial Ave, Chicago, IL 60617
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
$209,182
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
8.72%
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%
$4,183,640
$4.2M
Cap Rate 7%
$2,988,314
$3.0M
Cap Rate 9%
$2,324,244
$2.3M
Market Conditions
NOI Build-Up for 15,120 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
$326.6K $21.60/SF
− Vacancy
−$27.8K −$1.84/SF
EGI
$298.8K $19.76/SF
− OpEx
−$89.6K −$5.93/SF
NOI
$209.2K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$4,183,640
Cap Rate 7%
$2,988,314
Cap Rate 9%
$2,324,244
Alternative Uses
Best Use
Specialty Retail
$4.02M
$3.52M – $4.69M
NOI $281,413 @ 7.0% cap · market cap 11.73%
Second Best
Retail
$2.99M
$2.61M – $3.49M
NOI $209,182 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$7.13M
$6.24M – $8.32M
NOI $499,033 @ 7.0% cap · market cap 20.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
64k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 44%
Apparel 6%
Electronics 4%
McDonald's
Dining
25,748 visits/mo
0.1 miles
Citgo
Shops & Services
9,483 visits/mo
0.5 miles
Family Dollar
Shops & Services
9,226 visits/mo
0.1 miles
AutoZone
Shops & Services
5,163 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
4,459 visits/mo
0.1 miles
Demographics for 60617, IL
77,270
Population
35,031
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
82%
High-School Grad
13.7 sq mi
ZIP Area
5,640
Density / Sq Mi
$51,237
Median Household Income
$36,926
Median Earnings
$1,010
Median Rent
$168,200
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 9148 S Commercial Ave, Chicago, IL 60617
- Vita medical solutions — work, 9204 s commercial ave, chicago, il 60617
- COVID-19 Drive-thru Testing at Walgreens — 9148 S Commercial Ave, Chicago, IL 60617
Frequently Asked Questions
What type of property is this?
Drug store - Vacant retail premises identified with the Walgreens brand in Chicago’s South Side corridor.
Where is this drug store located?
The property is located at 9148 S Commercial Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 15,120‑square‑foot vacant drug store property; Walgreens‑branded property identified as vacant; Located at 9148 S Commercial Ave, Chicago, IL 60617
