Halsted Retail Condos Near Whole
For Sale
Contact for pricing
3629 N Halsted St, Chicago, IL 60613
Two retail condos in Chicago's Lakeview neighborhood, excellent frontage.
Property Size3,600 SF
Price / SF$254.17
Days on Market1150
Property Features for 3629 N Halsted St
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Retail
Zoning
C1-2
Listing Agency:
Imperial Realty Company
Listed By:
Theron May · License #IL 471.019986
(773) 736-6461
Source:
Crexi
Added: Jul 12, 2023
Changed: Aug 25
Last Checked: Sep 2 at 4:00PM
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 Imperial Realty Company
Investment Insights
Based on property information with market context.
Two retail condominium units are available for purchase, situated directly across from Whole Foods on North Halsted Street, between Addison and Waveland in Chicago’s Lakeview neighborhood. The property is located two blocks from the Addison CTA Red Line stop (Wrigleyville) and two blocks from the heart of North Halsted. The units, totaling 3,600 square feet, are sold together on one Tax PIN and feature soaring ceilings, two deeded parking spaces with interior access, and over 100 feet of frontage along North Halsted. The location has a walk score of 97, a bike score of 90, and a transit score of 79. The 2023 population projection within a 1-mile radius is 86,031, with an average household income of $114,506 and a total annual consumer spending of $1.495 billion. Formerly built out as a med-spa and stationary store with ample plumbing, the units can be turn-key or easily customizable to suit specific business needs.
Key Highlights
- Prime Lakeview location directly across from Whole Foods and near Addison CTA Red Line stop (Wrigleyville).
- High foot traffic location with a Walk Score of 97 (Walker's Paradise), Bike Score of 90, and Transit Score of 79.
- Two retail condos (1,600 & 2,000 sq ft) sold together with over 100 feet of frontage on North Halsted.
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
$49,805
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
5.44%
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%
$996,100
$996.1K
Cap Rate 7%
$711,500
$711.5K
Cap Rate 9%
$553,389
$553.4K
Market Conditions
NOI Build-Up for 3,600 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
$77.8K $21.60/SF
− Vacancy
−$6.6K −$1.84/SF
EGI
$71.2K $19.76/SF
− OpEx
−$21.3K −$5.93/SF
NOI
$49.8K $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%
$996,100
Cap Rate 7%
$711,500
Cap Rate 9%
$553,389
Alternative Uses
Best Use
Retail
$711.5K
$622.6K – $830.1K
NOI $49,805 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $118,817 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,130
Businesses Nearby
256k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Shops & Services 35%
Groceries 20%
Home Improvements & Furnishings 4%
Jewel-Osco
Groceries
36,425 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
36,207 visits/mo
0.5 miles
BP
Shops & Services
32,347 visits/mo
0.4 miles
Shell
Shops & Services
21,286 visits/mo
0.1 miles
Chick-fil-A
Dining
19,353 visits/mo
0.4 miles
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two retail condos in Chicago's Lakeview neighborhood, excellent frontage.
Where is this retail space located?
The property is located at 3629 N Halsted St Chicago, IL.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Prime Lakeview location directly across from Whole Foods and near Addison CTA Red Line stop (Wrigleyville).; High foot traffic location with a Walk Score of 97 (Walker's Paradise), Bike Score of 90, and Transit Score of 79.; Two retail condos (1,600 & 2,000 sq ft) sold together with over 100 feet of frontage on North Halsted.
