Edgewater Automotive Repair Redevelopment
5407 N Broadway, Chicago, IL 60640
7,000 SF building in rapidly developing Edgewater neighborhood.
Type:Land
Property size:
7,000 SFLot size:
0.17 AcresPrice / SF:
$170/SF- Added:
- Jun 5, 2024
- Days on Market:
- 761
- Last Refresh:
- May 12 at 9:32 pm
Property Features for 5407 N Broadway
General Information
- Standard status
- Active
- Size
- 7,000 SF
- Lot size
- 0.17 Acres
- Property subtype
- Land
Listing office Chicago Real Estate Resources Inc
Listing date Jun 5, 2024
Source Crexi
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 Real Estate Resources Inc
HighLights
- TOD Eligible site with dash 3 zoning allowing for redevelopment with potential for 18 residential units above ground floor commercial.
- Proximity to Berwyn and Bryn Mawr Red Line CTA stations (~832' and ~1,192' respectively).
- Located in rapidly developing Edgewater, east of Lakewood Balmoral and Andersonville.
- Existing 7,000 SF barrel truss building on a 50’ x 150’ lot with alley access.
- Parking requirement reductions available due to TOD status.
- Walking distance (13 min) to Foster Beach and the Lakefront Trail.
Overview
This approximately 7,000 square foot barrel truss building presents an opportunity for purchase as an automotive repair business or for redevelopment in the rapidly developing Edgewater neighborhood. Situated on a 50' x 150' lot with alley access, the site is TOD Eligible with dash 3 zoning. The location offers proximity to the Berwyn Red Line CTA, approximately 832 feet away, and the Bryn Mawr Red Line CTA, approximately 1,192 feet away. Existing zoning permits 18 residential units above ground floor commercial within right. Parking requirement reductions are available due to TOD status. The development site is directly east of Lakewood Balmoral and Andersonville. Foster Beach and the Lakefront Trail are a 13-minute walk from the site.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.2k | $21.60 |
| − Vacancy | −$12.9k | −$1.84 |
| EGI | $138.3k | $19.76 |
| − OpEx | −$41.5k | −$5.93 |
| NOI | $96.8k | $13.83 |
7,000 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.38M
$1.21M – $1.61M
NOI $96,844 @ 7.0% cap · market cap 8.10%
Second Best
Industrial
$627.1K
$548.7K – $731.6K
NOI $43,897 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,034 @ 7.0% cap · market cap 19.33%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Lakeside International Auto
Auto Repair Shop
Similar Places Nearby
- EGI Agency — 3920 n sheridan rd, chicago, il 60613
- Fred's Wrigleyville Garage & Auto Repair — 3848 N Clark St, Chicago, IL 60613
- I & C Auto Repair — 3454 N Sheffield Ave, Chicago, IL 60657
- Gerber Collision & Glass — 3425 N Halsted St, Chicago, IL 60657
- Illinois Glassworks Llc — Chicago, IL 60657
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6595208
- Latitude
- 41.9802715
Nearby Similar for Sale
FAQs
What type of property is this?
Auto shop - 7,000 SF building in rapidly developing Edgewater neighborhood.
Where is this auto shop located?
The property is located at 5407 N Broadway Chicago, IL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: TOD Eligible site with dash 3 zoning allowing for redevelopment with potential for **18 residential units above ground floor commercial.**; Proximity to **Berwyn and Bryn Mawr Red Line CTA stations** (~832' and ~1,192' respectively).; Located in rapidly developing Edgewater, east of Lakewood Balmoral and Andersonville.
