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    The Largest CRE Database in the US with Over 1 Million Listings

    210 87Th St Chicago, IL 60620

    Sponsored
    For Lease
    Contact for pricing

    Two Retail Spaces Available; High Traffic Area

    Lot size:
    23,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional retail opportunity presents two available pads totaling 10,400 to 13,000 contiguous square feet, situated within the vibrant Chatham neighborhood of Chicago, Cook County. Developed alongside the newly renovated Emagine Cinema Chatham at 210 West 87th Street, this property benefits from a prime location in a dense retail trade area boasting an average population of 276,103 within a 3-mile radius. The site offers excellent visibility and accessibility, with convenient access to I-94 and the CTA Red Line, resulting in a combined daily traffic count exceeding 200,000 vehicles. This strategic location ensures high foot traffic and strong potential for attracting a diverse customer base. The property's strength is further enhanced by its proximity to a variety of established national retailers, including Home Depot, Lowe's, Walmart, Aldi, Starbucks, Dunkin' Donuts, and Dollar Tree, among others. Furthermore, the property enjoys a significant competitive advantage as the only movie theatre within a 7-mile radius, guaranteeing a substantial and unique draw for potential tenants. The property includes 98 total parking spaces, ensuring ample convenience for customers and employees. The two suites offer a combined total of 10,400 minimum and 13,000 maximum contiguous square feet, providing flexibility for various retail concepts.

    Property Features for 210 87Th St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    23,400 SF

    Spaces For Lease

    at 210 87Th St, Chicago, IL 60620 Contact us

    We can help!

    Listing Contact
    Alex Bieri

    Learn more

    Property Insight Report

    HighLights

    • Retail property with two available suites totaling 10,400 - 13,000 square feet.
    • Located in Chicago's Chatham neighborhood, a dense retail trade area.
    • Strong surrounding retail presence including Home Depot, Lowe's, Walmart, and other national tenants.
    • Excellent access to I‑94 and CTA Red Line, with high traffic counts.
    • Limited movie theatre competition within a 7‑mile radius.
    • 98 total parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Studio Movie Grill Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.630445179128
    Latitude
    41.73903055238

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    FAQs

    What type of property is this?
    Retail property - Two Retail Spaces Available; High Traffic Area
    Where is this retail property located?
    The property is located at 210 87Th St Chicago, IL.
    What are key features of this property?
    This property features: Retail property with two available suites totaling 10,400 - 13,000 square feet.; Located in Chicago's Chatham neighborhood, a dense retail trade area.; Strong surrounding retail presence including Home Depot, Lowe's, Walmart, and other national tenants.
    Request Owner's contact information
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    210 87Th St Chicago, IL 60620
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    Listing Contact
    Alex Bieri
    Real Estate License ID: 6506046740
    Learn more
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