Chatham Freestanding Restaurant/Office/Retail
For Sale
Contact for pricing
15-33 E 83rd St, Chicago, IL 60619
5,000 SF freestanding building suitable for restaurant, office, or retail.
Property Size5,200 SF
Price / SF$201.92
Days on Market668
Property Features for 15-33 E 83rd St
General Information
Standard status
Active
Size
5,200 SF
Total Parking Spaces
39
Property subtype
Retail, Office
Listing Agency:
Chicago Real Estate Resources Inc
Listed By:
Michael Weaver · License #IL 471015806
Source:
Crexi
Added: Oct 11, 2024
Changed: Aug 8
Last Checked: Aug 9 at 9:44AM
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
Investment Insights
Based on property information with market context.
Located in Chatham, this freestanding 5,000 square foot building offers visibility near the Dan Ryan Expressway and 83rd Street. The property features large windows along the entire facade and includes 39 parking spaces. The space is a 2nd generation restaurant space. It is suitable for a restaurant, medical office, dental offices, or co-working space. The property size is 5,200 square feet.
Key Highlights
- Excellent Chatham location with ideal visibility at the Dan Ryan and 83rd St.
- Free standing 5,000 Sq. Ft. second generation restaurant space
- 39 parking spaces
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
$68,890
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
6.56%
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%
$1,377,800
$1.4M
Cap Rate 7%
$984,143
$984.1K
Cap Rate 9%
$765,444
$765.4K
Market Conditions
NOI Build-Up for 5,200 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
$124.8K $24.00/SF
− Vacancy
−$10.0K −$1.92/SF
EGI
$114.8K $22.08/SF
− OpEx
−$45.9K −$8.83/SF
NOI
$68.9K $13.25/SF
Area
Chicago, IL
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,377,800
Cap Rate 7%
$984,143
Cap Rate 9%
$765,444
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.86M
NOI $111,571 @ 7.0% cap · market cap 10.63%
Second Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,782 @ 7.0% cap · market cap 9.22%
Theoretical Best
Office A
$2.45M
$2.15M – $2.86M
NOI $171,625 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60619, IL
63,303
Population
33,547
Households
1.9
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
6.1 sq mi
ZIP Area
10,378
Density / Sq Mi
$43,403
Median Household Income
$35,672
Median Earnings
$1,054
Median Rent
$213,000
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
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Similar Off Market Nearby
- Shirley's Catering — 7759 S Eberhart Ave, 725 E 90th Pl, Chicago, IL 60619
- Main Ingredient Catering — 8737 S Parnell Ave, Chicago, IL 60620
- All Occasion Catering — Chicago, IL 60619
- Reen's Catering — 8109 S Martin Luther King Dr #2C, Chicago, IL 60619
- NOLA N'awlins Style Catering — 436 E 79th St, Chicago, IL 60619
Frequently Asked Questions
What type of property is this?
Restaurant - 5,000 SF freestanding building suitable for restaurant, office, or retail.
Where is this restaurant located?
The property is located at 15-33 E 83rd St Chicago, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Excellent Chatham location with ideal visibility at the Dan Ryan and 83rd St.; Free standing 5,000 Sq. Ft. second generation restaurant space; 39 parking spaces
