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    4901 Irving Park Rd Chicago, IL 60641

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    For Lease
    Contact for pricing

    Chicago Retail Space: High-Visibility Opportunity

    Lot size:
    60,448 SF

    Property Features for 4901 Irving Park Rd

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    60,448 SF
    Total Rate
    50373.33

    Building Details

    Year Built
    1957
    Stories
    2

    Spaces For Lease

    at 4901 Irving Park Rd, Chicago, IL 60641 Contact us
    Unit Suite 218

    $10 /Mo

    Size
    5,147 SF
    Contact us
    Unit Suite 219

    $10 /Mo

    Size
    5,443 SF
    Contact us
    Unit LL

    $18 /Mo

    Size
    18,000 SF
    Contact us
    Unit Suite 200

    $10 /Mo

    Size
    4,000 SF
    Contact us

    We can help!

    Listing Contact
    Kellen Duggan
    Kellen Duggan

    Listing Agency: Friedman Real Estate IL LLC Listing Agent: Kellen Duggan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Portage Square, a two-story retail and office shopping center located at 4901 W Irving Park Rd in Chicago, IL, presents a compelling investment opportunity. This 60,448 square foot property sits on a 3-acre lot in Cook County (APN: 13-21-202-050-0000) and boasts 180 parking spaces, ensuring ample convenience for customers and employees. Built in 1957, the property offers a blend of established presence and redevelopment potential. Currently, there are multiple tenants, with a significant portion of the space available for lease. A total of 32,590 square feet is currently vacant, offering flexible options for prospective tenants. Spaces range from 4,000 to 18,000 square feet, catering to a variety of business needs. The property's prime location in Chicago's vibrant 60641 zip code ensures high visibility and accessibility. This is an exceptional chance to acquire a well-situated retail and office center with significant upside potential in a bustling Chicago neighborhood. The property's size and layout provide opportunities for both individual tenants and larger businesses seeking substantial space. The substantial vacant square footage presents a unique opportunity to customize the space to meet specific business requirements. This property is ideal for businesses seeking a strong presence in a well-established commercial area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retro Fitness Gym & Fitness Center Binny's Beverage Depot ... (Bike/Boat/Book/etc) Store Binny’s (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7499234
    Latitude
    41.9533814

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    FAQs

    What type of property is this?
    Lifestyle center - Chicago Retail Space: High-Visibility Opportunity
    Where is this lifestyle center located?
    The property is located at 4901 Irving Park Rd Chicago, IL.
    What is the lease rate?
    The lease rate is $10-$18 SF/Yr.
    What are key features of this property?
    This property features: Multiple second-floor suites available near Portage Park's Six Corners intersection.; High-visibility second-floor space with extensive frontage on Irving Park Road.; 18,000 SF, two-story, fully built-out fitness center space available (formerly Retro Fitness).
    (847) 682-5024 Call to check price and availability
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    4901 Irving Park Rd Chicago, IL 60641
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    Chicago, IL 60641
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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
    4901 Irving Park Rd Chicago, IL 60641
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    Contact for Pricing
    Please call us for current price
    and status of this listing Kellen Duggan
    Kellen Duggan
    Real Estate License ID: 475155060
    (847) 682-5024 (888) 848-1671 (312) 728-1700
    Learn more
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