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    1424 47Th St Chicago, IL 60609

    For Lease
    $16 SF/Yr

    Chicago Strip Mall: Spaces Available

    Lot size:
    55,775 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    Bishop Plaza, a vibrant 55,775 square foot retail strip center in Cook County, offers exceptional opportunities for businesses seeking high-visibility locations in a diverse Chicago neighborhood. Built in 1987, this established center boasts a strong tenant mix including Aviva Clothing, UI Health Medical & Dental, Little Caesar's, America's Best Optical, the US Post Office, and the newly opened CLS Plasma. The property features multiple spaces available, ranging from a minimum of 1,250 square feet to a maximum contiguous space of 19,292 square feet; a total of 20,542 square feet is currently vacant. Rental rates are competitive, ranging from $16 to $33 per square foot, with common area maintenance and taxes totaling $11.05 per square foot. The center benefits from its strategic location, with a CTA bus stop directly at the corner, ensuring high foot traffic and accessibility. The necessity-based tenants, including the post office and medical facilities, provide a stable and consistent customer base. This property presents a compelling investment opportunity in a thriving, diverse community with significant potential for growth. The center's strong existing tenant base and convenient location make it an ideal choice for a variety of retail businesses.

    Property Features for 1424 47Th St

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    55,775 SF
    Total Rate
    74366.67

    Building Details

    Year Built
    1987

    Unit(s) available at that property

    Space
    Space 5
    Size
    2,379 SF
    Rate per SF
    $33
    Space
    1424
    Size
    19,292 SF
    Rate per SF
    $33
    Space
    4638
    Size
    1,750 SF
    Rate per SF
    $33
    Space
    1408
    Size
    1,250 SF
    Rate per SF
    $33
    Space
    Space 7a
    Size
    15,850 SF
    Rate per SF
    $33

    HighLights

    • 55,775 SF retail strip center in Cook County.
    • Multiple tenancies available, ranging from 1,250 SF to 19,292 SF contiguous.
    • 20,542 SF currently vacant.
    • Built in 1987.
    • Rent: $16 - $33/SF; CAM & Taxes: $11.05/SF.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6602031
    Latitude
    41.8089958

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    FAQs

    What type of property is this?
    Neighborhood center - Chicago Strip Mall: Spaces Available
    Where is this neighborhood center located?
    The property is located at 1424 47Th St Chicago, IL.
    What is the lease rate?
    The lease rate is $33 SF/Yr.
    What are key features of this property?
    This property features: 55,775 SF retail strip center in Cook County.; Multiple tenancies available, ranging from 1,250 SF to 19,292 SF contiguous.; 20,542 SF currently vacant.
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    Realmo Value Estimation

    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.

    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.

    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
    1424 47Th St Chicago, IL 60609
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