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    939 North Ave Chicago, IL 60642

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    For Lease
    Contact for pricing

    Chicago Retail Space: 2,938 - 38,718 SF

    Lot size:
    82,023 SF

    Property Features for 939 North Ave

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    82,023 SF

    Spaces For Lease

    at 939 North Ave, Chicago, IL 60642 Contact us

    We can help!

    Listing Contact
    Paul Bryant
    Paul Bryant

    Listing Agency: Mid-America Real Estate Listing Agent: Paul Bryant

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

    Learn more

    Overview

    This exceptional retail property, located at 939 W North Ave in Chicago's vibrant Lincoln Park neighborhood (Cook County, IL, zip code 60642), offers a unique investment opportunity. The building boasts a total of 82,023 square feet, with a significant amount of vacant space totaling 77,530 square feet currently available. This presents a rare chance to secure a substantial footprint in a highly desirable location. The space is divisible, offering flexibility for businesses of various sizes, with minimum divisible units starting at 2,938 square feet and maximum contiguous space reaching 38,718 square feet. Up to 65,000 square feet can be leased across two levels. The property is classified as multi-tenant commercial retail space. Ample parking is provided with 340 spaces available for tenants and customers. This prime location within the City of Chicago submarket ensures high visibility and accessibility, making it an ideal space for a variety of retail businesses. The property's size and flexibility make it suitable for both single-tenant occupancy or multiple tenants. This is a remarkable opportunity to establish a presence in one of Chicago's most sought-after neighborhoods.
    Property Profile Location Intelligence

    Current Use by Public Records

    Steve Abrams, eXp ... Real Estate Agency David Pacheco, eXp ... Real Estate Agency Dental Salon Dental Office Sparkrock (Bike/Boat/Book/etc) Store Time Clock Hub, ... (Bike/Boat/Book/etc) Store

    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
    -87.6529072
    Latitude
    41.9107042

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    FAQs

    What type of property is this?
    Retail property - Chicago Retail Space: 2,938 - 38,718 SF
    Where is this retail property located?
    The property is located at 939 North Ave Chicago, IL.
    What are key features of this property?
    This property features: 82,023 SF multi-tenant retail building at 939 W North Ave, Chicago, IL 60642 (Cook County).; 77,530 SF of vacant space available, divisible into units from 2,938 SF to a maximum contiguous 38,718 SF; up to 65,000 SF leasable across two levels.; Located in Chicago's highly desirable Lincoln Park submarket, benefiting from over 30 years of strong sales history and a regional draw from surrounding affluent neighborhoods.
    (630) 954-7354 Call to check price and availability
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    939 North Ave Chicago, IL 60642
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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
    939 North Ave Chicago, IL 60642
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    Contact for Pricing
    Please call us for current price
    and status of this listing Paul Bryant
    Paul Bryant
    Real Estate License ID: 471008163
    (630) 954-7354 (630) 954-7327
    Learn more
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