South Loop Parking
For Sale
Contact for pricing
1639 S Indiana Ave, Chicago, IL 60616
60-space parking lot in Chicago's South Loop for sale.
Property Size18,000 SF
Price / SF$97.22
Days on Market910
Property Features for 1639 S Indiana Ave
General Information
Standard status
Active
Size
18,000 SF
Total Parking Spaces
60
Property subtype
Office, Retail
Zoning
DX-5
Building Details
Units
172
Listing Agency:
Millennium Properties R/E
(312) 338-3000
Listed By:
Susan Silver · License #IL 475136992
Source:
Crexi
Added: Feb 22, 2024
Changed: Aug 20
Last Checked: May 13 at 8:20PM
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 Millennium Properties R/E
Investment Insights
Based on property information with market context.
Available for sale is a 60-space parking lot in the South Loop, situated near the corner of Indiana Avenue and 18th Street. The parcel, with its present zoning, allows for 172 units over 180,000 square feet of building and potential bonuses. The lot is adjacent to the Prairie District Lofts, a condominium building with 116 residential units and 6 commercial spaces on the ground level, which is also available for sale. This presents an excellent opportunity for a developer or investor to benefit from the area’s recent growth and robust rental market. Attractions in the area include Soldier Field, Shedd Aquarium, Adler Planetarium, the Field Museum, the School of the Art Institute of Chicago, Columbia College, Oyster House, Starbucks, and Mariano’s. The South Loop has undergone a tremendous transformation in the last decade, quickly becoming one of the premiere areas with its attractive high-rise condominium complexes, close proximity to transportation, fine dining establishments, and entertainment venues.
Key Highlights
- Potential for 172 Units Over 180,000 Square Feet of Building With Present Zoning and Potential Bonuses.
- 60‑space Parking Lot in the South Loop.
- Excellent Opportunity for a Developer or Investor.
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
$112,877
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
6.45%
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%
$2,257,540
$2.3M
Cap Rate 7%
$1,612,529
$1.6M
Cap Rate 9%
$1,254,189
$1.3M
Market Conditions
NOI Build-Up for 18,000 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
$169.7K $9.43/SF
− Vacancy
−$8.5K −$0.47/SF
EGI
$161.3K $8.96/SF
− OpEx
−$48.4K −$2.69/SF
NOI
$112.9K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$2,257,540
Cap Rate 7%
$1,612,529
Cap Rate 9%
$1,254,189
Alternative Uses
Best Use
Retail
$3.56M
$3.11M – $4.15M
NOI $249,026 @ 7.0% cap · market cap 14.23%
Second Best
Industrial
$1.61M
$1.41M – $1.88M
NOI $112,877 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$8.49M
$7.43M – $9.90M
NOI $594,086 @ 7.0% cap · market cap 33.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,751
Businesses Nearby
169k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Groceries 30%
Hotels & Casinos 20%
Shops & Services 18%
Mariano's
Groceries
50,480 visits/mo
0.3 miles
Marriott Marquis Chicago
Hotels & Casinos
33,862 visits/mo
0.4 miles
White Castle
Dining
23,545 visits/mo
0.5 miles
Pizanos Pizza
Dining
13,973 visits/mo
0.4 miles
Chase Bank
Shops & Services
11,972 visits/mo
0.3 miles
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Avis Car Rental — 1830 S Wabash Ave, Chicago, IL 60616
- Budget Car Rental — 1830 S Wabash Ave, Chicago, IL 60616
- Budget Truck Rental — 1830 S Wabash Ave, Chicago, IL 60616
- A&B Transportation — 2010 S Wabash Ave, Chicago, IL 60616
- Hertz Car Rental - Chicago - Mccormick Place HLE — Downtown Chicago, 2300 S Martin Luther King Dr, Chicago, IL 60605
Frequently Asked Questions
What type of property is this?
Parking lot & garage - 60-space parking lot in Chicago's South Loop for sale.
Where is this parking lot & garage located?
The property is located at 1639 S Indiana Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Potential for **172 Units Over 180,000 Square Feet** of Building With Present Zoning and Potential Bonuses.; 60‑space Parking Lot in the South Loop.; Excellent Opportunity for a Developer or Investor.
