West Loop Retail Condo For
For Sale
$1,300,000
954 W Monroe St, Chicago, IL 60607
2,518 SF retail condo in Chicago's West Loop.
Property Size2,518 SF
Price / SF$516.28
Days on Market272
Property Features for 954 W Monroe St
General Information
Standard status
Active
Size
2,518 SF
Property subtype
NNN Single Tenant 7-Eleven
Building Details
Building Size
2,518 SF
Year Built
2005
Listing Agency:
(708) 205-5383
Listed By:
Nicholas Manganais
(708) 205-5383
Source:
Svnchicago
Added: Nov 21, 2025
Changed: Aug 8
Last Checked: Aug 20 at 5:01AM
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 Nicholas Manganais
Investment Insights
Based on property information with market context.
This street-level retail condo unit is located at the lighted intersection of Monroe and Morgan in Chicago’s West Loop, adjacent to the Fulton Market area. The 2,518 square feet property is located at the base of the 101-unit 950 Monroe condo building, constructed in 2005. The property includes two interior parking spaces. The tenant exercised its second 5-year extension in June of 2024, extending the lease term to May 31, 2030. In September 2024, the tenant decided to close this store along with 500 other stores. The store is presently dark with rent payable until May of 2030. The tenant leases two indoor heated parking spaces and pays condo association dues, real estate taxes, and all utilities. The location is in downtown Chicago's West Loop.
Key Highlights
- Corporate NNN lease with rent payable by 7‑Eleven until May 31, 2030, despite the store being currently dark.
- Prime location in Chicago's trendy West Loop, adjacent to the Fulton Market area.
- Investment‑grade tenant (7‑Eleven) with A and Baa2 ratings.
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
$46,865
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
3.61%
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%
$937,300
$937.3K
Cap Rate 7%
$669,500
$669.5K
Cap Rate 9%
$520,722
$520.7K
Market Conditions
NOI Build-Up for 2,518 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
$66.5K $26.40/SF
− Vacancy
−$4.0K −$1.58/SF
EGI
$62.5K $24.82/SF
− OpEx
−$15.6K −$6.20/SF
NOI
$46.9K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$937,300
Cap Rate 7%
$669,500
Cap Rate 9%
$520,722
Alternative Uses
Best Use
Specialty Retail
$669.5K
$585.8K – $781.1K
NOI $46,865 @ 7.0% cap · market cap 3.61%
Second Best
Retail
$497.7K
$435.5K – $580.6K
NOI $34,836 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,106 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,399
Businesses Nearby
368k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 31%
Groceries 29%
Dining 26%
Shops & Services 6%
Target
Superstores
112,849 visits/mo
0.3 miles
H Mart
Groceries
57,270 visits/mo
0.5 miles
Whole Foods Market
Groceries
48,567 visits/mo
0.3 miles
Punch Bowl Social
Dining
48,113 visits/mo
0.5 miles
Shake Shack
Dining
14,493 visits/mo
0.3 miles
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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
- Mariano's Tastemaker Kitchen — 40 s halsted st, chicago, il 60661
- Target Grocery — 1101 W Jackson Blvd, Chicago, IL 60607
- Nuts on Clark — 500 W Jackson Blvd, Chicago, IL 60661
- Miracle Foods Global — 1016 W Jackson Blvd, Chicago, IL 60607, United States
- Joomak - Popup — 1000 W Fulton Market, Chicago, IL 60607
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 2,518 SF retail condo in Chicago's West Loop.
Where is this grocery and convenience store located?
The property is located at 954 W Monroe St Chicago, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Corporate NNN lease with rent payable by 7‑Eleven until May 31, 2030, despite the store being currently dark.; Prime location in Chicago's trendy West Loop, adjacent to the Fulton Market area.; Investment‑grade tenant (7‑Eleven) with A and Baa2 ratings.
