Retail/Office Condo on Irving
1455 W Irving Park Rd Chicago, IL 60613
1455 W Irving Park Rd, Chicago, IL, 60613
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For Sale
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Small retail/office condo with high ceilings and ample traffic.
Property Size650 SF
Price / SF$167.69
Days on Market689
Property Features for 1455 W Irving Park Rd
General Information
- Standard status
- Active
- Size
- 650 SF
- Property subtype
- Office, Retail
Building Details
- Year Built
- 2005
Listing Agency
Imperial Realty Company
(773) 736-6461
Listed by
Theron May · License #IL 471.019986
Source
Crexi
Added: Aug 29, 2024 Checked: Jul 15 at 1:04 pm
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 Imperial Realty Company
Investment Insights
Based on property information with market context.
This approximately 650-square-foot condo, formerly a real estate office, is situated on Irving Park Road between Southport and Ashland. The property features an open floor plan, a kitchenette, a bathroom, a shower, and storage space. The unit also boasts very high ceilings and 18 feet of frontage. Located on a busy street with ample traffic, the location benefits from strong demographics. The 2024 1-mile population is 80,327, with an average household income of $129,692 and annual consumer spending exceeding $1.3 billion. The area sees 45,000 vehicles per day and has a walk score of 88 and a bike score of 89. The condo is ideal for a wide range of small retail and office uses.
Key Highlights
- High‑traffic location on Irving Park with 45,000 vehicles per day.
- Strong demographics: high population density, high average household income, and high consumer spending.
- Versatile space suitable for retail or office use.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $14.0k | $21.60 |
| − Vacancy | −$1.2k | −$1.84 |
| EGI | $12.8k | $19.76 |
| − OpEx | −$3.9k | −$5.93 |
| NOI | $9.0k | $13.83 |
650 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Office B
$199.2K
$174.3K – $232.4K
NOI $13,946 @ 7.0% cap · market cap 12.79%
Second Best
Retail
$128.5K
$112.4K – $149.9K
NOI $8,993 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$306.5K
$268.2K – $357.6K
NOI $21,453 @ 7.0% cap · market cap 19.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
sheffield group
Real Estate Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Small retail/office condo with high ceilings and ample traffic.
Where is this retail space located?
The property is located at 1455 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $109,000.
What are key features of this property?
This property features: High‑traffic location on Irving Park with 45,000 vehicles per day.; Strong demographics: high population density, high average household income, and high consumer spending.; Versatile space suitable for retail or office use.
