Retail/Office Condo on Irving
For Sale
Contact for pricing
1455 W Irving Park Rd, Chicago, IL 60613
Small retail/office condo with high ceilings and ample traffic.
Property Size650 SF
Price / SF$167.69
Days on Market737
Property Features for 1455 W Irving Park Rd
General Information
Standard status
Active
Size
650 SF
Class
A
Property subtype
Office, Retail
Zoning
B3-1
Investment Type
Owner/User
Building Details
Year Built
2005
Listing Agency:
Imperial Realty Company
Listed By:
Theron May · License #IL 471.019986
(773) 736-6461
Source:
Crexi
Added: Aug 29, 2024
Changed: Aug 24
Last Checked: Aug 31 at 7:22AM
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.
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
$8,993
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
8.25%
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%
$179,860
$179.9K
Cap Rate 7%
$128,471
$128.5K
Cap Rate 9%
$99,922
$99.9K
Market Conditions
NOI Build-Up for 650 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
$14.0K $21.60/SF
− Vacancy
−$1.2K −$1.84/SF
EGI
$12.8K $19.76/SF
− OpEx
−$3.9K −$5.93/SF
NOI
$9.0K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$179,860
Cap Rate 7%
$128,471
Cap Rate 9%
$99,922
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,618
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
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.
