Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    4001 Irving Park Rd Chicago, IL 60641

    • Retail properties
    • 12,495 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Walgreens Photo / Passport Photo Processor / Photo Lab
    • Citibank ATM / Atm
    • Coinhub Bitcoin ATM Teller / Atm
    • Walgreens Pharmacy / Pharmacy
    • Walgreens / Perfume Store / Stationery Store

    Property Details for 4001 Irving Park Rd

    Year built
    2006
    Lot size
    0.57 lot acres
    Property size
    12,495 SF
    Property type
    Retail properties
    Property subtype
    Drug stores

    Description

    This exceptional investment opportunity presents a 12,495 square foot Walgreens located at 4001 W Irving Park Rd, Chicago, IL 60641. The property sits on a 0.57-acre lot and features a single building constructed in 2006. This is an absolute NNN leasehold interest with a corporate guarantee from Walgreens Boots Alliance (NASDAQ: WBA), offering significant investment advantages and a passive income stream. The lease commenced on October 13, 2006, and has a remaining term of approximately 6.9 years, with a lease expiration date of October 12, 2031, and includes 10x5 lease options. The property boasts a 100% occupancy rate, generating a Net Operating Income (NOI) of $214,999, resulting in a 9.25% cap rate and a price per square foot of $186.02. The asking price for this exceptional investment is $2,324,314. This strategically located retail corner offers excellent visibility and multiple access points, including a drive-thru pharmacy, making it highly resistant to e-commerce competition. The property benefits from its location in a densely populated area of Chicago, with over 1,000,000 residents within a 5-mile radius. The investment offers 100% depreciation advantages. There are no rent bumps included in the lease.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7279
    Latitude
    41.9535

    Comparable in this City

    • Value Estimation
      $835,000
      32,800 SF

      4620 Belmont Ave

      GROCERY, SUPERMARKET • 32,800 SF
      4620 Belmont Ave, Chicago, IL 60641
      View Details
    • Value Estimation
      $345,000
      4,600 SF

      5409 Montrose Ave

      GROCERY, SUPERMARKET • 4,600 SF
      5409 Montrose Ave, Chicago, IL 60641
      View Details
    • Value Estimation
      $1,985,000
      29,600 SF

      5159 Belmont Ave

      GROCERY, SUPERMARKET • 29,600 SF
      5159 Belmont Ave, Chicago, IL 60641
      View Details
    • Value Estimation
      $345,000
      4,600 SF

      5407 Montrose Ave, Unit 17

      GROCERY, SUPERMARKET • 4,600 SF
      5407 Montrose Ave, Chicago, IL 60641-1325
      View Details
    • Value Estimation by Request

      4183 Irving Park Rd

      Individual retail properties
      4183 Irving Park Rd, Chicago, IL 60641
      View Details
    • Value Estimation by Request

      5349-53 Belmont Ave

      Individual retail properties
      5349-53 Belmont Ave, Chicago, IL 60641
      View Details

    Similar Nearby for Sale

    • $4,449,000
      40,615 SF

      Retail Property Near Transportation Hub

      Retail property near Montrose Blue Line and Metra stations.
      4338-4360 W Montrose Ave, Chicago, IL 60641
      View Details
    • Contact for pricing

      Retail Space at Clarendale Six Corners

      Retail space available at the base of a new residential building.
      4715 W Irving Park Rd, Chicago, IL 60641
      View Details
    • $2,620,000
      20,091 SF

      Retail Property on Irving Park

      20,091 SF retail property available for purchase.
      4952 Irving Park Rd, Chicago, IL 60641
      View Details
    • $989,000

      Cicero Avenue Retail Development Opportunity

      15,375 SF parcel on Cicero Avenue for retail development.
      2841-49 N Cicero Ave, Chicago, IL 60641
      View Details
    • $1,500,000
      16,625 SF

      Retail Property in Urban Location

      Value-add opportunity in Chicago with strong demographics and public transit.
      4936 W Irving Park Rd, Chicago, IL 60641
      View Details
    • $749,000
      0.18 Acres

      Mixed-Use Building in Belmont Cragin

      Mixed-use building with commercial and residential units in Chicago.
      5154 W Wolfram St, Chicago, IL 60641
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      36,600 SF

      Barry Plaza Retail Space for Lease

      Chicago Retail Space: High Traffic Location
      3019-3059 Pulaski Rd, Chicago, IL 60641
      View Details
    • $10 SF/Yr
      1,500 SF

      Portage Park Office Space

      Flexible Office Suites, Chicago
      4202 Milwaukee Ave, Chicago, IL 60641
      View Details
    • Contact for pricing
      17,725 SF

      Portage Park Retail Center Opportunity

      High-Visibility Retail Space Available Now
      4715 Irving Park Rd, Chicago, IL 60641
      View Details
    • $22 SF/Yr

      Retail and Warehouse Center For Lease

      Retail and warehouse center in Chicago's Kelvyn Park neighborhood.
      4609-4621 W Belmont Ave, Chicago, IL 60641
      View Details
    • $11 SF/Yr

      Storefront at Busy Intersection

      Storefront with flexible space in a high-traffic location.
      3248 N Pulaski Rd, Chicago, IL 60641
      View Details
    • $29 SF/Yr

      Old Irving Park Retail/Office

      Newer construction retail/office space in Old Irving Park area.
      4323 W Irving Park Rd, Chicago, IL 60641
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4001 Irving Park Rd
    Chicago, IL 60641
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.