Leased Bank Commercial
For Sale
$380,000
C-1747 W North Ave, Chicago, IL 60610
Newer-construction commercial condo leased through September 30, 2028.
Property Size1,200 SF
Price / SF$316.67
Days on Market238
Property Features for C-1747 W North Ave
General Information
Standard status
Active
Size
1,200 SF
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$5,445
Building Details
Tenancy
Single
Listing Agency:
Star Realty & Management
(312) 371-2564
Listed By:
Tyler Weekes · License #475174404
(708) 400-0171
Source:
Exprealty
Added: Jan 8
Changed: Aug 31
Last Checked: Sep 1 at 11:18PM
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 Star Realty & Management
Investment Insights
Based on property information with market context.
This newer-construction commercial condominium contains 1,200 square feet and is occupied by Waterman State Bank. The lease extends through September 30, 2028, following the tenant’s exercise of an early 2-year extension. The property is located at 1747 W. North Ave in Chicago’s Wicker Park neighborhood.
Key Highlights
- 1,200‑square‑foot commercial condominium
- Fully leased to Waterman State Bank through September 30, 2028
- Tenant exercised an early 2‑year lease extension
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
$22,334
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
5.88%
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%
$446,680
$446.7K
Cap Rate 7%
$319,057
$319.1K
Cap Rate 9%
$248,156
$248.2K
Market Conditions
NOI Build-Up for 1,200 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
$31.7K $26.40/SF
− Vacancy
−$1.9K −$1.58/SF
EGI
$29.8K $24.82/SF
− OpEx
−$7.4K −$6.20/SF
NOI
$22.3K $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%
$446,680
Cap Rate 7%
$319,057
Cap Rate 9%
$248,156
Alternative Uses
Best Use
Specialty Retail
$319.1K
$279.2K – $372.2K
NOI $22,334 @ 7.0% cap · market cap 5.88%
Second Best
Retail
$237.2K
$207.5K – $276.7K
NOI $16,602 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,606 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,543
Businesses Nearby
58k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 30%
Beauty & Spa 5%
BP
Shops & Services
17,846 visits/mo
0.0 miles
Shell
Shops & Services
16,063 visits/mo
0.1 miles
McDonald's
Dining
11,226 visits/mo
0.1 miles
Potbelly Sandwich Shop
Dining
3,304 visits/mo
0.2 miles
Jeni's Splendid Ice Creams
Dining
2,892 visits/mo
0.3 miles
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Newer-construction commercial condo leased through September 30, 2028.
Where is this bank located?
The property is located at C-1747 W North Ave Chicago, IL.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 1,200‑square‑foot commercial condominium; Fully leased to Waterman State Bank through September 30, 2028; Tenant exercised an early 2‑year lease extension
