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    70 Pershing Rd Chicago, IL 60653
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    Property profile & analytics

    70 Pershing Rd Chicago, IL 60653

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    • Commercial real estate
    • 2,680 SF
    Off-Market
    Property ID
    US28-1963193
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • LVL UP COFFEE / Cafe & Coffee Shop

    Property Details for 70 Pershing Rd

    Year built
    2018
    Property size
    2,680 SF
    Property type
    Commercial real estate

    Description

    This exceptional 2,680-square-foot retail space at 70 East Pershing Road in Chicago's vibrant Bronzeville neighborhood presents a unique investment opportunity. Built in 2018 and extensively renovated in 2023, this single-tenant property offers a modern and move-in ready environment. The space is currently entirely vacant, providing flexibility for a wide range of businesses. Located in a rapidly revitalizing area, the property benefits from high foot traffic and proximity to public transportation—just one block away. The generous C1-3 zoning allows for diverse commercial uses. This location offers significant advantages over comparable spaces in other areas, such as Hyde Park, at a significantly lower cost. The property's excellent property management ensures a smooth and efficient operation. With its modern amenities, prime location, and attractive price point, this space is ideal for businesses seeking a thriving and accessible location in a rapidly growing Chicago neighborhood. The building's total square footage is 2,680 square feet, all of which is currently available for lease. Cook County location and a 60653 zip code.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.623767
    Latitude
    41.8239011

    Comparable in this City

    • $23 SF/Yr

      Retail Spaces for Lease

      Retail spaces available, ranging from 1,000 to 3,700 square feet.
      500 E 47Th St, Chicago, IL 60653
      View Details
    • $28 SF/Yr

      High-Traffic Retail Space Available

      Retail space in historic Bronzeville building, available Q3 2024.
      62 E 47Th St, Chicago, IL 60653
      View Details
    • $15 SF/Yr

      Commercial Retail Storefront Near University

      2,000 sq ft commercial/retail space near University of Chicago.
      4502 S Cottage Grove Ave, Chicago, IL 60653
      View Details
    • $17 SF/Yr
      1,025 SF

      Retail Spaces in Historic Bronzeville

      Two retail spaces available in Chicago's Bronzeville neighborhood.
      4254 S Cottage Grove Ave, Chicago, IL 60653
      View Details
    • Contact for pricing

      Bronzeville Retail/Office Space Available

      Prime retail/office space in Bronzeville Jazz District.
      541 E 47Th St, Chicago, IL 60653
      View Details
    • Contact for pricing
      10,999 SF

      Bronzeville Retail Space with Parking

      6,000 SF retail space with 5,000+ SF outdoor area.
      536 E 47Th St, Chicago, IL 60653
      View Details

    Similar Nearby for Sale

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      40,492 SF

      Former Walmart Neighborhood Market

      Retail property in mixed-use project, built in 2014.
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      Outdoor Parking Space For Sale

      Outdoor parking space available at Four Winds Condominiums.
      4441 S Indiana Ave, Chicago, IL 60653
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    • New
      $750,000
      0.30 Acres

      Grand Boulevard Investment Property

      Six-unit commercial building with five tenants near train station.
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      21,916 SF

      Retail/Office Building Near Transportation

      21,916 SF retail/office building with long-term tenants.
      715 E 47Th St, Chicago, IL 60653
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    • Contact for pricing

      Outdoor Parking Space For Sale

      Outdoor parking space available at Four Winds Condominiums.
      4441 S Indiana Ave, Chicago, IL 60653
      View Details
    • $1,900,000

      Bronzeville Commercial Building For Sale

      12,000 SF commercial building in revitalizing Bronzeville neighborhood.
      418 E 43Rd St, Chicago, IL 60653
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr

      Retail Spaces for Lease

      Retail spaces available, ranging from 1,000 to 3,700 square feet.
      500 E 47Th St, Chicago, IL 60653
      View Details
    • $28 SF/Yr

      High-Traffic Retail Space Available

      Retail space in historic Bronzeville building, available Q3 2024.
      62 E 47Th St, Chicago, IL 60653
      View Details
    • $15 SF/Yr

      Commercial Retail Storefront Near University

      2,000 sq ft commercial/retail space near University of Chicago.
      4502 S Cottage Grove Ave, Chicago, IL 60653
      View Details
    • $17 SF/Yr
      1,025 SF

      Retail Spaces in Historic Bronzeville

      Two retail spaces available in Chicago's Bronzeville neighborhood.
      4254 S Cottage Grove Ave, Chicago, IL 60653
      View Details
    • Contact for pricing

      Bronzeville Retail/Office Space Available

      Prime retail/office space in Bronzeville Jazz District.
      541 E 47Th St, Chicago, IL 60653
      View Details
    • Contact for pricing
      10,999 SF

      Bronzeville Retail Space with Parking

      6,000 SF retail space with 5,000+ SF outdoor area.
      536 E 47Th St, Chicago, IL 60653
      View Details
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    Chicago, IL 60653
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    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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