5337-5353 W Devon Ave - Storefront Retail/Office FOR SALE


Chicago, IL 60646- Edgebrook
$1,750,000 USD
312-216-2422
5337-5353 W Devon Ave, Chicago, IL for Sale
$1,750,000 USD
Storefront Retail/Office - FOR SALE
1/41
null | 4.76% Cap Rate

5337-5353 W Devon Ave
Chicago, IL 60646
Edgebrook


HIGHLIGHTS

  • A well-maintained 7-unit retail strip center totaling 10,683 SF, featuring 14 rear exterior parking spaces and B3-1 zoning.
  • 6 of 7 units are occupied by a mix of food and beverage, fitness, and service tenants on leases extending through 2027-28
  • All tenants are responsible for their pro-rata share of real estate taxes, insurance, utilities, and maintenance, minimizing ownership costs
  • The property is ideally positioned along Devon Avenue in Edgebrook, one of Chicago's most enduring retail corridors

OVERVIEW

Essex Three-Twelve is exclusively engaged in the sale of 5337-5353 W Devon Avenue, a 10,683 square foot, seven-unit retail strip center in the Edgebrook neighborhood of Chicago. Six of seven suites are occupied by a diversified mix of service, food-and-beverage, and fitness tenants on leases extending through 2027 and 2028. All leases are structured on a net basis, with tenants responsible for their pro-rata share of real estate taxes, insurance, and operating expenses, a landlord-favorable structure that significantly reduces ownership costs and provides exceptional income predictability. At current occupancy, the property generates an NOI of $83,346, reflecting a going-in cap rate of 4.76%. The sole vacancy, a 2,400 SF suite with a projected market rent of $17.00/SF, is the single lever required to achieve full stabilization. Upon lease-up, NOI is projected to grow 66% to $138,687, driving a stabilized cap rate of 7.92%, a cash-on-cash return of 7.09%, and a debt coverage ratio of 1.56x. Devon Avenue is a well-established, high-traffic retail corridor serving a dense and affluent residential base. The B3-1 zoning accommodates the broadest range of retail and service uses, providing maximum flexibility in lease-up strategy. For investors seeking a predominantly stabilized retail asset with an executable path to enhanced yield, 5353 W Devon Avenue presents a compelling opportunity in the Chicago North Side market.

FOR SALE DETAILS

PRICE

$1,750,000 USD

PRICE/SF

$163 USD /SF

CAP RATE

4.76%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1957

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,295 SF

ZONING

Commercial

APN/PARCEL ID

13-04-102-008-0000

ASK ABOUT THIS PROPERTY

Niko ApostalEssex 312, LLCMore Info
312-216-2422

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Niko ApostalEssex 312, LLCMore Info
312-216-2422

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.