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5337-5353 W Devon Ave 10,758 SF 85% Leased Retail Building Chicago, IL 60646 $1,750,000 ($162.67/SF) 4.76% Cap Rate
Investment Highlights
- A well-maintained 7-unit retail strip center totaling 10,683 SF, featuring 14 rear exterior parking spaces and B3-1 zoning.
- All tenants are responsible for their pro-rata share of real estate taxes, insurance, utilities, and maintenance, minimizing ownership costs
- 6 of 7 units are occupied by a mix of food and beverage, fitness, and service tenants on leases extending through 2027-28
- The property is ideally positioned along Devon Avenue in Edgebrook, one of Chicago's most enduring retail corridors
Executive Summary
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.
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.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
10,758 SF
Building Class
C
Year Built/Renovated
1957/2016
Price
$1,750,000
Price Per SF
$162.67
Cap Rate
4.76%
NOI
$83,300
Percent Leased
85%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.59
Lot Size
0.42 AC
Zoning
Commercial
Amenities
- Air Conditioning
Exceptionally walkable
90/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 13-04-102-008-0000 | Improvements Assessment | $21,144 |
| Land Assessment | $27,344 | Total Assessment | $48,488 |
Property Taxes
Parcel Number
13-04-102-008-0000
Land Assessment
$27,344
Improvements Assessment
$21,144
Total Assessment
$48,488
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5337-5353 W Devon Ave
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