Retail Business for Sale in Chicago, IL

  • Price: $1.1M
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Chicago, IL 60615
  • Size: 7,953 SF
  • Year built: 2005

Description

WASHINGTON PARK RETAIL CENTER 101–115 E 51st St, Chicago, IL 60615 Executive Summary Washington Park Retail Center presents a rare opportunity to acquire a stabilized, neighborhood-serving retail asset with strong in-place income and meaningful upside through lease-up. Strategically positioned at the signalized intersection of East 51st Street and South Michigan Avenue, the property benefits from consistent vehicular traffic, dense surrounding population, and proximity to major institutional and retail anchors. Offered at $1,150,000 , the asset consists of a 7,953 SF multi-tenant retail building situated on a 17,948 SF parcel, featuring 165 feet of frontage along 51st Street and dedicated on-site parking. The center is currently occupied by a diverse mix of service-oriented and food-based tenants, with one second-generation vacancy providing immediate value-add potential. The property has demonstrated long-term tenant stability, with occupancy history dating back nearly two decades and leases extending through 2030. Combined with favorable B3-3 zoning and infrastructure conducive to food service uses, the asset is well-positioned for continued income growth and tenant demand. Investment Highlights Stable In-Place Income with Upside Current PGI: $185,316 Stabilized PGI: $213,516 upon lease-up Vacancy provides immediate NOI growth and improved expense ratio Established Tenant Base Oldest tenant in occupancy since 2006 Longest lease term extends through 2030 Mix of seven retail tenants with strong neighborhood ties Food Service-Ready Infrastructure Multiple spaces equipped with Type I hoods, large kitchens, and prep areas Non-restaurant units are plumbed and adaptable for food or service uses Proven resilience through COVID due to take-out/QSR model Signalized Corner Location Hard corner at 51st St & Michigan Ave Traffic counts of approximately 12,548 vehicles per day Strong visibility with 165 feet of frontage Transit-Oriented Location Two blocks from the CTA Green Li

Market Context

This retail in Chicago, IL is listed for sale at $1,150,000 across 7,953 SF ($145/SF). The building dates to 2005. It has been on the market for 38 days. Compare it against other retail listings for sale in Chicago, IL — <a href="/search/sale/retail/illinois/chicago">view the full market</a>.

As of Q1 2026, the Chicago retail market showed average asking rents near $22.27/SF/yr, and cap rates around 8.2%. Source: Consensus Q1 2026 market report.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 8.2% as of Q1 2026, per Consensus.

Unified Estimate

Medium Confidence

$276.63/SF – $374.27/SF

Mid: $325.45/SF

Total estimate for 7,953 SF: $2,588,304

Rate estimator only; cost-of-business estimate unavailable.

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