Lake Park Plaza — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Chicago, IL 60653

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Investment Figures

Cap rate
7.11%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Investors are offered the rare opportunity to acquire a 20,815 square foot unanchored strip center located in one of the most supply constrained markets in the country. Lake Park Plaza is ideally positioned at the hard corner, lighted intersection of 47th Street and Lake Park Avenue, less than one quarter mile from Lake Michigan. The center features direct access off Lake Shore Drive (108,300 vehicles per day) and is situated steps from the Kenwood Metra Station. Surrounding Lake Park Plaza are numerous high density residential complexes which provide a steady stream of patrons to tenant base. The Kenwood/Hyde Park area is densely populated and affluent with a daytime population of 110,737 people within a two-mile radius and an average household income of $128,057 within a 0.5-mile radius. Area landmarks include the University of Chicago, world renowned University of Chicago Medical Center and the Obama Presidential Center. Underpinning the center’s exceptional location are strong property level fundamentals. Lake Park Plaza benefits from a secure weighted average lease term (WALT) of 5.01 years. NOI growth is strong as all tenant leases have annual rent increases, resulting in a five-year CAGR of 2.73 percent. Furthermore, the tenant roster contains an optimal mix of food and service users, providing an investor with a true daily need/necessity-based center. Investment Highlights: • Neighborhood Strip Center Leased to an Excellent Mix of Food and Service Tenants • Diversified Income Stream with 10 out of 11 Tenants Accounting for Less than 76 Percent of Total Base Rent • Leases Feature Annual Rent Increases, Providing an Investor with an Optimal Hedge Against Inflation | Five-Year CAGR of 2.73 Percent • Highly Stable Rent Roll | Weighted Average Lease Term (WALT) of 5.01 Years • 0.2 miles from 47th Street Exit of Lake Shore Drive, which sees 108,300 vehicles per day • 0.2 miles from Kenwood (47th Street) Metra Train Station | Metra Served 3.68 Million Pa

Market Context

This retail in Chicago, IL is listed for sale. It is offered at an approximate 7.1% capitalization rate, a key benchmark for income-producing retail assets. Compare it against other retail listings for sale in Chicago, IL — view the full market.

As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.

Its 7.1% asking cap rate is below the Chicago retail market average of about 7.9%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 7.9% as of Q4 2025, per multiple brokerage reports.
Is the Chicago retail market tightening or softening?
Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).

Estimated Price per SF

$56.15/SF – $408.36/SF

Mid: $170.15/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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