5337-5353 W Devon Ave

5337-5353 W Devon Avenue is positioned along one of Chicago's most enduring North Side commercial corridors, in Edgebrook, carrying tens of thousands of vehicles per day and serving as the primary retail spine for established neighborhoods including Norwood Park, Edgebrook, Forest Glen, and Edison Park. The site is exceptionally well-served by public transit, with the CTA Route 155 (Devon) bus running directly along the corridor and the Metra Edgebrook station on the Milwaukee District North Line located less than a half-mile east on Devon Avenue, providing commuter rail access to Union Station and channeling daily traffic through the immediate trade area. Community demand generators further amplify the location's retail draw: Edgebrook Golf Course in the Northern Forest Preserve District, Indian Boundary Park (a 13-acre Chicago Landmark), and the Stadium at Devon & Kedzie, which draws approximately 17,000 youth athletes annually, all contribute consistent, recurring foot traffic that is uniquely well-suited to the neighborhood-serving tenants that anchor this strip center.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 5.56%. 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 9.25%, a cash-on-cash return of 10.39%, and a debt coverage ratio of 1.82x. 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.