Two-Level Flex
For Sale
$499,000
1412 W DIVISION Street, Chicago, IL 60642
Commercial Sale, Chicago, IL
Property Size2,482 SF
Lot Size0.06 Acres
Price / SF$201.05
Days on Market103
Property Features for 1412 W DIVISION Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
On Division St (One block west of I-90/94 and east of Ashland )
Subdivision
CHI - West Town
Standard status
Active
APN
17051240591001
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
14417
Utilities
Cooling system
Central Air
Building Details
Year built
2007
Floors in Building
3
Number of units
3
Flooring type
Wood, Concrete
Building materials
Brick, Stone
Listing Agency:
America Real Estate
(773) 735-4400
Listed By:
Sonia Anaya · License #471003658
(773) 965-4618
Added: Jun 2
Changed: Aug 20
Last Checked: Sep 12 at 1:06PM
MLS# 12665242
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial condo provides 2,482 total square feet over two levels, with 14-foot ceilings and a layout that combines customer-facing space with private work areas. The 1,241 SF main level includes an open retail-ready floor plan, half bath, and dedicated storage room. The 1,241 SF lower level adds a full bathroom, kitchenette, laundry area, three private offices, two closets, reception and lobby space, and additional storage.
The property is located in Chicago’s Bucktown corridor at 1412 W Division Street, just off the highway and adjacent to a busy gas station. The space previously operated as a hair salon and is identified for beauty, spa, salon, culinary school, co-working, creative studio, boutique retail, professional office, and client-service hybrid uses. Built in 2007, the building features brick and stone construction, wood and concrete flooring, and central air.
The property is located in Chicago’s Bucktown corridor at 1412 W Division Street, just off the highway and adjacent to a busy gas station. The space previously operated as a hair salon and is identified for beauty, spa, salon, culinary school, co-working, creative studio, boutique retail, professional office, and client-service hybrid uses. Built in 2007, the building features brick and stone construction, wood and concrete flooring, and central air.
Key Highlights
- 2,482 total square feet across two levels
- 14‑foot ceilings
- Main level measures 1,241 SF with open retail‑ready floor plan
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,652
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$573,040
$573.0K
Cap Rate 7%
$409,314
$409.3K
Cap Rate 9%
$318,356
$318.4K
Market Conditions
NOI Build-Up for 2,482 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.7K $19.20/SF
− Vacancy
−$3.6K −$1.44/SF
EGI
$44.1K $17.76/SF
− OpEx
−$15.4K −$6.22/SF
NOI
$28.7K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$573,040
Cap Rate 7%
$409,314
Cap Rate 9%
$318,356
Alternative Uses
Best Use
Flex RnD
$409.3K
$358.2K – $477.5K
NOI $28,652 @ 7.0% cap · market cap 5.74%
Second Best
Industrial
$222.3K
$194.6K – $259.4K
NOI $15,564 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,918 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,402
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Chicago, IL
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Similar Off Market Nearby
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- CMM Catering — Chicago, IL 60642
- Bumbu Roux — 833 W Haines St, Chicago, IL 60642
- Bires & Friedler Catering — 1938 W Division St, Chicago, IL 60622
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condo combines an open retail area with offices, storage, and service amenities.
Where is this flex space located?
The property is located at 1412 W DIVISION Street Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,482 total square feet across two levels; 14‑foot ceilings; Main level measures 1,241 SF with open retail‑ready floor plan
