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    Versatile Mixed-Use Space in Chicago Title is generated by Realmo AI

    2401 W Ohio Street, Chicago, IL 60612

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    Claim this Listing
    For Sale
    $245,000

    COMMERCIAL - Chicago, IL

    Type:Office
    Added:
    Jan 21, 2026
    Days on Market:
    119
    Last Refresh:
    May 20 at 8:06 am

    Property Features for 2401 W Ohio Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active
    APN
    16122180421006

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5843

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1909
    Floors in Building
    6
    Number of units
    20
    Flooring type
    Wood
    Building materials
    Brick

    We can help!

    Listing Contact
    Ivona Kutermankiewicz
    Ivona Kutermankiewicz

    Listing agent Ivona Kutermankiewicz License #475127538

    Listing office Jameson Sotheby's Intl Realty 425 W. North Ave. suite 1, Chicago, IL

    Listing date Jan 21, 2026

    MLS# 12551421

    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.

    HighLights

    • Expansive open layout filled with natural light, ideal for creative or professional use.
    • Prime location near Mariano's, top‑rated restaurants, coffee shops, and Smith Park.
    • Recent updates include fresh paint, new light fixtures, and a fully refreshed bathroom.
    • Convenient access to the West Loop, hospital district, and the Grand Design District.
    • Features central air, forced air heat, and a utility closet with a sink.
    • Building includes a shared rooftop.

    Overview

    This versatile mixed-use space, currently operating as a beautifully maintained art studio, presents an exceptional opportunity for creative or professional use. The expansive open layout benefits from abundant natural light. Recent updates include fresh paint throughout, new light fixtures, and a fully refreshed bathroom featuring newly retiled flooring and a modern vanity. The unit also offers a utility closet with a sink, central air, and forced air heat. The building features a shared rooftop, ideal for breaks or informal gatherings. The property is ideally located near Mariano's and surrounded by dining and coffee spots, including All Together Now, Rootstock Wine & Beer Bar, Kai Zan, and Dark Matter Coffee. Situated just down the block from Smith Park, which offers pickleball and tennis courts, baseball fields, walking paths, and a pool. Conveniently located 10 minutes from the West Loop and the hospital district, and within walking distance to the new Grand Design District, this space delivers both lifestyle and long-term value. The property is located in Chicago, Illinois.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Studio 37 Film Production PROjECT. Interior Design Grace Integrated Chicago Medical Clinic JDJ Architects Architect Pam Maher Design Interior Design

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6874189
    Latitude
    41.8919117

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    FAQs

    What type of property is this?
    Mixed-use property - Art studio with open layout, natural light, and modern updates.
    Where is this mixed-use property located?
    The property is located at 2401 W Ohio Street Chicago, IL.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: Expansive open layout filled with natural light, ideal for creative or professional use.; Prime location near Mariano's, top‑rated restaurants, coffee shops, and Smith Park.; Recent updates include fresh paint, new light fixtures, and a fully refreshed bathroom.
    (312) 335-3291
    We can help!
    Listing Contact
    Ivona Kutermankiewicz
    Ivona Kutermankiewicz
    Real Estate License ID: 475127538
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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