Two-Room Office
For Sale
$229,000
2716 N Ashland Avenue, Chicago, IL 60614
Commercial Sale, Chicago, IL
Property Size850 SF
Lot Size0.07 Acres
Price / SF$269.41
Days on Market20
Property Features for 2716 N Ashland Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
OFFIC
Directions
2716 North on Ashland. Between Fullerton & Diversey on west side of street. Look for sign on property
Subdivision
CHI - Lincoln Park
Standard status
Active
APN
14304050741001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9493
Utilities
Cooling system
Central Air
Building Details
Year built
1998
Floors in Building
4
Building materials
Brick, Concrete, Block
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Aaron Spiro · License #475192695
(312) 324-4112
Added: Aug 17
Changed: Aug 19
Last Checked: Sep 5 at 11:06AM
MLS# 12732080
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 office condominium provides approximately 850 square feet arranged across two dedicated rooms. Built in 1998, the unit includes built-in cabinetry, central air, and 10'9" ceilings. Flooring and interior paint have been refreshed, while the building has a 2016 roof and the unit's furnace was replaced in 2022. The condenser dates to 2014.
One assigned parking space accompanies the unit. The property is situated in Lincoln Park with access to public transportation and nearby highway connections. Brick, concrete, and block construction support the building's established office setting, and the OFFIC zoning designation is identified for the property.
One assigned parking space accompanies the unit. The property is situated in Lincoln Park with access to public transportation and nearby highway connections. Brick, concrete, and block construction support the building's established office setting, and the OFFIC zoning designation is identified for the property.
Key Highlights
- Approximately 850 square feet with two dedicated office rooms
- One assigned parking space included with the unit
- 10'9" ceilings and built‑in cabinetry
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
$18,238
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
7.96%
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%
$364,760
$364.8K
Cap Rate 7%
$260,543
$260.5K
Cap Rate 9%
$202,644
$202.6K
Market Conditions
NOI Build-Up for 850 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
$32.6K $38.40/SF
− Vacancy
−$8.3K −$9.79/SF
EGI
$24.3K $28.61/SF
− OpEx
−$6.1K −$7.15/SF
NOI
$18.2K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$364,760
Cap Rate 7%
$260,543
Cap Rate 9%
$202,644
Alternative Uses
Best Use
Office B
$260.5K
$228.0K – $304.0K
NOI $18,238 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$400.8K
$350.7K – $467.6K
NOI $28,054 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,630
Businesses Nearby
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Updated office condominium with assigned parking, central air, and convenient transit and highway connections.
Where is this office units located?
The property is located at 2716 N Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Approximately 850 square feet with two dedicated office rooms; One assigned parking space included with the unit; 10'9" ceilings and built‑in cabinetry
