Three-Story Live-Work
For Sale
$1,450,000
320 E Irving Park Road, Wood Dale, IL 60191
Commercial Sale, Wood Dale, IL
Property Size10,000 SF
Lot Size0.34 Acres
Price / SF$145
Days on Market412
Property Features for 320 E Irving Park Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Rte 83 North to Irving Park Rd west
Subdivision
Wood Dale
Standard status
Active
APN
0315201022
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
13107
Utilities
Cooling system
Central Air
Amenities
elevator
fireplaces
reception area
conference area
private bathrooms
Building Details
Year built
1988
Floors in Building
3
Number of units
6
Building materials
Brick, Stone
Listing Agency:
Kale Realty
(312) 939-5253
Listed By:
James Qiu · License #475199248
(312) 825-8448
Added: Jul 29, 2025
Changed: Aug 19
Last Checked: Sep 13 at 6:06PM
MLS# 12432576
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 three-story live-work property, built in 1988, combines residential and professional components within a brick-and-stone building. Elevator service connects the levels. The upper floor contains a 3,000-square-foot penthouse with two bedroom suites, three full bathrooms, and two fireplaces. The middle level provides 3,000 square feet of office space with four private offices, a conference area, and reception space.
At ground level, the property includes three more offices, a drive-in garage and warehouse area, and a private bathroom. Central air serves the building, which occupies a 0.3444-acre lot in Wood Dale, Illinois. The property is zoned COMMR.
At ground level, the property includes three more offices, a drive-in garage and warehouse area, and a private bathroom. Central air serves the building, which occupies a 0.3444-acre lot in Wood Dale, Illinois. The property is zoned COMMR.
Key Highlights
- 3,000‑square‑foot penthouse with two bedroom suites and three full bathrooms
- 3,000‑square‑foot office level with four private offices, conference area, and reception space
- Ground‑floor drive‑in garage and warehouse area
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
$105,300
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
7.26%
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%
$2,106,000
$2.1M
Cap Rate 7%
$1,504,286
$1.5M
Cap Rate 9%
$1,170,000
$1.2M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$18.0K −$1.80/SF
EGI
$162.0K $16.20/SF
− OpEx
−$56.7K −$5.67/SF
NOI
$105.3K $10.53/SF
Area
DuPage County, IL
Vacancy
10.00%
Lease Rate
$18.00 /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%
$2,106,000
Cap Rate 7%
$1,504,286
Cap Rate 9%
$1,170,000
Alternative Uses
Best Use
Mixed Use
$2.41M
$2.11M – $2.81M
NOI $168,750 @ 7.0% cap · market cap 11.64%
Second Best
Office B
$1.97M
$1.72M – $2.30M
NOI $137,884 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,678 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 60191, IL
14,456
Population
5,516
Households
2.6
Avg Household Size
44
Median Age
25%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
2,780
Density / Sq Mi
$90,299
Median Household Income
$44,817
Median Earnings
$1,649
Median Rent
$307,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Live-work space - Brick-and-stone property combines executive offices, a penthouse residence, elevator service, and ground-level garage and warehouse space.
Where is this live-work space located?
The property is located at 320 E Irving Park Road Wood Dale, IL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 3,000‑square‑foot penthouse with two bedroom suites and three full bathrooms; 3,000‑square‑foot office level with four private offices, conference area, and reception space; Ground‑floor drive‑in garage and warehouse area
