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    507 E Pershing Rd Chicago, IL 60653

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    For Lease
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    COMMERCIAL - Chicago, IL

    Property size:
    17,250 SF
    Days on Market:
    1
    Last Refresh:
    Mar 5 at 3:06 pm

    Property Features for 507 E Pershing Rd

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Size
    17,250 SF

    Building Details

    Year built
    1915
    Floors in Building
    2
    Number of units
    1
    Building materials
    Brick

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    Listing Contact
    David Piotrowski
    David Piotrowski

    Keller Williams Chicago ONEChicago (312) 216-2422

    Listing agent David Piotrowski (773) 349-4337

    Listing date Mar 5, 2026

    MLS# 12583976

    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.

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    Property Insight Report

    Overview

    Loft-Style Space in Bronzeville Corridor

    Located in one of Chicago's most historic and rapidly evolving neighborhoods, the property at 507 E. Pershing offers approximately 17,250 square feet across 2.5 stories. The space features expansive open floor plates, soaring ceilings, exposed brick, and Douglas fir timber beams, creating a loft-style environment. The flexible layout allows for creative office, showroom, studio, educational, light industrial, warehouse, or specialty retail uses, subject to zoning approval. Currently in shell condition, tenants can design and build out interiors to suit their operational needs. Situated just west of Lake Shore Drive and directly across from the Oakwood Shores residential development, the property benefits from neighborhood density and convenient access to Downtown, Hyde Park, and the South Lakefront. Public transportation options and major arterial routes are easily accessible. On-site parking is available, and the building's wide frontage along Pershing provides visibility and identity signage opportunities. This location is suitable for businesses seeking character-rich space with flexibility and presence in the growing Bronzeville corridor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Similar Places Nearby

    Ain't She Sweet Cafe, Romes Joy Catering, Venus Catering

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6139594
    Latitude
    41.8235811

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    FAQs

    What type of property is this?
    Flex space - Flexible commercial space in a rapidly evolving historic neighborhood.
    Where is this flex space located?
    The property is located at 507 E Pershing Rd Chicago, IL.
    What are key features of this property?
    This property features: - Up to 17,250 sq ft of flexible space suitable for various uses.; - Authentic loft-style environment with exposed brick, soaring ceilings, and Douglas fir timber beams.; - Located in the historic Bronzeville neighborhood, near Lake Shore Drive and Oakwood Shores development.
    (773) 349-4337
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    507 E Pershing Rd Chicago, IL 60653
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    Chicago, IL 60653
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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.

    More about this property
    507 E Pershing Rd Chicago, IL 60653
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    We can help!
    Listing Contact
    David Piotrowski
    David Piotrowski
    Real Estate License ID: 475155906
    (773) 349-4337 (847) 685-8300 (847) 630-0868
    Learn more
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