B3-2 Office
For Sale
$2,550,000
1023-25 W Belmont Ave, Chicago, IL 60657
Office property with established commercial zoning and access to public transportation.
Property Size5,500 SF
Days on Market197
Property Features for 1023-25 W Belmont Ave
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Street Retail
Building Details
Building Size
5,500 SF
Year Built
1940
Listing Agency:
Jameson Commercial
Listed By:
Mark Kishtow · License #471010965
(312) 867-2265
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jameson Commercial
Investment Insights
Based on property information with market context.
This 5,500-square-foot office building was constructed in 1940 and is designated B3-2. The property is positioned for office use within an established commercial setting, with the building’s existing scale suited to professional workspace requirements.
The property is located on W Belmont Ave in Chicago’s Lakeview area. Nearby context includes dining, boutiques, the Belmont Theater District, Wrigley Field, and the Lake Michigan waterfront. Public transportation access includes the Belmont CTA station, providing a transit connection for the surrounding office and residential community.
The property is located on W Belmont Ave in Chicago’s Lakeview area. Nearby context includes dining, boutiques, the Belmont Theater District, Wrigley Field, and the Lake Michigan waterfront. Public transportation access includes the Belmont CTA station, providing a transit connection for the surrounding office and residential community.
Key Highlights
- 5,500 SF office building constructed in 1940
- B3‑2 zoning supports the property’s office classification
- Located on W Belmont Ave in Chicago’s Lakeview 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
$118,008
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
4.63%
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%
$2,360,160
$2.4M
Cap Rate 7%
$1,685,829
$1.7M
Cap Rate 9%
$1,311,200
$1.3M
Market Conditions
NOI Build-Up for 5,500 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
$211.2K $38.40/SF
− Vacancy
−$53.9K −$9.79/SF
EGI
$157.3K $28.61/SF
− OpEx
−$39.3K −$7.15/SF
NOI
$118.0K $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%
$2,360,160
Cap Rate 7%
$1,685,829
Cap Rate 9%
$1,311,200
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,008 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,526 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,951
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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 building - Office property with established commercial zoning and access to public transportation.
Where is this office building located?
The property is located at 1023-25 W Belmont Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 5,500 SF office building constructed in 1940; B3‑2 zoning supports the property’s office classification; Located on W Belmont Ave in Chicago’s Lakeview area
