105-400 N Racine Ave, Chicago, IL 60607

Building Details

Buildings 1 More

Listing Agency: Jameson Sotheby's Intl Realty

Listed By: Michael Shenfeld · License #475125273 Show Phone

Source: Exprealty

Added: Sep 9 Changed: Oct 26 Last Checked: Nov 8 at 9:13AM

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Investment Insights

Based on property information with market context.

This 2,680 SF corner live-work loft combines residential, studio, and workspace potential in a single open setting. The interior features 13+ ft. ceilings, a 54' x 31' open flex area, a kitchen, custom finishes, and strong natural light. Two side-by-side parking spaces are included, adding practical convenience to the property’s flexible configuration.

Previously used as a photography studio, the space can accommodate a range of live-work concepts, including a home, office, showroom, studio, or creative workspace. Its Fulton Market setting places the property near restaurants, shopping, and nightlife in Chicago.

Key Highlights

• 2,680 SF corner live‑work loft
• 13+ ft. ceilings and substantial natural light
• 54' x 31' open flex space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,502

Cap Rate

6.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,150,040 $1.2M

Cap Rate 7%

$821,457 $821.5K

Cap Rate 9%

$638,911 $638.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,680 SF

Gross rent

$102.9K $38.40/SF

− Vacancy

−$26.2K −$9.79/SF

EGI

$76.7K $28.61/SF

− OpEx

−$19.2K −$7.15/SF

NOI

$57.5K $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 Rate 5%

$1,150,040

Cap Rate 7%

$821,457

Cap Rate 9%

$638,911

Alternative Uses

Best Use

Office B

$821.5K

$718.8K – $958.4K (±1% cap)

NOI $57,502 @ 7.0% cap · market cap 6.76%

Second Best

Mixed Use

$646.1K

$565.3K – $753.8K (±1% cap)

NOI $45,225 @ 7.0% cap · market cap 5.32%

Theoretical Best

Office A

$1.26M

$1.11M – $1.47M (±1% cap)

NOI $88,453 @ 7.0% cap · market cap 10.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Live-work space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Restaurant Auto Parts Store Clothing & Fashion Store Veterinary Clinic Adult Day Care

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

7,089

Businesses Nearby

Explore this area Business Placement

Demographics for 60607, IL

31,816

Population

16,540

Households

1.9

Avg Household Size

31

Median Age

81%

College-Educated

97%

High-School Grad

2.3 sq mi

ZIP Area

13,833

Density / Sq Mi

$126,307

Median Household Income

$79,870

Median Earnings

$2,333

Median Rent

$494,300

Median Home Value

Market

Average Price Trend$/SF for Live-work space in Chicago, IL

$452 Jul

$438 Aug

$371 Sep

$352 Oct

Properties on Market for Live-work space in Chicago

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Chicago, IL

17.9% 2019

19.2% 2020

20.7% 2021

23.1% 2022

23.3% 2023

25.1% 2024

25.6% 2025

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Frequently Asked Questions

What type of property is this?

Live-work space - Flexible loft layout includes tall ceilings, abundant natural light, and side-by-side parking.

Where is this live-work space located?

The property is located at 105-400 N Racine Ave Chicago, IL.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: 2,680 SF corner live‑work loft; 13+ ft. ceilings and substantial natural light; 54' x 31' open flex space