Corner Live-Work
For Sale
$925,000
105-400 N Racine Ave, Chicago, IL 60607
Flexible loft layout includes tall ceilings, abundant natural light, and side-by-side parking.
Property Size2,680 SF
Price / SF$345.15
Days on Market17
Property Features for 105-400 N Racine Ave
General Information
Standard status
Active
Size
2,680 SF
Total Parking Spaces
2
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$10,842
Amenities
designer kitchen
custom finishes
Building Details
Buildings
1
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
Michael Shenfeld · License #475125273
(312) 751-0300
Source:
Exprealty
Added: Sep 9
Changed: Sep 20
Last Checked: Sep 24 at 11:22AM
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 Sotheby's Intl Realty
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.
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 = 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
$57,502
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
6.22%
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%
$1,150,040
$1.2M
Cap Rate 7%
$821,457
$821.5K
Cap Rate 9%
$638,911
$638.9K
Market Conditions
NOI Build-Up for 2,680 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
$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 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%
$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
NOI $57,502 @ 7.0% cap · market cap 6.22%
Second Best
Mixed Use
$646.1K
$565.3K – $753.8K
NOI $45,225 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,453 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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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 $925,000.
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
