High-End Spa Commercial
For Sale
Contact for pricing
Pending
1806-1808 N Damen Ave, Chicago, IL
Commercial condo built out as a high-end spa.
Property Size4,000 SF
Lot Size0.47 Acres
Days on Market1004
Property Features for 1806-1808 N Damen Ave
General Information
Standard status
Pending
Size
4,000 SF
Lot size
0.47 Acres
Property subtype
RETAIL
Listing Agency:
Jameson Commercial
(312) 216-8000
Listed By:
Barry Kadish · License #475148869
(312) 502-5297
Source:
Moodyscre
Added: Dec 13, 2023
Changed: Sep 2
Last Checked: Sep 12 at 5:48AM
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.
The commercial condo at 1806-08 N. Damen, totaling 2,700 square feet, was built out as a high-end spa. The space includes a large reception area, a consultation area, and wrap-around front counters. It features five treatment rooms with sinks, and two of these rooms include marble showers. ADA washrooms are available. The exterior is notable for its architectural design, featuring floor-to-ceiling windows that wrap around to the side street. Signage opportunities are available. The property also includes multiple storage rooms, washer and dryers, custom cabinetry, and a private office. Real estate taxes are $13,136.98 for 1806 N. Damen and $12,423.41 for 1808 N. Damen, totaling $25,560.39. Assessments for the two addresses are $615.16 monthly. Parking spaces are available for additional purchase. Additionally, 1804 N. Damen, which is 1,300 square feet, can be added to the spa space for sale or lease.
Key Highlights
- High‑end spa build‑out featuring a reception, consultation area, and wrap‑around counters.
- Prime location with architectural exterior, floor‑to‑ceiling windows, and excellent signage.
- Five treatment rooms, including two with marble showers.
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
$55,339
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
7.38%
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%
$1,106,780
$1.1M
Cap Rate 7%
$790,557
$790.6K
Cap Rate 9%
$614,878
$614.9K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$7.3K −$1.84/SF
EGI
$79.1K $19.76/SF
− OpEx
−$23.7K −$5.93/SF
NOI
$55.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,106,780
Cap Rate 7%
$790,557
Cap Rate 9%
$614,878
Alternative Uses
Best Use
Retail
$790.6K
$691.7K – $922.3K
NOI $55,339 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,019 @ 7.0% cap · market cap 17.60%
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
732
Businesses Nearby
388k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Shops & Services 25%
Dining 16%
Groceries 15%
Target
Superstores
141,556 visits/mo
0.2 miles
Mariano's
Groceries
59,354 visits/mo
0.5 miles
Dollar Tree
Shops & Services
37,881 visits/mo
0.5 miles
Dollar Tree
Shops & Services
23,294 visits/mo
0.4 miles
Burger King
Dining
19,533 visits/mo
0.4 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial condo built out as a high-end spa.
Where is this retail space located?
The property is located at 1806-1808 N Damen Ave Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: High‑end spa build‑out featuring a reception, consultation area, and wrap‑around counters.; Prime location with architectural exterior, floor‑to‑ceiling windows, and excellent signage.; Five treatment rooms, including two with marble showers.
