Noble Square Church
For Sale
$399,900
1457 W Blackhawk Street, Chicago, IL 60642
One-story brick building in booming Noble Square neighborhood.
Property Size1,850 SF
Price / SF$216.16
Days on Market1218
Property Features for 1457 W Blackhawk Street
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Commercial
Amenities
Central air
Window Unit(s) Cooling
Building Details
Year Built
1911
Listing Agency:
RE/MAX PREMIER
(708) 246-6300
Listed By:
ADAM RODRIGUEZ · License #475147642
Source:
Corcoran
Added: Apr 11, 2023
Changed: Aug 8
Last Checked: Aug 8 at 1:30PM
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 RE/MAX PREMIER
Investment Insights
Based on property information with market context.
Located in the heart of the Noble Square neighborhood, this one-story brick building offers approximately 1850 square feet of space with a full basement. The property is currently used as a church but presents opportunities for conversion to commercial or residential use. Situated in a family and pet-friendly neighborhood with good foot traffic, potential uses include a two-story single-family home or multi-family building, taking advantage of the existing RT4 zoning. The property could also be converted into a neighborhood specialty restaurant, coffee shop, bakery, breakfast place, neighborhood convenience store, live-in artist art studio, or professional services office. The location is experiencing significant new construction and is conveniently located one block from Pulaski Park and two minutes from I90, Ashland Avenue, and Milwaukee Avenue.
Key Highlights
- Prime location in the heart of the booming Noble Square neighborhood.
- Versatile RT4 zoning allows for residential or commercial conversion.
- Existing one‑story brick building with a full basement offers a solid foundation.
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
$34,432
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
8.61%
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%
$688,640
$688.6K
Cap Rate 7%
$491,886
$491.9K
Cap Rate 9%
$382,578
$382.6K
Market Conditions
NOI Build-Up for 1,850 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
$48.8K $26.40/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$45.9K $24.82/SF
− OpEx
−$11.5K −$6.20/SF
NOI
$34.4K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /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%
$688,640
Cap Rate 7%
$491,886
Cap Rate 9%
$382,578
Alternative Uses
Best Use
Office B
$567.1K
$496.2K – $661.6K
NOI $39,694 @ 7.0% cap · market cap 9.93%
Second Best
Specialty Retail
$491.9K
$430.4K – $573.9K
NOI $34,432 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$872.3K
$763.2K – $1.02M
NOI $61,059 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - One-story brick building in booming Noble Square neighborhood.
Where is this church & religious facility located?
The property is located at 1457 W Blackhawk Street Chicago, IL.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Prime location in the heart of the booming Noble Square neighborhood.; Versatile RT4 zoning allows for residential or commercial conversion.; Existing one‑story brick building with a full basement offers a solid foundation.
