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    642 North Dearborn St Chicago, IL 60654

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    For Sale
    $2,150,000

    Income-producing property with five units, billboard income, and shared patio.

    Building Details

    Year built
    1871

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    Listing Contact
    Deena Zimmerman
    Source: Svn

    Listing Agent: Deena Zimmerman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    River North Mixed-Use Investment Property

    This income-producing, mixed-use investment property is located in the historical River North neighborhood. The property, adjacent to Tao restaurant, consists of five units, billboard income, and a shared outdoor garden patio. It benefits from favorable remaining lease terms and the opportunity for short-term rental management for additional income. The property has favorable DX-5 zoning permitting a variety of uses. Recent upgrades include a completely updated 3rd floor completed in 2025, featuring new flooring, a new kitchenette, new countertops, new appliances, new cabinetry, and a new bathroom. The 4th floor was updated in 2021, similar to the 3rd floor. The Coach House has brand new vinyl flooring, newly painted kitchen cabinets, newly painted walls, and newer appliances. The property offers exceptional walkability in the heart of River North, with immediate access to amenities. It also provides easy access to major transport options, including the CTA Red, Brown, and Purple lines and 90/94 Expressway via Ontario and Ohio Streets. The property has a projected NOI of $135,514. River North is a dynamic commercial district with a mix of office, retail, hospitality, and residential uses. The neighborhood has evolved from a former industrial and warehouse hub into a thriving mixed-use environment.
    Location Intelligence

    Current Use by Public Records

    Psychic of Rivernorth Spiritual Center Napleton Law, Ltd. Law Firm Richele Brainin - State ... Insurance Agency Via Isabella Importers Big Box & Wholesale Store Spiritual Psychic Medium ... Spiritual Center

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6300754
    Latitude
    41.8937429

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    FAQs

    What type of property is this?
    Mixed-use property - Income-producing property with five units, billboard income, and shared patio.
    Where is this mixed-use property located?
    The property is located at 642 North Dearborn St Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,150,000.
    What are key features of this property?
    This property features: - Income-producing, mixed-use investment with a projected NOI of $135,514.; - Highly desirable historical River North location, adjacent to Tao restaurant.; - Property features 5 units, billboard income, and a shared outdoor garden patio.
    (312) 699-6660
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    642 North Dearborn St Chicago, IL 60654
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    642 North Dearborn St Chicago, IL 60654
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    Listing Contact
    Deena Zimmerman
    (312) 699-6660
    Learn more
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