Versatile Building in North
For Sale
$230,000
4024 W 16th Street, Chicago, IL 60623
2,900 SF building suitable for office, retail, or creative ventures.
Property Size2,900 SF
Price / SF$79.31
Days on Market778
Property Features for 4024 W 16th Street
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
1904
Listing Agency:
RE/MAX 10
(708) 253-7068
Listed By:
Kamila Jurasik · License #475156208
(708) 253-7068
Source:
Exitrealty
Added: Jun 13, 2024
Changed: Jul 6
Last Checked: Jul 30 at 6:17AM
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 10
Investment Insights
Based on property information with market context.
This versatile building, located in North Lawndale, offers a total area of 2,900 square feet. The light-filled interior provides a spacious environment suitable for transformation into office space, retail, or a creative venture. The property is situated in a thriving neighborhood with convenient access to transportation. Its flexible layout can be tailored to suit a variety of business needs, making it a potentially valuable asset.
Key Highlights
- 2,900+ sq ft versatile space suitable for office, retail, or creative ventures.
- Prime investment opportunity in the heart of North Lawndale.
- Flexible layout adaptable to various business needs.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.3k | $9.43 |
| − Vacancy | −$1.4k | −$0.47 |
| EGI | $26.0k | $8.96 |
| − OpEx | −$7.8k | −$2.69 |
| NOI | $18.2k | $6.27 |
2,900 SF · lease $9.43/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Office B
$888.9K
$777.8K – $1.04M
NOI $62,222 @ 7.0% cap · market cap 27.05%
Second Best
Retail
$573.2K
$501.5K – $668.7K
NOI $40,121 @ 7.0% cap · market cap 17.44%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,714 @ 7.0% cap · market cap 41.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
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.
Similar Off Market Nearby
- Vitality Food Services — 1823 S Kilbourn Ave, Chicago, IL 60623
Frequently Asked Questions
What type of property is this?
Flex space - 2,900 SF building suitable for office, retail, or creative ventures.
Where is this flex space located?
The property is located at 4024 W 16th Street Chicago, IL.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 2,900+ sq ft versatile space suitable for office, retail, or creative ventures.; Prime investment opportunity in the heart of North Lawndale.; Flexible layout adaptable to various business needs.
