Two-Level Flex
For Sale
$499,000
1412 W DIVISION Street, Chicago, IL 60642
Commercial Sale, Chicago, IL
Property Size2,482 SF
Lot Size0.06 Acres
Price / SF$201.05
Days on Market92
Property Features for 1412 W DIVISION Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
On Division St (One block west of I-90/94 and east of Ashland )
Subdivision
CHI - West Town
Standard status
Active
APN
17051240591001
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
14417
Utilities
Cooling system
Central Air
Building Details
Year built
2007
Floors in Building
3
Number of units
3
Flooring type
Concrete, Wood
Building materials
Brick, Stone
Listing Agency:
America Real Estate
(773) 735-4400
Listed By:
Sonia Anaya · License #471003658
(773) 735-4400
Added: Jun 2
Changed: Aug 25
Last Checked: Sep 1 at 8:06PM
MLS# 12665632
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial condo at 1412 W Division Street is arranged across two levels with an industrial-style interior, 14-foot ceilings, wood and concrete flooring, central air, and brick-and-stone construction. The upper level provides an open retail-ready area, half bath, and dedicated storage. The lower level includes a full bathroom, kitchenette, laundry area, three private offices, two closets, reception and lobby space, and additional storage.
The property is positioned in Chicago’s Bucktown area, just off the highway and adjacent to a busy gas station. Its prior operation as a hair salon and existing mix of open area, offices, support rooms, and reception space accommodate the source-described potential for beauty and salon services, culinary instruction, coworking, creative studio use, boutique retail, professional office functions, or hybrid client-service operations. The building was constructed in 2007 on a 0.0551-acre parcel.
The property is positioned in Chicago’s Bucktown area, just off the highway and adjacent to a busy gas station. Its prior operation as a hair salon and existing mix of open area, offices, support rooms, and reception space accommodate the source-described potential for beauty and salon services, culinary instruction, coworking, creative studio use, boutique retail, professional office functions, or hybrid client-service operations. The building was constructed in 2007 on a 0.0551-acre parcel.
Key Highlights
- 2,482 total square feet across two levels
- 14‑foot ceilings and central air
- Main level includes open retail‑ready floor plan, half bath, and dedicated storage
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
$34,338
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
6.88%
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%
$686,760
$686.8K
Cap Rate 7%
$490,543
$490.5K
Cap Rate 9%
$381,533
$381.5K
Market Conditions
NOI Build-Up for 2,482 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
$53.6K $21.60/SF
− Vacancy
−$4.6K −$1.84/SF
EGI
$49.1K $19.76/SF
− OpEx
−$14.7K −$5.93/SF
NOI
$34.3K $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%
$686,760
Cap Rate 7%
$490,543
Cap Rate 9%
$381,533
Alternative Uses
Best Use
Retail
$490.5K
$429.2K – $572.3K
NOI $34,338 @ 7.0% cap · market cap 6.88%
Second Best
Flex RnD
$409.3K
$358.2K – $477.5K
NOI $28,652 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,918 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,402
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Elite Personal Chefs — 859 W Erie St UNIT 806, Chicago, IL 60642
- Jordan's Food of Distinction — 1551 W Thomas St, Chicago, IL 60622
- CMM Catering — Chicago, IL 60642
- Bumbu Roux — 833 W Haines St, Chicago, IL 60642
- Bires & Friedler Catering — 1938 W Division St, Chicago, IL 60622
Frequently Asked Questions
What type of property is this?
Flex space - Brick-and-stone commercial condo with offices, kitchenette, storage, and reception area.
Where is this flex space located?
The property is located at 1412 W DIVISION Street Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,482 total square feet across two levels; 14‑foot ceilings and central air; Main level includes open retail‑ready floor plan, half bath, and dedicated storage
