West Loop Commercial Space
15 S Racine Ave Chicago, IL 60607
15 S Racine Ave, Chicago, IL, 60607
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For Sale
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Commercial space in West Loop with seller financing opportunity.
Property Size1,150 SF
Price / SF$347.83
Days on Market2250
Property Features for 15 S Racine Ave
General Information
- Standard status
- Active
- Size
- 1,150 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 2009
Listing agency
Quest Realty Group
Listed by
Jason Vondrachek · License #471.007493
Source
Crexi
Added: May 26, 2020 Updated: Jul 10 at 3:41PM Checked: Jul 21 at 9:48AM
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 Quest Realty Group
Investment Insights
Based on property information with market context.
Located in the West Loop, just south of the Madison/Racine stoplight intersection, this commercial space offers an opportunity with seller financing. The property has a 6.72% capitalization rate with a 22.2% levered annual return during the 0% seller financing period. The purchase price is $400,000, with $100,000 down and $300,000 seller financed at 0% for 30 months. The net operating income is $24,016. At the end of the 30-month period, the balance would be approximately $244,500, and the seller will continue to carry financing at 6% beyond the initial period. The seller will continue to manage the property. The real estate office has occupied the 1,150 square foot space for over 11 years. The tenant pays all utilities, which are separately metered for the space. Other spaces are available with similar terms in West Loop, Wicker Park, and Lakeview.
Key Highlights
- 0% Seller Financing Available for 30 Months
- Zero Landlord Responsibility (Seller Manages)
- Attractive 6.72% Cap Rate
Local Financial Insights For Office B
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 | $44.2k | $38.40 |
| − Vacancy | −$11.3k | −$9.79 |
| EGI | $32.9k | $28.61 |
| − OpEx | −$8.2k | −$7.15 |
| NOI | $24.7k | $21.46 |
1,150 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$352.5K
$308.4K – $411.2K
NOI $24,674 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$542.2K
$474.5K – $632.6K
NOI $37,956 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Skin By Zana
Spa & Massage Center
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Commercial space in West Loop with seller financing opportunity.
Where is this office units located?
The property is located at 15 S Racine Ave Chicago, IL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0% Seller Financing Available for 30 Months; Zero Landlord Responsibility (Seller Manages); Attractive 6.72% Cap Rate
