Four-Story Mixed-Use
For Sale
Contact for pricing
165-167 N May Street, Chicago, IL 60607
Historic masonry construction and C1-2 zoning create a foundation for adaptive reuse in Chicago’s West Loop/Fulton Market district.
Property Size30,000 SF
Price / SF$243.33
Days on Market66
Property Features for 165-167 N May Street
General Information
Standard status
Active
Size
30,000 SF
Total Parking Spaces
26
Property subtype
Mixed Use
Zoning
C1-2
Investment Type
Redevelopment
Building Details
Buildings
1
Stories
4
Construction
brick and stone
Listing Agency:
JOS. Cacciatore & Co. Real Estate
Listed By:
Peter Cacciatore · License #IL
(312) 264-6027
Source:
Crexi
Added: Jun 30
Changed: Sep 2
Last Checked: Sep 2 at 1:53AM
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 JOS. Cacciatore & Co. Real Estate
Investment Insights
Based on property information with market context.
Located at 165-167 N. May Street in Chicago, this four-level property features brick-and-stone construction and a historic architectural character. The building is identified for adaptive reuse within a mixed-use framework and offers substantial scale for a redevelopment project.
C1-2 zoning and the property's West Loop/Fulton Market setting support the stated redevelopment concepts, including apartments, restaurant space, and a rooftop amenity. The asset may suit investors, developers, or owner-users pursuing a mixed-use project with residential and experiential commercial components.
C1-2 zoning and the property's West Loop/Fulton Market setting support the stated redevelopment concepts, including apartments, restaurant space, and a rooftop amenity. The asset may suit investors, developers, or owner-users pursuing a mixed-use project with residential and experiential commercial components.
Key Highlights
- Four‑story building with brick‑and‑stone construction
- 30,000 property size
- C1‑2 zoning
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
$506,250
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
6.93%
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%
$10,125,000
$10.1M
Cap Rate 7%
$7,232,143
$7.2M
Cap Rate 9%
$5,625,000
$5.6M
Market Conditions
NOI Build-Up for 30,000 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
$900.0K $30.00/SF
− Vacancy
−$90.0K −$3.00/SF
EGI
$810.0K $27.00/SF
− OpEx
−$303.8K −$10.13/SF
NOI
$506.3K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$10,125,000
Cap Rate 7%
$7,232,143
Cap Rate 9%
$5,625,000
Alternative Uses
Best Use
Mixed Use
$7.23M
$6.33M – $8.44M
NOI $506,250 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.14M
$12.38M – $16.50M
NOI $990,144 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic masonry construction and C1-2 zoning create a foundation for adaptive reuse in Chicago’s West Loop/Fulton Market district.
Where is this mixed-use property located?
The property is located at 165-167 N May Street Chicago, IL.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: Four‑story building with brick‑and‑stone construction; 30,000 property size; C1‑2 zoning
