Live-Work Space with Restaurant
For Sale
$3,249,000
2054 W Grand Ave, Chicago, IL 60612
Three-level property combines food production, office, warehousing, storefront, and residential space under one roof.
Property Size9,363 SF
Price / SF$347
Days on Market53
Property Features for 2054 W Grand Ave
General Information
Standard status
Active
Size
9,363 SF
Building Details
Year Built
2013
Listing Agency:
Compass
Listed By:
Kathryn Barry · License #475161626
(412) 735-2852
Source:
Bktchicago
Added: Aug 26
Changed: Oct 16
Last Checked: Oct 16 at 1:51PM
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 Compass
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Investment Insights
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Located at 2054 W Grand Ave in Chicago, this 9,363-square-foot live-work property was built in 2013 with prefabricated concrete wall panels. The first level includes a storefront, restaurant area, FDA-approved food production improvements, polished concrete floors, floor drains, three commercial kitchen prep areas, multiple exhaust hoods, ADA bathrooms, staff space, mechanical rooms, and shipping and receiving access through overhead doors. A 24-foot ceiling area supports processing or warehousing, while 800 AMP electrical service serves the building. The layout can also be cleared around two centrally positioned columns.
The second floor contains an office, conference room, two private offices, mechanical rooms, and additional processing or storage space connected to the lower level by forklift-accessible safety gate. The top floor is a two-bedroom, two-bathroom apartment with floor-to-ceiling windows, high-end appliances, a steam shower, an oversized bathtub, living and dining areas, and a roof deck with Chicago skyline views. A Schindler hydraulic passenger elevator, two stairwells, parking for over 6 cars, three forced-air RTUs with AC, two water heaters, a partial-building Generac generator, and restaurant equipment provide additional functionality. Electronic access, alarm, and camera systems were installed in Jan 2025.
The second floor contains an office, conference room, two private offices, mechanical rooms, and additional processing or storage space connected to the lower level by forklift-accessible safety gate. The top floor is a two-bedroom, two-bathroom apartment with floor-to-ceiling windows, high-end appliances, a steam shower, an oversized bathtub, living and dining areas, and a roof deck with Chicago skyline views. A Schindler hydraulic passenger elevator, two stairwells, parking for over 6 cars, three forced-air RTUs with AC, two water heaters, a partial-building Generac generator, and restaurant equipment provide additional functionality. Electronic access, alarm, and camera systems were installed in Jan 2025.
Key Highlights
- 9,363 SF live‑work property on 3 Chicago lots held in 2 PINS
- 24' ceiling area for processing and warehousing
- 800 AMP electrical service with 3 commercial kitchen prep areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$200,893
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,017,860
$4.0M
Cap Rate 7%
$2,869,900
$2.9M
Cap Rate 9%
$2,232,144
$2.2M
Market Conditions
NOI Build-Up for 9,363 SF
Gross rent
$359.5K $38.40/SF
− Vacancy
−$91.7K −$9.79/SF
EGI
$267.9K $28.61/SF
− OpEx
−$67.0K −$7.15/SF
NOI
$200.9K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,017,860
Cap Rate 7%
$2,869,900
Cap Rate 9%
$2,232,144
Alternative Uses
Best Use
Office B
$2.87M
$2.51M – $3.35M
NOI $200,893 @ 7.0% cap · market cap 6.18%
Second Best
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,264 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$4.41M
$3.86M – $5.15M
NOI $309,024 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,404
Businesses Nearby
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Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Live-work space - Three-level property combines food production, office, warehousing, storefront, and residential space under one roof.
Where is this live-work space located?
The property is located at 2054 W Grand Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,249,000.
What are key features of this property?
This property features: 9,363 SF live‑work property on 3 Chicago lots held in 2 PINS; 24' ceiling area for processing and warehousing; 800 AMP electrical service with 3 commercial kitchen prep areas
