Flexible Office
For Sale
$4,000,000
210 S Desplaines Street, Chicago, IL 60661
Commercial Sale, Chicago, IL
Property Size12,000 SF
Lot Size0.28 Acres
Price / SF$333.33
Days on Market48
Property Features for 210 S Desplaines Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
SW corner of Desplaines & Adams. Entrance on Desplaines St. in the West Loop.
Subdivision
CHI - Near West Side
Standard status
Active
APN
17161090290000
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
301267
Utilities
Cooling system
Central Air
Amenities
Board Room
Conference Room
Kitchenette and Break Area
Building Details
Year built
1913
Floors in Building
1
Number of units
2
Flooring type
Wood
Building materials
Brick
Listing Agency:
MUV Real Estate
(312) 900-3429
Listed By:
Soharb Khan
(312) 599-6505
Added: Jul 7
Changed: Aug 20
Last Checked: Aug 23 at 2:06PM
MLS# 12697059
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 one-story brick office property contains 12,000 SF and can be configured as separate 4,000 SF and 8,000 SF units. The larger suite includes 7 private offices, approximately 15 workstations, a 14-person board room, and 2 conference rooms. The smaller suite provides 3 private offices, an executive office, 1 conference room, a kitchenette, a break area, and approximately 4 workstations.
Indoor garage parking is available, with 06 -19 spaces offered. Built in 1913, the building features wood flooring and central air conditioning. The property is located at 210 S Desplaines Street in Chicago’s West Loop and is zoned OFFIC.
Indoor garage parking is available, with 06 -19 spaces offered. Built in 1913, the building features wood flooring and central air conditioning. The property is located at 210 S Desplaines Street in Chicago’s West Loop and is zoned OFFIC.
Key Highlights
- 12,000 SF one‑story office property divisible into 4,000 SF and 8,000 SF units
- Suite A includes 7 private offices, approximately 15 workstations, a 14‑person board room, and 2 conference rooms
- Suite B features 3 private offices, 1 executive office, 1 conference room, kitchenette, break area, and approximately 4 workstations
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
$257,472
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
6.44%
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%
$5,149,440
$5.1M
Cap Rate 7%
$3,678,171
$3.7M
Cap Rate 9%
$2,860,800
$2.9M
Market Conditions
NOI Build-Up for 12,000 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
$460.8K $38.40/SF
− Vacancy
−$117.5K −$9.79/SF
EGI
$343.3K $28.61/SF
− OpEx
−$85.8K −$7.15/SF
NOI
$257.5K $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 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%
$5,149,440
Cap Rate 7%
$3,678,171
Cap Rate 9%
$2,860,800
Alternative Uses
Best Use
Office B
$3.68M
$3.22M – $4.29M
NOI $257,472 @ 7.0% cap · market cap 6.44%
Second Best
Flex RnD
$1.98M
$1.73M – $2.31M
NOI $138,528 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$5.66M
$4.95M – $6.60M
NOI $396,058 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
21,863
Businesses Nearby
Explore this area
Business Placement
Demographics for 60661, IL
11,987
Population
8,049
Households
1.5
Avg Household Size
32
Median Age
88%
College-Educated
99%
High-School Grad
0.3 sq mi
ZIP Area
39,957
Density / Sq Mi
$138,831
Median Household Income
$105,935
Median Earnings
$2,403
Median Rent
$397,700
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - One-story brick property with divisible suites, private offices, meeting rooms, workstations, and indoor garage parking.
Where is this office units located?
The property is located at 210 S Desplaines Street Chicago, IL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 12,000 SF one‑story office property divisible into 4,000 SF and 8,000 SF units; Suite A includes 7 private offices, approximately 15 workstations, a 14‑person board room, and 2 conference rooms; Suite B features 3 private offices, 1 executive office, 1 conference room, kitchenette, break area, and approximately 4 workstations
