Corner Flex Space with
For Sale
$1,399,000
210 S Desplaines Street, Chicago, IL 60661
Commercial Sale, Chicago, IL
Property Size4,000 SF
Lot Size0.09 Acres
Price / SF$349.75
Days on Market49
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
17161090300000
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
96418
Utilities
Cooling system
Central Air
Amenities
Conference Room
Kitchenette
Break Area
Building Details
Year built
1913
Floors in Building
1
Number of units
1
Flooring type
Wood
Building materials
Brick
Listing Agency:
MUV Real Estate
(312) 900-3429
Listed By:
Jesse Nocon
(312) 599-6505
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 26 at 1:06AM
MLS# 12700975
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 4,000 SF one-story flex property at 210 S Desplaines Street includes three private offices, one executive office, a conference room, kitchenette, break area, and approximately four workstations. The layout is suited to office, showroom, retail, or light industrial functions, with a street entrance and two indoor garage parking spaces included. An additional 8,000 SF unit may be combined with the space for a larger footprint.
The property is located in Chicago’s West Loop and carries OFFIC zoning. Brick construction, wood flooring, central air, and a 1913 construction date provide clear physical context for the existing commercial space. The site encompasses 0.0918 acres, and the property is offered for sale or lease.
The property is located in Chicago’s West Loop and carries OFFIC zoning. Brick construction, wood flooring, central air, and a 1913 construction date provide clear physical context for the existing commercial space. The site encompasses 0.0918 acres, and the property is offered for sale or lease.
Key Highlights
- 4,000 SF one‑story flex space in Chicago’s West Loop
- Three private offices plus one executive office
- 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
$85,824
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
6.13%
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%
$1,716,480
$1.7M
Cap Rate 7%
$1,226,057
$1.2M
Cap Rate 9%
$953,600
$953.6K
Market Conditions
NOI Build-Up for 4,000 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
$153.6K $38.40/SF
− Vacancy
−$39.2K −$9.79/SF
EGI
$114.4K $28.61/SF
− OpEx
−$28.6K −$7.15/SF
NOI
$85.8K $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%
$1,716,480
Cap Rate 7%
$1,226,057
Cap Rate 9%
$953,600
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,824 @ 7.0% cap · market cap 6.13%
Second Best
Flex RnD
$659.7K
$577.2K – $769.6K
NOI $46,176 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,019 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
21,863
Businesses Nearby
Balanced
Demand for This Use
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?
Flex space - One-story commercial suite offers private offices, a conference room, kitchenette, workstations, and a street entrance.
Where is this flex space located?
The property is located at 210 S Desplaines Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 4,000 SF one‑story flex space in Chicago’s West Loop; Three private offices plus one executive office; Conference room, kitchenette, break area, and approximately 4 workstations
