Corner Flex Space with
For Sale
$1,399,000
210 S Desplaines Street #SE, Chicago, IL 60661
One-story commercial space with private offices, a conference room, kitchenette, workstations, and indoor parking.
Property Size4,000 SF
Price / SF$349.75
Days on Market35
Property Features for 210 S Desplaines Street #SE
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
OFFIC
Taxes and HOA fees
Annual Taxes
$96,418
Amenities
Conference Room
Kitchenette
Break Area
Building Details
Building Size
4,000 SF
Year Built
1913
Stories
1
Units
1
Listing Agency:
MUV Real Estate
(312) 217-3549
Listed By:
Jesse Nocon
Source:
Jjillrealtygroup
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 4:22PM
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 MUV Real Estate
Investment Insights
Based on property information with market context.
This one-story flex property provides 4,000 SF of commercial space with a dedicated street entrance. The layout includes three private offices, one executive office, a conference room, a kitchenette, a break area, and approximately four workstations. The property is zoned OFFIC and is available for sale or lease.
Two indoor garage parking spaces are included, with 13 additional spaces available. The space occupies a corner position at 210 S Desplaines Street in Chicago’s West Loop and may be combined with an adjoining 8,000 SF unit for a larger configuration. Built in 1913, the property can accommodate office, showroom, retail, or light industrial operations as supported by the existing layout and stated use options.
Two indoor garage parking spaces are included, with 13 additional spaces available. The space occupies a corner position at 210 S Desplaines Street in Chicago’s West Loop and may be combined with an adjoining 8,000 SF unit for a larger configuration. Built in 1913, the property can accommodate office, showroom, retail, or light industrial operations as supported by the existing layout and stated use options.
Key Highlights
- 4,000 SF one‑story commercial space with a street entrance
- Three private offices, one executive office, and one 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
Retail
$790.6K
$691.7K – $922.3K
NOI $55,339 @ 7.0% cap · market cap 3.96%
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
Current Use
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 space with private offices, a conference room, kitchenette, workstations, and indoor parking.
Where is this flex space located?
The property is located at 210 S Desplaines Street #SE 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 commercial space with a street entrance; Three private offices, one executive office, and one conference room; Kitchenette, break area, and approximately 4 workstations
