Retail Condo Shell
New
For Sale
$450,000
2127 N Damen Avenue #Commercial, Chicago, IL 60647
New-construction commercial condo ready for a custom office or retail buildout.
Property Size1,500 SF
Price / SF$300
Days on Market7
Property Features for 2127 N Damen Avenue #Commercial
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Building Details
Year Built
2026
Stories
4
Units
7
Listing Agency:
S Hansen Realty Inc.
(773) 477-4455
Listed By:
Oliver Stone · License #471018873
(773) 477-4455
Source:
Cavanaghrealty
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 2:48PM
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 S Hansen Realty Inc.
Investment Insights
Based on property information with market context.
This commercial condominium is delivered in shell condition within a new development, providing 1,500 square feet for a user-defined interior plan. The space can accommodate a tailored office or retail configuration, with the buildout left open for the purchaser’s design requirements.
Completed in 2026, the property is located at 2127 N Damen Avenue in Chicago’s Bucktown neighborhood. Its commercial condominium format supports ownership by an entrepreneur, investor, or established brand seeking a customizable business location.
Completed in 2026, the property is located at 2127 N Damen Avenue in Chicago’s Bucktown neighborhood. Its commercial condominium format supports ownership by an entrepreneur, investor, or established brand seeking a customizable business location.
Key Highlights
- 1,500‑square‑foot commercial condominium
- Shell delivery allows a customized interior buildout
- Located at 2127 N Damen Avenue #Commercial
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
$32,184
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
7.15%
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%
$643,680
$643.7K
Cap Rate 7%
$459,771
$459.8K
Cap Rate 9%
$357,600
$357.6K
Market Conditions
NOI Build-Up for 1,500 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
$57.6K $38.40/SF
− Vacancy
−$14.7K −$9.79/SF
EGI
$42.9K $28.61/SF
− OpEx
−$10.7K −$7.15/SF
NOI
$32.2K $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%
$643,680
Cap Rate 7%
$459,771
Cap Rate 9%
$357,600
Alternative Uses
Best Use
Office B
$459.8K
$402.3K – $536.4K
NOI $32,184 @ 7.0% cap · market cap 7.15%
Second Best
Retail
$296.5K
$259.4K – $345.9K
NOI $20,752 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,375
Businesses Nearby
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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?
Retail space - New-construction commercial condo ready for a custom office or retail buildout.
Where is this retail space located?
The property is located at 2127 N Damen Avenue #Commercial Chicago, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,500‑square‑foot commercial condominium; Shell delivery allows a customized interior buildout; Located at 2127 N Damen Avenue #Commercial
