Commercial Condo in New
For Sale
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2129 N Damen Ave, Chicago, IL 60647
Commercial condo for sale, shell condition, ideal for office/retail.
Property Size1,208 SF
Price / SF$372.52
Days on Market187
Property Features for 2129 N Damen Ave
General Information
Standard status
Active
Size
1,208 SF
Class
A
Property subtype
Office, Retail
Zoning
B3-2
Building Details
Year Built
2026
Stories
4
Units
1
Listing Agency:
Hansen Realty Inc.
(312) 547-9704
Listed By:
Oliver Stone · License #IL 471018873
Source:
Crexi
Added: Feb 14
Changed: Aug 11
Last Checked: Aug 17 at 2:55PM
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 Hansen Realty Inc.
Investment Insights
Based on property information with market context.
A commercial condominium is available for sale within a new development. The property, consisting of 1208 square feet, is suitable for either a boutique office or a retail business. The property will be delivered as a shell in late spring.
Key Highlights
- New commercial condo in a new development
- Delivered as a shell, allowing for custom build‑out
- Suitable for boutique office or retail business
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
$25,919
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
5.76%
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%
$518,380
$518.4K
Cap Rate 7%
$370,271
$370.3K
Cap Rate 9%
$287,989
$288.0K
Market Conditions
NOI Build-Up for 1,208 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
$46.4K $38.40/SF
− Vacancy
−$11.8K −$9.79/SF
EGI
$34.6K $28.61/SF
− OpEx
−$8.6K −$7.15/SF
NOI
$25.9K $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 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%
$518,380
Cap Rate 7%
$370,271
Cap Rate 9%
$287,989
Alternative Uses
Best Use
Office B
$370.3K
$324.0K – $432.0K
NOI $25,919 @ 7.0% cap · market cap 5.76%
Second Best
Retail
$238.7K
$208.9K – $278.5K
NOI $16,712 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$569.6K
$498.4K – $664.5K
NOI $39,870 @ 7.0% cap · market cap 8.86%
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 - Commercial condo for sale, shell condition, ideal for office/retail.
Where is this retail space located?
The property is located at 2129 N Damen Ave 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: New commercial condo in a new development; Delivered as a shell, allowing for custom build‑out; Suitable for boutique office or retail business
