Ukrainian Village Commercial Condo For
For Sale
$229,950
Pending
2142 W Chicago Avenue #1, Chicago, IL 60622
1,105 sq ft commercial condo in Ukrainian Village.
Property Size1,105 SF
Days on Market300
Property Features for 2142 W Chicago Avenue #1
General Information
Standard status
Pending
Size
1,105 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,902
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2005
Listing Agency:
ARIA REAL ESTATE
(877) 495-1984
Listed By:
ROMAN SERRA · License #471022459
Source:
Corcoran
Added: Oct 27, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:26AM
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 ARIA REAL ESTATE
Investment Insights
Based on property information with market context.
Located in Ukrainian Village, this commercial condo at 2142 W Chicago Ave offers 1,105 sq. ft. of space. The property features a versatile open layout with two separate private offices, high ceilings, and large storefront windows. It is suitable for retail, office, or creative use. The location benefits from excellent visibility, foot traffic, and neighborhood growth. Monthly assessments are $103.72.
Key Highlights
- Prime Ukrainian Village location with high foot traffic and excellent visibility.
- Versatile 1,105 sq. ft. commercial condo suitable for retail, office, or creative use.
- Open layout with 2 separate private offices.
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
$15,287
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
6.65%
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%
$305,740
$305.7K
Cap Rate 7%
$218,386
$218.4K
Cap Rate 9%
$169,856
$169.9K
Market Conditions
NOI Build-Up for 1,105 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
$23.9K $21.60/SF
− Vacancy
−$2.0K −$1.84/SF
EGI
$21.8K $19.76/SF
− OpEx
−$6.6K −$5.93/SF
NOI
$15.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$305,740
Cap Rate 7%
$218,386
Cap Rate 9%
$169,856
Alternative Uses
Best Use
Retail
$218.4K
$191.1K – $254.8K
NOI $15,287 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$521.0K
$455.9K – $607.8K
NOI $36,470 @ 7.0% cap · market cap 15.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,093
Businesses Nearby
141k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Groceries 31%
Shops & Services 20%
Mariano's
Groceries
43,456 visits/mo
0.2 miles
McDonald's
Dining
38,181 visits/mo
0.2 miles
Burger King
Dining
17,373 visits/mo
0.2 miles
Dunkin' Donuts
Dining
7,148 visits/mo
0.3 miles
Shell
Shops & Services
6,179 visits/mo
0.2 miles
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - 1,105 sq ft commercial condo in Ukrainian Village.
Where is this storefront property located?
The property is located at 2142 W Chicago Avenue #1 Chicago, IL.
What is the asking price?
The asking price for this property is $229,950.
What are key features of this property?
This property features: Prime Ukrainian Village location with high foot traffic and excellent visibility.; Versatile 1,105 sq. ft. commercial condo suitable for retail, office, or creative use.; Open layout with 2 separate private offices.
