Garden-Level Office
New
For Sale
$290,000
217 W Huron Street #5, Chicago, IL 60654
The suite includes a bathroom, kitchenette, office area, and storage, with a restaurant upstairs as its current tenant.
Property Size800 SF
Price / SF$362.50
Days on Market4
Property Features for 217 W Huron Street #5
General Information
Standard status
Active
Size
800 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Floor
Garden
Office Units
1
Taxes and HOA fees
Annual Taxes
$7,008
Amenities
Bathroom
Kitchenette
Storage
Central air
Central Air Cooling
Building Details
Year Built
1900
Tenancy
Single
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES CHICAGO
(630) 548-1800
Listed By:
CHRISTINE CUTRONE · License #475164021
(708) 507-0772
Source:
Corcoran
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 11:22AM
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 BERKSHIRE HATHAWAY HOMESERVICES CHICAGO
Investment Insights
Based on property information with market context.
This approximately 800 SF office unit occupies the garden level and has some windows facing the street. Its layout includes a bathroom, kitchenette, office space, and storage. The space is currently leased to the restaurant located above it.
The building also contains a beauty salon and residential loft condominiums. The property is on W Huron Street in Chicago’s River North neighborhood, amid restaurants, nightlife, galleries, retail, and residential development.
The building also contains a beauty salon and residential loft condominiums. The property is on W Huron Street in Chicago’s River North neighborhood, amid restaurants, nightlife, galleries, retail, and residential development.
Key Highlights
- Approximately 800 SF garden‑level office unit
- Some windows face the street
- Bathroom, kitchenette, office area, and storage
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
$17,165
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
5.92%
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%
$343,300
$343.3K
Cap Rate 7%
$245,214
$245.2K
Cap Rate 9%
$190,722
$190.7K
Market Conditions
NOI Build-Up for 800 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
$30.7K $38.40/SF
− Vacancy
−$7.8K −$9.79/SF
EGI
$22.9K $28.61/SF
− OpEx
−$5.7K −$7.15/SF
NOI
$17.2K $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%
$343,300
Cap Rate 7%
$245,214
Cap Rate 9%
$190,722
Alternative Uses
Best Use
Office B
$245.2K
$214.6K – $286.1K
NOI $17,165 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$377.2K
$330.1K – $440.1K
NOI $26,404 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
14,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
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?
Office units - The suite includes a bathroom, kitchenette, office area, and storage, with a restaurant upstairs as its current tenant.
Where is this office units located?
The property is located at 217 W Huron Street #5 Chicago, IL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Approximately 800 SF garden‑level office unit; Some windows face the street; Bathroom, kitchenette, office area, and storage
