Updated Office Condo in
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2205 W Roscoe St, Chicago, IL 60618
Updated 1,500 SF office condo in Chicago's Roscoe Village.
Property Size1,500 SF
Price / SF$283.33
Days on Market164
Property Features for 2205 W Roscoe St
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Office, Retail
Building Details
Buildings
1
Stories
4
Listing Agency:
Brookline Real Estate
(630) 590-5910
Listed By:
Dominick Cannata · License #IL 00000
Source:
Crexi
Added: Mar 10
Changed: Aug 11
Last Checked: Aug 19 at 7:13PM
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 Brookline Real Estate
Investment Insights
Based on property information with market context.
An updated 1,500 square-foot office condo is available in Chicago's Roscoe Village neighborhood. The property is located near the intersection of Western Avenue and Roscoe Street. It is accessible to the CTA Brown Line, Western or Damen Bus, and I-90. The area benefits from strong neighborhood foot traffic and a mix of independent boutiques, restaurants, and service-oriented businesses. Roscoe Village is known as a village within the city, offering a walkable, community-oriented environment a few miles from downtown Chicago. The surrounding area features an affluent residential population with average household incomes exceeding $220,000 and a high concentration of white-collar professionals. The interior is freshly updated and was most recently used by an architect/design business. Given its location and buildout, the property offers owner-user or investment potential.
Key Highlights
- Prime location in Chicago's desirable Roscoe Village neighborhood.
- Updated 1,500 sq ft office condo - suitable for owner‑user or investment.
- High foot traffic area with a mix of boutiques, restaurants, and service businesses.
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
$33,238
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
7.82%
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%
$664,760
$664.8K
Cap Rate 7%
$474,829
$474.8K
Cap Rate 9%
$369,311
$369.3K
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
$57.8K $38.52/SF
− Vacancy
−$13.5K −$8.98/SF
EGI
$44.3K $29.54/SF
− OpEx
−$11.1K −$7.39/SF
NOI
$33.2K $22.16/SF
Area
ZIP 60618
Vacancy
23.30%
Lease Rate
$38.52 /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%
$664,760
Cap Rate 7%
$474,829
Cap Rate 9%
$369,311
Alternative Uses
Best Use
Office B
$474.8K
$415.5K – $554.0K
NOI $33,238 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.4K
$573.5K – $764.6K
NOI $45,877 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,295
Businesses Nearby
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
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?
Office units - Updated 1,500 SF office condo in Chicago's Roscoe Village.
Where is this office units located?
The property is located at 2205 W Roscoe St Chicago, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location in Chicago's desirable Roscoe Village neighborhood.; Updated 1,500 sq ft office condo - suitable for owner‑user or investment.; High foot traffic area with a mix of boutiques, restaurants, and service businesses.
