First-Floor Mixed-Use
For Sale
$980,000
223 W Lake St, Chicago, IL 60606
Flexible commercial space suited to creative office or retail use in Chicago’s downtown Loop.
Property Size4,900 SF
Price / SF$200
Days on Market122
Property Features for 223 W Lake St
General Information
Standard status
Active
Size
4,900 SF
Property subtype
Commercial
Additional Details
Floor
1
Building Details
Year Built
1985
Listing Agency:
Jameson Commercial
Listed By:
Richard Gardella (312) 335-5355
(312) 751-0300
Source:
Illianahomesource
Added: Jun 16
Changed: Oct 1
Last Checked: Oct 14 at 11:09PM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
This first-floor commercial space contains 4,900 square feet within a mixed-use property. Its open, adaptable configuration can accommodate either a creative office environment or a retail setting. The owner is removing the ventilation ductwork, allowing that work to be addressed as part of the space’s next configuration. The property was built in 1985.
Located at 223 W. Lake Street in Chicago’s downtown Loop, the space is positioned within the city’s central business district. The surrounding area includes public parking and transportation hubs, with Google’s new Chicago Headquarters within walking distance. The Lake Street setting also places the property in an established downtown commercial environment with pedestrian activity.
Located at 223 W. Lake Street in Chicago’s downtown Loop, the space is positioned within the city’s central business district. The surrounding area includes public parking and transportation hubs, with Google’s new Chicago Headquarters within walking distance. The Lake Street setting also places the property in an established downtown commercial environment with pedestrian activity.
Key Highlights
- 4,900‑square‑foot first‑floor commercial space
- Mixed‑use property with flexible office or retail configuration
- 223 W. Lake Street location in Chicago’s downtown Loop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,688
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,760
$1.7M
Cap Rate 7%
$1,181,257
$1.2M
Cap Rate 9%
$918,756
$918.8K
Market Conditions
NOI Build-Up for 4,900 SF
Gross rent
$147.0K $30.00/SF
− Vacancy
−$14.7K −$3.00/SF
EGI
$132.3K $27.00/SF
− OpEx
−$49.6K −$10.13/SF
NOI
$82.7K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,760
Cap Rate 7%
$1,181,257
Cap Rate 9%
$918,756
Alternative Uses
Best Use
Office B
$1.50M
$1.31M – $1.75M
NOI $105,134 @ 7.0% cap · market cap 10.73%
Second Best
Mixed Use
$1.18M
$1.03M – $1.38M
NOI $82,688 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,724 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
37,237
Businesses Nearby
Explore this area
Business Placement
Demographics for 60606, IL
3,797
Population
3,032
Households
1.3
Avg Household Size
34
Median Age
93%
College-Educated
100%
High-School Grad
0.2 sq mi
ZIP Area
18,985
Density / Sq Mi
$139,148
Median Household Income
$107,490
Median Earnings
$2,535
Median Rent
$366,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space suited to creative office or retail use in Chicago’s downtown Loop.
Where is this mixed-use property located?
The property is located at 223 W Lake St Chicago, IL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 4,900‑square‑foot first‑floor commercial space; Mixed‑use property with flexible office or retail configuration; 223 W. Lake Street location in Chicago’s downtown Loop
