Storefront with Treatment
For Sale
$349,888
2322 W Roosevelt Rd Unit 1, Chicago, IL 60608
Professional service storefront with private rooms, reception space, and dedicated lower-level storage.
Property Size1,600 SF
Price / SF$218.68
Days on Market141
Property Features for 2322 W Roosevelt Rd Unit 1
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Amenities
high ceilings
6 private offices/treatment rooms
spacious reception/waiting area
one and half bathroom
Building Details
Year Built
1888
Listing Agency:
Lucky Land Realty, Inc.
Listed By:
Tiffany Toy · License #471008671
(312) 399-3338
Source:
Illianahomesource
Added: May 7
Changed: Sep 21
Last Checked: Sep 22 at 5:59PM
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 Lucky Land Realty, Inc.
Investment Insights
Based on property information with market context.
This storefront property provides 1,600 square feet of commercial space with six private offices or treatment rooms, a generous reception and waiting area, high ceilings, and one and one-half bathrooms. An additional 1,500-square-foot basement offers storage capacity. The layout is suited to a massage business and other professional service uses supported by the existing room configuration.
Built in 1888, the property is positioned in Chicago’s Medical District, west of downtown and the West Loop. Its combination of customer-facing reception space, multiple enclosed rooms, and lower-level storage creates a practical setup for an owner-user or service-oriented operator.
Built in 1888, the property is positioned in Chicago’s Medical District, west of downtown and the West Loop. Its combination of customer-facing reception space, multiple enclosed rooms, and lower-level storage creates a practical setup for an owner-user or service-oriented operator.
Key Highlights
- 1,600 SF storefront space
- Additional 1,500 SF basement for storage
- Six private offices or treatment rooms
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
$22,136
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
6.33%
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%
$442,720
$442.7K
Cap Rate 7%
$316,229
$316.2K
Cap Rate 9%
$245,956
$246.0K
Market Conditions
NOI Build-Up for 1,600 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
$34.6K $21.60/SF
− Vacancy
−$2.9K −$1.84/SF
EGI
$31.6K $19.76/SF
− OpEx
−$9.5K −$5.93/SF
NOI
$22.1K $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%
$442,720
Cap Rate 7%
$316,229
Cap Rate 9%
$245,956
Alternative Uses
Best Use
Office B
$490.4K
$429.1K – $572.2K
NOI $34,330 @ 7.0% cap · market cap 9.81%
Second Best
Retail
$316.2K
$276.7K – $368.9K
NOI $22,136 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$754.4K
$660.1K – $880.1K
NOI $52,808 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,641
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60608, IL
75,770
Population
32,617
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
12,221
Density / Sq Mi
$70,704
Median Household Income
$42,211
Median Earnings
$1,208
Median Rent
$341,500
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?
Storefront property - Professional service storefront with private rooms, reception space, and dedicated lower-level storage.
Where is this storefront property located?
The property is located at 2322 W Roosevelt Rd Unit 1 Chicago, IL.
What is the asking price?
The asking price for this property is $349,888.
What are key features of this property?
This property features: 1,600 SF storefront space; Additional 1,500 SF basement for storage; Six private offices or treatment rooms
