Humboldt Park Retail/Office
For Sale
Contact for pricing
2442 W Division St, Chicago, IL 60622
795 SF commercial condo near Humboldt Park.
Property Size795 SF
Price / SF$232.70
Days on Market190
Property Features for 2442 W Division St
General Information
Standard status
Active
Size
795 SF
Property subtype
Retail
Building Details
Year Built
2023
Listing Agency:
Coldwell Banker
Listed By:
Matt Shrake · License #CI
Source:
Crexi
Added: Feb 12
Changed: Aug 14
Last Checked: Aug 14 at 6:06AM
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 Coldwell Banker
Investment Insights
Based on property information with market context.
This 795 square foot commercial condominium offers a brand new and clean vanilla box space suitable for retail or office use. The property is located within a few blocks of Humboldt Park, situated on the community's most vibrant street. It features clear span ceilings with a height of 11'7". The layout includes a bathroom, utility room, and mechanical room. Zoned B1-1, the property benefits from strong pedestrian and auto traffic counts. Its location at the convergence of Ukrainian Village, Wicker Park, and Humboldt Park provides excellent access to downtown Chicago and a lively restaurant and retail scene. The area is densely populated with a variety of residential housing, including apartments, condos, townhomes, and single-family homes. Terrific public transportation options are available, and the location offers easy access to I-90, I-94, I-290, and I-55, making it a convenient location for commuters.
Key Highlights
- Prime location at the convergence of Ukrainian Village, Wicker Park, and Humboldt Park.
- Brand new, clean, vanilla box retail or office space.
- Strong pedestrian and auto traffic counts on Humboldt Park's most vibrant street.
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
$10,999
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
5.95%
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%
$219,980
$220.0K
Cap Rate 7%
$157,129
$157.1K
Cap Rate 9%
$122,211
$122.2K
Market Conditions
NOI Build-Up for 795 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
$17.2K $21.60/SF
− Vacancy
−$1.5K −$1.84/SF
EGI
$15.7K $19.76/SF
− OpEx
−$4.7K −$5.93/SF
NOI
$11.0K $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%
$219,980
Cap Rate 7%
$157,129
Cap Rate 9%
$122,211
Alternative Uses
Best Use
Retail
$157.1K
$137.5K – $183.3K
NOI $10,999 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$374.8K
$328.0K – $437.3K
NOI $26,239 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,368
Businesses Nearby
66k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 48%
Burger King
Dining
17,373 visits/mo
0.5 miles
Mobil
Shops & Services
10,571 visits/mo
0.4 miles
Family Dollar
Shops & Services
7,238 visits/mo
0.3 miles
Dunkin' Donuts
Dining
7,148 visits/mo
0.5 miles
Shell
Shops & Services
6,179 visits/mo
0.5 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
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Frequently Asked Questions
What type of property is this?
Retail space - 795 SF commercial condo near Humboldt Park.
Where is this retail space located?
The property is located at 2442 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Prime location at the convergence of Ukrainian Village, Wicker Park, and Humboldt Park.; Brand new, clean, vanilla box retail or office space.; Strong pedestrian and auto traffic counts on Humboldt Park's most vibrant street.
