Leased Live/Work and Apartments
For Sale
$3,500,000
2500 W Chicago Ave, Chicago, IL 60622
Fully leased live/work plus two second-floor apartments with modern amenities for stable investment.
Property Size17,000 SF
Price / SF$700
Days on Market139
Property Features for 2500 W Chicago Ave
General Information
Standard status
Active
Size
17,000 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Cap Rate
7.2%
Multifamily Units
2
Building Details
Building Size
17,000 SF
Year Built
1940
Year Renovated
2017
Listing Agency:
Friedman Real Estate
Listed By:
Kellen Duggan · License #IL #471.020070
(847) 682-5024
Source:
Friedmanrealestate
Added: Jun 2
Changed: Oct 6
Last Checked: Oct 16 at 8:05AM
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 Friedman Real Estate
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Investment Insights
Based on property information with market context.
Rarely available, this 100% leased live/work and apartment building presents an investment opportunity in Chicago’s Ukrainian Village/Wicker Park area. The property features an impressive 5,000 SF bow-truss style space and includes two large second-floor apartments, supported by top-of-the-line amenities. Offered for sale with leases and rent roll available, it’s structured for investors seeking steadiness alongside functional flexibility.
Positioned in one of the fastest-growing neighborhoods for young professionals, the building benefits from its live/work configuration and the ability to serve both owner-users and tenants. Current offerings are tied to established operations, and buyers must sign an NDA to review financial documents.
For prospective buyers, the combination of a substantial ground-floor live/work footprint and two second-floor apartment units can broaden income streams while supporting a hands-on ownership strategy. Owner-users may find the layout well-suited for combining business use with residential living, while investors can underwrite based on the property’s fully leased status and provided lease documentation.
Positioned in one of the fastest-growing neighborhoods for young professionals, the building benefits from its live/work configuration and the ability to serve both owner-users and tenants. Current offerings are tied to established operations, and buyers must sign an NDA to review financial documents.
For prospective buyers, the combination of a substantial ground-floor live/work footprint and two second-floor apartment units can broaden income streams while supporting a hands-on ownership strategy. Owner-users may find the layout well-suited for combining business use with residential living, while investors can underwrite based on the property’s fully leased status and provided lease documentation.
Key Highlights
- 100% leased live/work property plus two second‑floor apartments
- 7.2% cap rate investment opportunity (per provided listing remarks)
- 5,000 SF bow‑truss style live/work space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,280
Cap Rate
3.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,145,600
$2.1M
Cap Rate 7%
$1,532,571
$1.5M
Cap Rate 9%
$1,192,000
$1.2M
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$192.0K $38.40/SF
− Vacancy
−$49.0K −$9.79/SF
EGI
$143.0K $28.61/SF
− OpEx
−$35.8K −$7.15/SF
NOI
$107.3K $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 Rate 5%
$2,145,600
Cap Rate 7%
$1,532,571
Cap Rate 9%
$1,192,000
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.79M
NOI $107,280 @ 7.0% cap · market cap 3.07%
Second Best
Mixed Use
$1.21M
$1.05M – $1.41M
NOI $84,375 @ 7.0% cap · market cap 2.41%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,024 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,548
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Live-work space - Fully leased live/work plus two second-floor apartments with modern amenities for stable investment.
Where is this live-work space located?
The property is located at 2500 W Chicago Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 100% leased live/work property plus two second‑floor apartments; 7.2% cap rate investment opportunity (per provided listing remarks); 5,000 SF bow‑truss style live/work space
