Leased Live/Work and Apartments
2500 W Chicago Ave Chicago, IL 60622
2500 W Chicago Ave, Chicago, IL, 60622
$3,500,000
For Sale
$3,500,000
Fully leased live/work plus two second-floor apartments with modern amenities for stable investment.
Property Size5,000 SF
Price / SF$700
Days on Market48
Property Features for 2500 W Chicago Ave
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1940
Listing Agency
Friedman Real Estate IL LLC
(312) 728-1700
Listed by
Kellen Duggan · License #471020070
Source
Friedmanrealestate
Added: Jun 2 Checked: Jul 17 at 5:22 am
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 IL LLC
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $192.0k | $38.40 |
| − Vacancy | −$49.0k | −$9.79 |
| EGI | $143.0k | $28.61 |
| − OpEx | −$35.8k | −$7.15 |
| NOI | $107.3k | $21.46 |
5,000 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Dorothy
Bar & Pub
The Martin
Hotel & Motel
Similar For Sale Nearby
FAQs
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
