Halsted Street Commercial Space
For Sale
Contact for pricing
Pending
2507 N Halsted St, Chicago, IL 60614
1,400 SF commercial space on Halsted Street for sale.
Property Size1,400 SF
Days on Market211
Property Features for 2507 N Halsted St
General Information
Standard status
Pending
Size
1,400 SF
Property subtype
Office, Retail
Zoning
B1-2
Building Details
Units
1
Listing Agency:
The Record Realty Team - Pearson Realty Group
(773) 325-2800
Listed By:
Aaron Spiro · License #475192695
Source:
Crexi
Added: Jan 24
Changed: Aug 8
Last Checked: Aug 22 at 6:14AM
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 The Record Realty Team - Pearson Realty Group
Investment Insights
Based on property information with market context.
This 1,400 square foot commercial space is equipped with two bathrooms and water/sewer access in nearly every office. A laundry/utility room includes hookups for a washer and dryer, and there is a large mechanical room. Zoned B1-2, the property is located on Halsted Street, north of Fullerton Avenue, near anchor tenants such as Equinox, Philz Coffee, Raising Canes, Parsons, and Chase Bank. The property is suitable for an owner-operator looking to open their first location or expand their business. The property can be used as medical office space, office space, retail space, or general commercial real estate.
Key Highlights
- 1,400sqft medical office space ready for immediate occupancy
- Prime location on Halsted Street, north of Fullerton Ave, with high visibility
- Zoned B1‑2, suitable for a variety of business uses
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
$30,038
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
6.13%
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%
$600,760
$600.8K
Cap Rate 7%
$429,114
$429.1K
Cap Rate 9%
$333,756
$333.8K
Market Conditions
NOI Build-Up for 1,400 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
$53.8K $38.40/SF
− Vacancy
−$13.7K −$9.79/SF
EGI
$40.1K $28.61/SF
− OpEx
−$10.0K −$7.15/SF
NOI
$30.0K $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 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%
$600,760
Cap Rate 7%
$429,114
Cap Rate 9%
$333,756
Alternative Uses
Best Use
Office B
$429.1K
$375.5K – $500.6K
NOI $30,038 @ 7.0% cap · market cap 6.13%
Second Best
Healthcare Medical
$265.0K
$231.8K – $309.1K
NOI $18,547 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,637
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60614, IL
73,173
Population
38,089
Households
1.9
Avg Household Size
31
Median Age
86%
College-Educated
98%
High-School Grad
3.2 sq mi
ZIP Area
22,867
Density / Sq Mi
$139,561
Median Household Income
$86,386
Median Earnings
$2,019
Median Rent
$730,700
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 1,400 SF commercial space on Halsted Street for sale.
Where is this medical office space located?
The property is located at 2507 N Halsted St Chicago, IL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 1,400sqft medical office space ready for immediate occupancy; Prime location on Halsted Street, north of Fullerton Ave, with high visibility; Zoned B1‑2, suitable for a variety of business uses
