Halsted Street Commercial
For Sale
$490,000
Pending
2507 N Halsted Street, Chicago, IL 60614
COMMERCIAL - Chicago, IL
Property Size1,400 SF
Lot Size0.07 Acres
Days on Market195
Property Features for 2507 N Halsted Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
From Halsted and Fullerton, head north on Halsted, property will be on eastern side
Subdivision
CHI - Lincoln Park
Standard status
Pending
APN
14283110971001
Size
1,400 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11402
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
4
Number of units
1
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Aaron Spiro · License #475192695
(773) 325-2800
Added: Jan 26
Changed: Aug 4
Last Checked: Aug 9 at 6:06PM
MLS# 12553897
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial property offers 1,400 square feet of built-out medical office space. It features two bathrooms and water/sewer connections in nearly every office. A laundry/utility room includes hookups for a washer and dryer, and there is also a large mechanical room. The property is zoned B1-2 and is located on Halsted Street, just north of Fullerton Avenue. The location is supported by numerous anchor tenants, including Equinox, Philz Coffee, Raising Cane's, Parsons, and Chase Bank. This property is suitable for an owner-operator looking to open their first location or expand their business.
Key Highlights
- Built‑out 1,400sqft medical office space ready for immediate occupancy.
- Prime location on Halsted Street near Fullerton Ave, benefiting from high traffic and visibility.
- Supported by numerous anchor tenants including Equinox, Philz Coffee, Raising Canes, and Chase Bank.
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 1,400 sqft medical office space for sale in Chicago.
Where is this medical office space located?
The property is located at 2507 N Halsted Street 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: Built‑out 1,400sqft medical office space ready for immediate occupancy.; Prime location on Halsted Street near Fullerton Ave, benefiting from high traffic and visibility.; Supported by numerous anchor tenants including Equinox, Philz Coffee, Raising Canes, and Chase Bank.
