Office Unit with Natural
For Sale
Contact for pricing
2623 N Clark St, Chicago, IL 60614
Newer office improvements offer bright interiors, signage, and street-facing exposure along Clark Street.
Property Size1,488 SF
Price / SF$258.74
Days on Market383
Property Features for 2623 N Clark St
General Information
Standard status
Active
Size
1,488 SF
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Listing Agency:
Colliers | Chicago Downtown
(312) 648-9150
Listed By:
Kyle Hundelt
(312) 777-2621
Source:
Moodyscre
Added: Aug 19, 2025
Changed: Sep 2
Last Checked: Sep 4 at 12:09PM
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 Colliers | Chicago Downtown
Investment Insights
Based on property information with market context.
This 1,488-square-foot office unit at 2623 N Clark St features a newer buildout with abundant natural light. The property includes signage and 20 feet of frontage along Clark Street, providing a defined street presence for an office user. It also carries a P-Street designation.
The site records traffic of 16,160 vehicles per day and is 2,700 feet from the CTA Brown and Purple Lines. Walk Score is 96, while Transit Score is 82. Proximity to Lakeshore Drive adds another established transportation connection to the surrounding area.
The site records traffic of 16,160 vehicles per day and is 2,700 feet from the CTA Brown and Purple Lines. Walk Score is 96, while Transit Score is 82. Proximity to Lakeshore Drive adds another established transportation connection to the surrounding area.
Key Highlights
- 1,488‑square‑foot office unit with newer buildout
- 20 feet of frontage along Clark Street with signage
- Abundant natural light throughout the office interior
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
$31,927
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
8.29%
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%
$638,540
$638.5K
Cap Rate 7%
$456,100
$456.1K
Cap Rate 9%
$354,744
$354.7K
Market Conditions
NOI Build-Up for 1,488 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
$57.1K $38.40/SF
− Vacancy
−$14.6K −$9.79/SF
EGI
$42.6K $28.61/SF
− OpEx
−$10.6K −$7.15/SF
NOI
$31.9K $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%
$638,540
Cap Rate 7%
$456,100
Cap Rate 9%
$354,744
Alternative Uses
Best Use
Office B
$456.1K
$399.1K – $532.1K
NOI $31,927 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$701.6K
$613.9K – $818.5K
NOI $49,111 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,002
Businesses Nearby
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?
Office units - Newer office improvements offer bright interiors, signage, and street-facing exposure along Clark Street.
Where is this office units located?
The property is located at 2623 N Clark St Chicago, IL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,488‑square‑foot office unit with newer buildout; 20 feet of frontage along Clark Street with signage; Abundant natural light throughout the office interior
