Listing Agency: Colliers | Chicago Downtown Show Phone

Listed By: Kyle Hundelt Show Phone

Source: Moodyscre

Added: Aug 19, 2025 Changed: Oct 11 Last Checked: Oct 20 at 7:18PM

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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.

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 / Yr

$31,927

Cap Rate

8.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$638,540 $638.5K

Cap Rate 7%

$456,100 $456.1K

Cap Rate 9%

$354,744 $354.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,488 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $49,111 @ 7.0% cap · market cap 12.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Lincoln Park Health ... Alternative Medicine Practice Defined Counseling & Medspa Spa & Massage Center Dr. Jimmy Ninh Physician

Suggested Use

Top Pick Law Firm Food Market Auto Repair Shop Grocery & Convenience Store Auto Parts Store Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

17.9% 2019

19.2% 2020

20.7% 2021

23.1% 2022

23.3% 2023

25.1% 2024

25.6% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Newer office improvements offer bright interiors, signage, and street-facing exposure along Clark Street.

Where is this office unit 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