Updated Office Condo with
New
For Sale
$229,000
2716 N Ashland Avenue, Chicago, IL 60614
Two-room office condo with built-in cabinetry, refreshed finishes, and convenient transit and highway access.
Property Size850 SF
Price / SF$269.41
Days on Market3
Property Features for 2716 N Ashland Avenue
General Information
Standard status
Active
Size
850 SF
Total Parking Spaces
1
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,493
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1998
Listing Agency:
PEARSON REALTY GROUP
(773) 325-2800
Listed By:
AARON SPIRO · License #475192695
Source:
Corcoran
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 20 at 10:14AM
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 PEARSON REALTY GROUP
Investment Insights
Based on property information with market context.
This approximately 850-square-foot office condo at 2716 N Ashland Avenue offers two dedicated rooms, built-in cabinetry, and 10'9" ceilings. New flooring and paint provide refreshed interior finishes, while the property includes one assigned parking spot. Building improvements include a roof installed in 2016, a furnace from 2022, and a condenser dating to 2014.
The Chicago location provides access to public transportation and convenient highway connections. Built in 1998, the unit is configured for a business seeking a compact office setting with defined rooms, on-site parking, and updated building components.
The Chicago location provides access to public transportation and convenient highway connections. Built in 1998, the unit is configured for a business seeking a compact office setting with defined rooms, on-site parking, and updated building components.
Key Highlights
- Approximately 850 square feet with two dedicated office rooms
- One assigned parking spot included with the unit
- 10'9" ceilings and built‑in cabinetry
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
$18,238
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
7.96%
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%
$364,760
$364.8K
Cap Rate 7%
$260,543
$260.5K
Cap Rate 9%
$202,644
$202.6K
Market Conditions
NOI Build-Up for 850 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
$32.6K $38.40/SF
− Vacancy
−$8.3K −$9.79/SF
EGI
$24.3K $28.61/SF
− OpEx
−$6.1K −$7.15/SF
NOI
$18.2K $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%
$364,760
Cap Rate 7%
$260,543
Cap Rate 9%
$202,644
Alternative Uses
Best Use
Office B
$260.5K
$228.0K – $304.0K
NOI $18,238 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$400.8K
$350.7K – $467.6K
NOI $28,054 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,630
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 - Two-room office condo with built-in cabinetry, refreshed finishes, and convenient transit and highway access.
Where is this office units located?
The property is located at 2716 N Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Approximately 850 square feet with two dedicated office rooms; One assigned parking spot included with the unit; 10'9" ceilings and built‑in cabinetry
