Updated Office
New
For Sale
$229,000
2716 N Ashland Avenue, Chicago, IL 60614
Commercial Sale, Chicago, IL
Property Size850 SF
Lot Size0.07 Acres
Price / SF$269.41
Days on Market4
Property Features for 2716 N Ashland Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
OFFIC
Directions
2716 North on Ashland. Between Fullerton & Diversey on west side of street. Look for sign on property
Subdivision
CHI - Lincoln Park
Standard status
Active
APN
14304050741001
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9493
Utilities
Cooling system
Central Air
Building Details
Year built
1998
Floors in Building
4
Building materials
Brick, Concrete, Block
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Aaron Spiro · License #475192695
(773) 325-2800
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 12732080
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 office unit in Chicago’s Lincoln Park area offers approximately 850 square feet with two dedicated rooms, built-in cabinetry, and 10'9" ceilings. New flooring and paint provide a refreshed interior, while brick, concrete, and block construction support the building’s established office setting. Central air, an updated furnace, and an assigned parking space are included with the unit.
The property provides access to public transportation and convenient highway connections. Building updates include a new roof completed in 2016, a furnace installed in 2022, and a condenser dating to 2014. The unit is located at 2716 N Ashland Avenue in the 60614 postal area and is zoned OFFIC.
The property provides access to public transportation and convenient highway connections. Building updates include a new roof completed in 2016, a furnace installed in 2022, and a condenser dating to 2014. The unit is located at 2716 N Ashland Avenue in the 60614 postal area and is zoned OFFIC.
Key Highlights
- Approx. 850sqft office condo in Lincoln Park
- Two dedicated rooms with built‑in cabinetry
- One assigned parking spot included
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two dedicated rooms, assigned parking, and recent interior updates support efficient office use.
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: Approx. 850sqft office condo in Lincoln Park; Two dedicated rooms with built‑in cabinetry; One assigned parking spot included
