Historic Live-Work Space with
New
For Sale
$2,750,000
2733 N Pulaski Road, Chicago, IL 60639
Historic bowtruss building combines dedicated office space with residential interiors, courtyard atrium, pool, and two heated garages.
Property Size7,200 SF
Price / SF$392.86
Days on Market2
Property Features for 2733 N Pulaski Road
General Information
Standard status
Active
Size
7,200 SF
Total Parking Spaces
4
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,654
Amenities
theater room
bar
courtyard atrium
spool
workout room
infrared sauna
Building Details
Building Size
7,200 SF
Year Built
1927
Buildings
1
Stories
1
Units
1
Construction
bowtruss
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Vincent Anzalone · License #475167321
(312) 242-1000
Source:
Ozmentrealestate
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 7 at 3:19AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
Built in 1927, this historic bowtruss building at 2733 N Pulaski Road presents a highly customized live-work configuration in Chicago’s West Logan Square. The property offers 7,000+ square feet of living space, including a dedicated work area with a separate office, bedroom, and full bathroom. Residential interiors feature dining and living areas, a chef’s kitchen with designer appliances, theater room, custom bar, workout room, sauna, and a primary suite with fireplace, heated bathroom flooring, and two walk-in closets.
At the center of the home, a courtyard atrium is arranged around a combined spa and pool, heated marble flooring, an 80-foot skylight, additional pyramid skylights, and a gas fireplace. Two separate heated 2-car garages provide substantial enclosed parking. Additional features include stained glass doors, restored architectural details, and an Energy Recovery Ventilation system. The property is designated for live-work use and is located in West Logan Square.
At the center of the home, a courtyard atrium is arranged around a combined spa and pool, heated marble flooring, an 80-foot skylight, additional pyramid skylights, and a gas fireplace. Two separate heated 2-car garages provide substantial enclosed parking. Additional features include stained glass doors, restored architectural details, and an Energy Recovery Ventilation system. The property is designated for live-work use and is located in West Logan Square.
Key Highlights
- 7,000+ square feet of living space in a historic bowtruss building
- Live‑work zoning with a dedicated office area, separate bedroom, and full bathroom
- Central courtyard atrium with heated marble floors, combined spa and pool, and an 80‑foot skylight
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
$164,622
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
5.99%
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%
$3,292,440
$3.3M
Cap Rate 7%
$2,351,743
$2.4M
Cap Rate 9%
$1,829,133
$1.8M
Market Conditions
NOI Build-Up for 7,000 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
$299.0K $42.72/SF
− Vacancy
−$79.5K −$11.36/SF
EGI
$219.5K $31.36/SF
− OpEx
−$54.9K −$7.84/SF
NOI
$164.6K $23.52/SF
Area
ZIP 60639
Vacancy
26.60%
Lease Rate
$42.72 /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%
$3,292,440
Cap Rate 7%
$2,351,743
Cap Rate 9%
$1,829,133
Alternative Uses
Best Use
Office B
$2.35M
$2.06M – $2.74M
NOI $164,622 @ 7.0% cap · market cap 5.99%
Second Best
Mixed Use
$1.55M
$1.36M – $1.81M
NOI $108,675 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$3.10M
$2.71M – $3.61M
NOI $216,653 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,899
Businesses Nearby
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
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?
Live-work space - Historic bowtruss building combines dedicated office space with residential interiors, courtyard atrium, pool, and two heated garages.
Where is this live-work space located?
The property is located at 2733 N Pulaski Road Chicago, IL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 7,000+ square feet of living space in a historic bowtruss building; Live‑work zoning with a dedicated office area, separate bedroom, and full bathroom; Central courtyard atrium with heated marble floors, combined spa and pool, and an 80‑foot skylight
