Ground-Floor Office
For Sale
$330,000
2831 N Halsted Street #1N, Chicago, IL 60657
Ground-floor office condo layout with reception, enclosed room, and a dedicated one-car parking garage space.
Property Size1,119 SF
Price / SF$294.91
Days on Market18
Property Features for 2831 N Halsted Street #1N
General Information
Standard status
Active
Size
1,119 SF
Total Parking Spaces
1
Property subtype
Commercial
Additional Details
Floor
Ground Floor
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,290
Amenities
Central air
Central Air Cooling
Building Details
Year Built
2018
Listing Agency:
CENTURY 21 REALTY ASSOCIATES
(312) 428-9123
Listed By:
WEN KAI CHUEH
Source:
Corcoran
Added: Jul 27
Changed: Aug 12
Last Checked: Aug 12 at 7:25AM
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 CENTURY 21 REALTY ASSOCIATES
Investment Insights
Based on property information with market context.
Ground Floor NEW commercial condo for sale featuring a front reception with an open area and an enclosed room. The unit also includes a single bathroom and a utility closet toward the rear. A single-car parking garage space is included.
The space is positioned for street exposure on Halsted in a prime Lakeview location. It is described as close to public transportation and nearby employers and retailers, including Walgreens and FedEx. Nearby retailers mentioned include Dom’s Kitchen Market (one block away), Trader Joe’s, Home Depot, TJ Maxx, and Target.
Built in 2018, the layout is presented as suitable for office, retail, or fitness use, with the emphasis on major street exposure and pedestrian traffic in the immediate area.
The space is positioned for street exposure on Halsted in a prime Lakeview location. It is described as close to public transportation and nearby employers and retailers, including Walgreens and FedEx. Nearby retailers mentioned include Dom’s Kitchen Market (one block away), Trader Joe’s, Home Depot, TJ Maxx, and Target.
Built in 2018, the layout is presented as suitable for office, retail, or fitness use, with the emphasis on major street exposure and pedestrian traffic in the immediate area.
Key Highlights
- 1,119 SF ground‑floor commercial condo
- Front reception with open area plus enclosed room
- Includes a single bathroom and utility closet
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
$24,009
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
7.28%
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%
$480,180
$480.2K
Cap Rate 7%
$342,986
$343.0K
Cap Rate 9%
$266,767
$266.8K
Market Conditions
NOI Build-Up for 1,119 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
$43.0K $38.40/SF
− Vacancy
−$11.0K −$9.79/SF
EGI
$32.0K $28.61/SF
− OpEx
−$8.0K −$7.15/SF
NOI
$24.0K $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%
$480,180
Cap Rate 7%
$342,986
Cap Rate 9%
$266,767
Alternative Uses
Best Use
Office B
$343.0K
$300.1K – $400.2K
NOI $24,009 @ 7.0% cap · market cap 7.28%
Second Best
Retail
$221.2K
$193.5K – $258.0K
NOI $15,481 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$527.6K
$461.7K – $615.5K
NOI $36,932 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,242
Businesses Nearby
Explore this area
Business Placement
Demographics for 60657, IL
72,316
Population
42,246
Households
1.7
Avg Household Size
32
Median Age
87%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
32,871
Density / Sq Mi
$109,025
Median Household Income
$77,731
Median Earnings
$1,839
Median Rent
$534,500
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 - Ground-floor office condo layout with reception, enclosed room, and a dedicated one-car parking garage space.
Where is this office units located?
The property is located at 2831 N Halsted Street #1N Chicago, IL.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 1,119 SF ground‑floor commercial condo; Front reception with open area plus enclosed room; Includes a single bathroom and utility closet
