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    Move-in Ready Office Suites Title is generated by Realmo AI

    2889 W Cermak Road, Chicago, IL 60623

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    For Lease
    $8 SF/Yr $133/Mo (calc)

    Private office suites in Chicago's Lawndale neighborhood, scalable and affordable.

    Type:Commercial
    Property size:
    200 SF
    Added:
    Jan 28, 2026
    Days on Market:
    128
    Last Refresh:
    Apr 5 at 11:36 pm

    Property Features for 2889 W Cermak Road

    General Information

    Standard status
    Active
    Size
    200 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1918

    We can help!

    Listing Contact
    ERIK CORRAL

    Listing agent ERIK CORRAL

    Listing office YOU PROPERTIES LLC

    Listing date Jan 28, 2026

    Source Corcoran

    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 YOU PROPERTIES LLC

    HighLights

    • Move‑in‑ready, private office suites (150‑200 sq. ft.) ideal for small businesses and professionals.
    • Flexible space: combine suites for a larger, customized workspace as your business grows.
    • Excellent visibility in Chicago's Lawndale neighborhood with high traffic (12,000+ vehicles daily).
    • Affordable, scalable monthly rent based on square footage.
    • Professional environment suitable for client meetings and daily operations.
    • Centrally located office solution for startups, solo entrepreneurs, and growing businesses.

    Overview

    The Apollo offers private, move-in-ready office suites designed for modern professionals and small businesses. Located on the second floor, individual suites range from approximately 150 to 200 square feet, with the flexibility to combine multiple suites to create a larger, customized workspace. These suites are suitable for entrepreneurs, consultants, accountants, therapists, architects, designers, remote professionals, and office-based businesses seeking a professional environment. Situated in the heart of Chicago's Lawndale neighborhood, at 2889 W Cermak Road, The Apollo provides visibility along a high-traffic corridor with over 12,000 vehicles passing daily. The building offers shared common-area restrooms and a clean, professional atmosphere suitable for client meetings and day-to-day operations. With 10 private suites available and flexible monthly rent based on square footage, this is an opportunity for startups, solo entrepreneurs, and growing businesses looking for an affordable, scalable, and centrally located office solution in 2026.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6983
    Latitude
    41.8516

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    FAQs

    What type of property is this?
    Office units - Private office suites in Chicago's Lawndale neighborhood, scalable and affordable.
    Where is this office units located?
    The property is located at 2889 W Cermak Road Chicago, IL.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Move‑in‑ready, private office suites (150‑200 sq. ft.) ideal for small businesses and professionals.; Flexible space: combine suites for a larger, customized workspace as your business grows.; Excellent visibility in Chicago's Lawndale neighborhood with high traffic (12,000+ vehicles daily).
    (312) 721-1721
    We can help!
    Listing Contact
    ERIK CORRAL
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2889 W Cermak Road, Chicago, IL 60623
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