Historic Mixed-Use
New
For Sale
$4,995,000
314 S Federal Street, Chicago, IL 60604
Flexible floor plates support office, retail, hospitality, and creative reuse concepts.
Property Size20,000 SF
Price / SF$249.75
Days on Market3
Property Features for 314 S Federal Street
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Commercial
Zoning
DC-16
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$103,825
Amenities
Central air
3 Fireplaces
Central Individual Cooling
Building Details
Year Built
1912
Buildings
1
Stories
7
Building Size
20,000 SF
Listing Agency:
THE NAV AGENCY
(650) 740-9437
Listed By:
CHRISTOPHER KATSULIS
Source:
Corcoran
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 7:43AM
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 THE NAV AGENCY
Investment Insights
Based on property information with market context.
Constructed in 1912, this historic mixed-use property at 314 S Federal Street includes seven 2,500-square-foot floors and a fully built-out 2,500-square-foot lower level. The building’s organized floor plates and subterranean space support a range of redevelopment concepts, including office, coworking, hospitality, restaurant, retail, media production, and residential uses described for the property. DC-16 zoning allows vertical expansion of up to nine additional stories.
The property sits in Downtown Chicago’s Financial District near LaSalle Street, with direct adjacency to a large public parking garage along its south wall. Jackson and Dearborn CTA transit hubs are nearby, serving the Blue, Brown, Orange, Pink, and Purple lines. Regional roadway access includes I-290, I-90/94, and DuSable Lake Shore Drive.
The property sits in Downtown Chicago’s Financial District near LaSalle Street, with direct adjacency to a large public parking garage along its south wall. Jackson and Dearborn CTA transit hubs are nearby, serving the Blue, Brown, Orange, Pink, and Purple lines. Regional roadway access includes I-290, I-90/94, and DuSable Lake Shore Drive.
Key Highlights
- Seven 2,500‑square‑foot floors plus a fully built‑out 2,500‑square‑foot lower level
- DC‑16 zoning allows vertical expansion of up to nine additional stories
- Historic property constructed in 1912
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
$429,120
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
8.59%
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%
$8,582,400
$8.6M
Cap Rate 7%
$6,130,286
$6.1M
Cap Rate 9%
$4,768,000
$4.8M
Market Conditions
NOI Build-Up for 20,000 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
$768.0K $38.40/SF
− Vacancy
−$195.8K −$9.79/SF
EGI
$572.2K $28.61/SF
− OpEx
−$143.0K −$7.15/SF
NOI
$429.1K $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%
$8,582,400
Cap Rate 7%
$6,130,286
Cap Rate 9%
$4,768,000
Alternative Uses
Best Use
Office B
$6.13M
$5.36M – $7.15M
NOI $429,120 @ 7.0% cap · market cap 8.59%
Second Best
Mixed Use
$4.82M
$4.22M – $5.63M
NOI $337,500 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$9.43M
$8.25M – $11.00M
NOI $660,096 @ 7.0% cap · market cap 13.22%
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
34,773
Businesses Nearby
Explore this area
Business Placement
Demographics for 60604, IL
897
Population
510
Households
1.8
Avg Household Size
34
Median Age
96%
College-Educated
98%
High-School Grad
0.1 sq mi
ZIP Area
8,970
Density / Sq Mi
$77,806
Median Household Income
$54,030
Median Earnings
$2,500
Median Rent
$577,700
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?
Mixed-use property - Flexible floor plates support office, retail, hospitality, and creative reuse concepts.
Where is this mixed-use property located?
The property is located at 314 S Federal Street Chicago, IL.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: Seven 2,500‑square‑foot floors plus a fully built‑out 2,500‑square‑foot lower level; DC‑16 zoning allows vertical expansion of up to nine additional stories; Historic property constructed in 1912
