Three-Story Live-Work Space with
For Sale
$1,450,000
320 E Irving Park Road, Wood Dale, IL 60191
Mixed residential and executive office configuration with garage/warehouse space and elevator access.
Property Size10,000 SF
Price / SF$145
Days on Market377
Property Features for 320 E Irving Park Road
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$13,107
Amenities
elevator
fireplaces
drive-in garage/warehouse
Building Details
Building Size
10,000 SF
Year Built
1988
Buildings
1
Stories
3
Units
6
Listing Agency:
Kale Realty
(312) 939-5253
Listed By:
James Qiu · License #475199248
(312) 939-5253
Source:
Midwestrealestate
Added: Jul 29, 2025
Changed: Aug 7
Last Checked: Aug 9 at 12:45PM
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 Kale Realty
Investment Insights
Based on property information with market context.
Built in 1988, this three-level live-work property combines a residential penthouse with substantial professional office improvements. An elevator serves the building, while the ground floor includes three offices, a private bathroom, and an integrated drive-in garage/warehouse area.
The second level provides approximately 3,000 square feet of office space with four private executive offices, a conference area, and reception space. The upper residence measures approximately 3,000 square feet and includes two bedroom suites, three full bathrooms, and two fireplaces. The property is zoned COMMR and located at 320 E Irving Park Road in Wood Dale, Illinois.
The second level provides approximately 3,000 square feet of office space with four private executive offices, a conference area, and reception space. The upper residence measures approximately 3,000 square feet and includes two bedroom suites, three full bathrooms, and two fireplaces. The property is zoned COMMR and located at 320 E Irving Park Road in Wood Dale, Illinois.
Key Highlights
- Three‑story live‑work property with elevator access
- Approximately 10,000 square feet across three levels
- Approximately 3,000‑square‑foot penthouse with two bedroom suites and three full bathrooms
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
$52,271
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
3.60%
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%
$1,045,420
$1.0M
Cap Rate 7%
$746,729
$746.7K
Cap Rate 9%
$580,789
$580.8K
Market Conditions
NOI Build-Up for 10,000 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
$64.8K $6.48/SF
− Vacancy
−$3.3K −$0.33/SF
EGI
$61.5K $6.15/SF
− OpEx
−$9.2K −$0.92/SF
NOI
$52.3K $5.23/SF
Area
DuPage County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,045,420
Cap Rate 7%
$746,729
Cap Rate 9%
$580,789
Alternative Uses
Best Use
Mixed Use
$2.41M
$2.11M – $2.81M
NOI $168,750 @ 7.0% cap · market cap 11.64%
Second Best
Office B
$1.97M
$1.72M – $2.30M
NOI $137,884 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,678 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 60191, IL
14,456
Population
5,516
Households
2.6
Avg Household Size
44
Median Age
25%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
2,780
Density / Sq Mi
$90,299
Median Household Income
$44,817
Median Earnings
$1,649
Median Rent
$307,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed residential and executive office configuration with garage/warehouse space and elevator access.
Where is this live-work space located?
The property is located at 320 E Irving Park Road Wood Dale, IL.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Three‑story live‑work property with elevator access; Approximately 10,000 square feet across three levels; Approximately 3,000‑square‑foot penthouse with two bedroom suites and three full bathrooms
