Corner Office Building
For Sale
$1,399,000
3832 N Lincoln Avenue, Chicago, IL 60613
Office property positioned at the southwest corner of Lincoln Avenue and Bernice Ave in Chicago’s Cook County.
Property Size5,076 SF
Days on Market34
Property Features for 3832 N Lincoln Avenue
General Information
Standard status
Active
Size
5,076 SF
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$48,813
Amenities
Central Air
Building Details
Building Size
5,076 SF
Year Built
1903
Stories
2
Listing Agency:
SPERRY VAN NESS
(773) 405-4641
Listed By:
Marcus Sullivan · License #475139568
(773) 405-4641
Source:
Evrealestate
Added: Jul 20
Changed: Aug 16
Last Checked: Aug 22 at 5:36AM
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 SPERRY VAN NESS
Investment Insights
Based on property information with market context.
This office property is for sale and is located at 3832 N Lincoln Avenue, Chicago, IL 60613. The site occupies the southwest corner of Lincoln and Bernice Ave.
The property sits south of Irving Park Road along Lincoln Avenue, placing it on a main corridor with corner access at Bernice Ave.
Offered as a commercial office building/office space asset, it provides a straightforward option for an ownership or tenancy strategy centered on Lincoln Avenue visibility and corner frontage.
The property sits south of Irving Park Road along Lincoln Avenue, placing it on a main corridor with corner access at Bernice Ave.
Offered as a commercial office building/office space asset, it provides a straightforward option for an ownership or tenancy strategy centered on Lincoln Avenue visibility and corner frontage.
Key Highlights
- Office property on the southwest corner of Lincoln Ave and Bernice Ave in Chicago’s Cook County
- Central Air cooling
- Built in 1903
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
$108,911
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
7.78%
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%
$2,178,220
$2.2M
Cap Rate 7%
$1,555,871
$1.6M
Cap Rate 9%
$1,210,122
$1.2M
Market Conditions
NOI Build-Up for 5,076 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
$194.9K $38.40/SF
− Vacancy
−$49.7K −$9.79/SF
EGI
$145.2K $28.61/SF
− OpEx
−$36.3K −$7.15/SF
NOI
$108.9K $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%
$2,178,220
Cap Rate 7%
$1,555,871
Cap Rate 9%
$1,210,122
Alternative Uses
Best Use
Office B
$1.56M
$1.36M – $1.82M
NOI $108,911 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,532 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,966
Businesses Nearby
Explore this area
Business Placement
Demographics for 60613, IL
53,048
Population
31,263
Households
1.7
Avg Household Size
34
Median Age
75%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
23,064
Density / Sq Mi
$91,351
Median Household Income
$68,713
Median Earnings
$1,616
Median Rent
$397,800
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office property positioned at the southwest corner of Lincoln Avenue and Bernice Ave in Chicago’s Cook County.
Where is this office building located?
The property is located at 3832 N Lincoln Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Office property on the southwest corner of Lincoln Ave and Bernice Ave in Chicago’s Cook County; Central Air cooling; Built in 1903
