Live-Work Loft with Open Flex
For Sale
$850,000
400 N Racine Avenue, Chicago, IL 60642
Commercial Sale, Chicago, IL
Property Size2,680 SF
Price / SF$317.16
Days on Market54
Property Features for 400 N Racine Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
GRAND TO RACINE, SOUTH TO PROPERTY
Subdivision
CHI - West Town
Standard status
Active
APN
17081410191006
Additional Details
Corner Location
Yes
Condition
Move-in Ready
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10842
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1990
Floors in Building
1
Number of units
33
Flooring type
Wood
Building materials
Split-face Block, Block
Roof type
Membrane
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Michael Shenfeld · License #475125273
(312) 335-3291
Added: Sep 9
Changed: Oct 23
Last Checked: Nov 1 at 10:06AM
MLS# 12754524
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,680-square-foot corner live-work loft combines a 54' x 31' open flex area with ceilings over 13 feet high. Natural light, wood flooring, a designer kitchen, and custom finishes shape the interior. The property also has central air and two side-by-side parking spaces. Built in 1990, the building has split-face block construction and a membrane roof.
The loft is in Chicago’s Fulton Market area, near restaurant, shopping, and nightlife destinations. Grand Avenue groceries and neighborhood eateries are also nearby. The setting combines access to these local amenities with a quieter pocket of the neighborhood.
The loft is in Chicago’s Fulton Market area, near restaurant, shopping, and nightlife destinations. Grand Avenue groceries and neighborhood eateries are also nearby. The setting combines access to these local amenities with a quieter pocket of the neighborhood.
Key Highlights
- 2,680‑square‑foot corner live‑work loft
- Open flex area measuring 54' x 31'
- Ceilings over 13 feet high with abundant natural light
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,502
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,150,040
$1.2M
Cap Rate 7%
$821,457
$821.5K
Cap Rate 9%
$638,911
$638.9K
Market Conditions
NOI Build-Up for 2,680 SF
Gross rent
$102.9K $38.40/SF
− Vacancy
−$26.2K −$9.79/SF
EGI
$76.7K $28.61/SF
− OpEx
−$19.2K −$7.15/SF
NOI
$57.5K $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 Rate 5%
$1,150,040
Cap Rate 7%
$821,457
Cap Rate 9%
$638,911
Alternative Uses
Best Use
Office B
$821.5K
$718.8K – $958.4K
NOI $57,502 @ 7.0% cap · market cap 6.76%
Second Best
Mixed Use
$646.1K
$565.3K – $753.8K
NOI $45,225 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,453 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,877
Businesses Nearby
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Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Live-work space - A designer kitchen, custom finishes, and central air support a flexible work-and-living layout.
Where is this live-work space located?
The property is located at 400 N Racine Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,680‑square‑foot corner live‑work loft; Open flex area measuring 54' x 31'; Ceilings over 13 feet high with abundant natural light
