Corner Live-Work
New
For Sale
$925,000
400 N Racine Avenue #105, Chicago, IL 60642
Flexible loft space combines residential, studio, office, and showroom potential with dedicated parking and custom interior finishes.
Property Size2,680 SF
Price / SF$345.15
Days on Market4
Property Features for 400 N Racine Avenue #105
General Information
Standard status
Active
Size
2,680 SF
Total Parking Spaces
2
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,842
Amenities
Central air
Central Air Cooling
Membrane Roof
Building Details
Year Built
1990
Listing Agency:
JAMESON SOTHEBY'S INTL REALTY
(312) 751-0300
Listed By:
MICHAEL SHENFELD · License #475125273
(312) 399-5848
Source:
Corcoran
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 7:22AM
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 JAMESON SOTHEBY'S INTL REALTY
Investment Insights
Based on property information with market context.
This 2,680-square-foot corner loft at 400 N Racine Avenue, #105, is configured for integrated living and working. The interior includes a 54' x 31' open flex area, 13+ ft. ceilings, a designer kitchen, custom finishes, and abundant natural light. Two side-by-side parking spaces are included. Built in 1990, the property was formerly used as a photography studio and can accommodate a range of live-work, office, showroom, studio, or creative configurations.
The property is in Chicago's Fulton Market area, close to restaurants, shopping, nightlife, and other neighborhood amenities. Its corner positioning, open layout, and combination of residential and commercial characteristics provide a distinctive setting for an owner-user or creative operator.
The property is in Chicago's Fulton Market area, close to restaurants, shopping, nightlife, and other neighborhood amenities. Its corner positioning, open layout, and combination of residential and commercial characteristics provide a distinctive setting for an owner-user or creative operator.
Key Highlights
- 2,680 SF corner live‑work loft at 400 N Racine Avenue #105
- 54' x 31' open flex space with 13+ ft. ceilings
- Two side‑by‑side parking spaces included
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
$57,502
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
6.22%
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%
$1,150,040
$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
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
$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 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%
$1,150,040
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 6.22%
Second Best
Mixed Use
$646.1K
$565.3K – $753.8K
NOI $45,225 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,453 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,877
Businesses Nearby
Explore this area
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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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible loft space combines residential, studio, office, and showroom potential with dedicated parking and custom interior finishes.
Where is this live-work space located?
The property is located at 400 N Racine Avenue #105 Chicago, IL.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 2,680 SF corner live‑work loft at 400 N Racine Avenue #105; 54' x 31' open flex space with 13+ ft. ceilings; Two side‑by‑side parking spaces included
