Brick-and-Timber Flex
For Sale
$3,000,000
401 N Leavitt St., Chicago, IL 60612
Adaptive-reuse building offers loading access, lofted ceilings, and flexible single- or multi-tenant configuration.
Property Size39,300 SF
Lot Size0.90 Acres
Price / SF$76.34
Days on Market91
Property Features for 401 N Leavitt St.
General Information
Standard status
Active
Size
39,300 SF
Lot size
0.90 Acres
Property subtype
Industrial
Additional Details
Dock-High Doors
2
Building Details
Building Size
39,300 SF
Buildings
1
Construction
brick and timber
Listing Agency:
Cawley Chicago Commercial Real Estate
(847) 287-7799
Listed By:
Zach Pruitt · License #471013723
(847) 287-7799
Source:
Cawleycre
Added: Jun 3
Changed: Aug 29
Last Checked: Aug 31 at 1:56PM
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 Cawley Chicago Commercial Real Estate
Investment Insights
Based on property information with market context.
This 39,300-square-foot brick-and-timber building occupies a 39,000-square-foot corner lot at 401 N. Leavitt St. The interior features exposed masonry and timber, barrel trusses, lofted ceilings, centralized interior loading, and two exterior loading docks. Its layout can accommodate a single occupant or multiple users within the building.
Sixty glass-block window frames bring natural light into the property and provide second-floor views. Three east-facing roof tiers create potential for roof decks or additional building area. The site also includes 11,861 SF of surface parking area, while setbacks are present along three sides of the lot.
Sixty glass-block window frames bring natural light into the property and provide second-floor views. Three east-facing roof tiers create potential for roof decks or additional building area. The site also includes 11,861 SF of surface parking area, while setbacks are present along three sides of the lot.
Key Highlights
- 39,300 Sq. Ft. brick‑and‑timber building on a 39,000 Sq. Ft. corner lot
- Centralized interior loading plus two exterior loading docks
- Exposed brick, timber construction, barrel trusses, and lofted ceilings
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
$246,448
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
8.21%
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%
$4,928,960
$4.9M
Cap Rate 7%
$3,520,686
$3.5M
Cap Rate 9%
$2,738,311
$2.7M
Market Conditions
NOI Build-Up for 39,300 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
$370.6K $9.43/SF
− Vacancy
−$18.5K −$0.47/SF
EGI
$352.1K $8.96/SF
− OpEx
−$105.6K −$2.69/SF
NOI
$246.4K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$4,928,960
Cap Rate 7%
$3,520,686
Cap Rate 9%
$2,738,311
Alternative Uses
Best Use
Office B
$12.05M
$10.54M – $14.05M
NOI $843,221 @ 7.0% cap · market cap 28.11%
Second Best
Flex RnD
$6.48M
$5.67M – $7.56M
NOI $453,679 @ 7.0% cap · market cap 15.12%
Theoretical Best
Office A
$18.53M
$16.21M – $21.62M
NOI $1,297,089 @ 7.0% cap · market cap 43.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
2,836
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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?
Flex space - Adaptive-reuse building offers loading access, lofted ceilings, and flexible single- or multi-tenant configuration.
Where is this flex space located?
The property is located at 401 N Leavitt St. Chicago, IL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 39,300 Sq. Ft. brick‑and‑timber building on a 39,000 Sq. Ft. corner lot; Centralized interior loading plus two exterior loading docks; Exposed brick, timber construction, barrel trusses, and lofted ceilings
