Built-Out Office
For Sale
$2,990,000
435 W Erie Street, Chicago, IL 60654
Ground-level professional workspace with a corporate tenant under a guaranteed 10-year NNN lease.
Property Size4,200 SF
Price / SF$711.90
Days on Market288
Property Features for 435 W Erie Street
General Information
Standard status
Active
Size
4,200 SF
Elevators
Yes
Property subtype
COMMERCIAL
Zoning
DX-7
Net Operating Income
$167,091
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground Level
Sprinkler System
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$14,821
Amenities
fiber optic
private kitchen/break area
handicap accessible
Building Details
Building Size
4,200 SF
Year Built
1982
Tenancy
Single
Owner Occupied
No
Listing Agency:
@properties Christie's International Real Estate
(312) 286-0800
Listed By:
Emily Sachs Wong
Source:
Dawnmckennagroup
Added: Nov 18, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:26AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This 4,200 SQ FT office condominium was built in 1982 and occupies a ground-level position. The fully constructed interior includes 9 executive private offices, support cubicle areas, a conference room, storage, 2 modern restrooms, and a private kitchen and break area. Fiber optic, Internet, phone, Cat 5, and music wiring are installed throughout, along with a full sprinkler system and commercial-grade copper plumbing. The unit is handicap accessible from the interior entrance and has been maintained for continued office use.
A corporate tenant is in place under a guaranteed 10-year NNN lease, supporting a sale-leaseback structure. The property is located at 435 W Erie Street in Chicago and is near bus service, Metra, and CTA transportation. It also offers access to the Ohio spur and area highways. Building assessment coverage includes water, rubbish, scavenger service, maintenance, and elevator fees. DX-7 zoning applies to the property.
A corporate tenant is in place under a guaranteed 10-year NNN lease, supporting a sale-leaseback structure. The property is located at 435 W Erie Street in Chicago and is near bus service, Metra, and CTA transportation. It also offers access to the Ohio spur and area highways. Building assessment coverage includes water, rubbish, scavenger service, maintenance, and elevator fees. DX-7 zoning applies to the property.
Key Highlights
- 4,200 SQ FT ground‑level office condominium
- Corporate tenant secured by a guaranteed 10‑year NNN lease
- Interior includes 9 executive private office suites, support cubicles, conference room, storage, and 2 restrooms
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
$90,115
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
3.01%
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%
$1,802,300
$1.8M
Cap Rate 7%
$1,287,357
$1.3M
Cap Rate 9%
$1,001,278
$1.0M
Market Conditions
NOI Build-Up for 4,200 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
$161.3K $38.40/SF
− Vacancy
−$41.1K −$9.79/SF
EGI
$120.2K $28.61/SF
− OpEx
−$30.0K −$7.15/SF
NOI
$90.1K $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%
$1,802,300
Cap Rate 7%
$1,287,357
Cap Rate 9%
$1,001,278
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.50M
NOI $90,115 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,620 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
16,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
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?
Office units - Ground-level professional workspace with a corporate tenant under a guaranteed 10-year NNN lease.
Where is this office units located?
The property is located at 435 W Erie Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: 4,200 SQ FT ground‑level office condominium; Corporate tenant secured by a guaranteed 10‑year NNN lease; Interior includes 9 executive private office suites, support cubicles, conference room, storage, and 2 restrooms
