Lincoln Square Commercial
For Sale
Contact for pricing
4856 N Damen Ave, Chicago, IL 60625
Turn-key office/retail condo in prime location.
Property Size1,645 SF
Price / SF$258.36
Days on Market360
Property Features for 4856 N Damen Ave
General Information
Standard status
Active
Size
1,645 SF
Class
B
Property subtype
Office
Zoning
B3-2
Investment Type
Owner/User
Building Details
Year Built
2006
Buildings
1
Units
1
Listing Agency:
@properties Commercial
(847) 977-5389
Listed By:
Mike Levin · License #IL
Source:
Crexi
Added: Aug 29, 2025
Changed: Aug 14
Last Checked: Aug 22 at 11:36AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This 1,645 square foot commercial business condo is located on the ground floor in Lincoln Square, offering excellent visibility in a prime location at the stop sign corner of Damen and Ainslie. The property benefits from B3-2 zoning and sees approximately 6,600 vehicles per day on Damen. Currently used as a chiropractic office, the well-maintained unit features a modern, open office space. The fully built-out, turn-key space includes a lobby waiting area, a large bright window line along Damen and Ainslie, four treatment rooms, and a supply storage room. It also has one large, modern, ADA-compliant restroom and is handicap accessible from the interior entrance. The unit features new, commercial-grade, copper plumbing throughout. The building provides a signage area. Power is approximately 200 amps. Street parking is readily available. The location is near public transportation, including bus routes and the CTA Train Damen stop, with convenient access to shopping to the north, south, and west. The assessment includes water, rubbish, scavenger, and maintenance. The surrounding area features retail businesses such as Sweet Moon Coffee, The Perfect Cup Coffee, CVS, Subway, Wendy's, Mariano's, and Golden Nugget Restaurant. This property is suitable for an owner-user or investment and is ideal for professional, retail, legal, insurance, real estate, mortgage, financial, banking, medical, government, podiatry, dental, physical therapy, educational, school, training, or call center use.
Key Highlights
- Prime Lincoln Square location at the corner of Damen and Ainslie with excellent visibility and high traffic (6,600 VPD).
- Turn‑key, move‑in ready 1,645 SQ FT commercial condo, currently built out as a professional office.
- B3‑2 Zoning allows for a wide range of uses: professional, retail, legal, medical, financial, and more.
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
$35,295
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
8.30%
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%
$705,900
$705.9K
Cap Rate 7%
$504,214
$504.2K
Cap Rate 9%
$392,167
$392.2K
Market Conditions
NOI Build-Up for 1,645 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
$63.2K $38.40/SF
− Vacancy
−$16.1K −$9.79/SF
EGI
$47.1K $28.61/SF
− OpEx
−$11.8K −$7.15/SF
NOI
$35.3K $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%
$705,900
Cap Rate 7%
$504,214
Cap Rate 9%
$392,167
Alternative Uses
Best Use
Office B
$504.2K
$441.2K – $588.3K
NOI $35,295 @ 7.0% cap · market cap 8.30%
Second Best
Healthcare Medical
$311.3K
$272.4K – $363.2K
NOI $21,793 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$775.6K
$678.7K – $904.9K
NOI $54,293 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,099
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60625, IL
76,525
Population
33,932
Households
2.3
Avg Household Size
36
Median Age
54%
College-Educated
87%
High-School Grad
3.8 sq mi
ZIP Area
20,138
Density / Sq Mi
$85,299
Median Household Income
$48,314
Median Earnings
$1,455
Median Rent
$396,700
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?
Medical Office Space - Turn-key office/retail condo in prime location.
Where is this medical office space located?
The property is located at 4856 N Damen Ave Chicago, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime Lincoln Square location at the corner of Damen and Ainslie with excellent visibility and high traffic (6,600 VPD).; Turn‑key, move‑in ready 1,645 SQ FT commercial condo, currently built out as a professional office.; B3‑2 Zoning allows for a wide range of uses: professional, retail, legal, medical, financial, and more.
