South Loop Renovated
For Sale
$2,275,000
622 W Roosevelt Road, Chicago, IL 60607
Renovated South Loop building with office and retail space.
Property Size10,632 SF
Price / SF$213.98
Days on Market320
Property Features for 622 W Roosevelt Road
General Information
Standard status
Active
Size
10,632 SF
Property subtype
Retail
Listing Agency:
Bradford Allen - Corporate
(312) 994-5796
Listed By:
Craig A. Nadborne
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Jul 6
Last Checked: Aug 9 at 6:10AM
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 Bradford Allen - Corporate
Investment Insights
Based on property information with market context.
Located in the South Loop, this three-story building at 622 W. Roosevelt offers 10,632 square feet of office and retail space. The property is situated near the University of Illinois Chicago and is surrounded by a variety of national, regional, and local retailers. It provides convenient access to the I-90 expressway and is well-connected to public transportation. The building has undergone a complete renovation, including a new elevator and roof, upgraded HVAC systems, widened stairwells, high ceilings, new in-suite bathrooms, a new elevator lobby, and new interior and exterior doors. The property is 52.75% occupied with a long-term lease in place with an excellent credit tenant. On-site parking is available behind the building. The property is located in a DS-3 Downtown Service District enterprise zone, and there is no transfer tax upon sale. The property is located 100 feet from the Dan Ryan Expressway (I-90/94). The first floor and lower level have been leased to a national dispensary. The property is situated on 0.13 acres.
Key Highlights
- Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).
- Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.
- Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
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
$197,883
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
8.70%
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%
$3,957,660
$4.0M
Cap Rate 7%
$2,826,900
$2.8M
Cap Rate 9%
$2,198,700
$2.2M
Market Conditions
NOI Build-Up for 10,632 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
$280.7K $26.40/SF
− Vacancy
−$16.8K −$1.58/SF
EGI
$263.8K $24.82/SF
− OpEx
−$66.0K −$6.20/SF
NOI
$197.9K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /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%
$3,957,660
Cap Rate 7%
$2,826,900
Cap Rate 9%
$2,198,700
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,120 @ 7.0% cap · market cap 10.03%
Second Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,883 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$5.01M
$4.39M – $5.85M
NOI $350,907 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,513
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Renovated South Loop building with office and retail space.
Where is this retail space located?
The property is located at 622 W Roosevelt Road Chicago, IL.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Long‑term lease in place with an excellent credit tenant, providing immediate and stable income (52.75% occupied).; Complete renovation with new elevator, roof, upgraded HVAC, and other significant improvements.; Prime South Loop location with high visibility and easy access to I‑90 and public transportation.
