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    Turnkey Ground-Floor Salon Retail Title is generated by Realmo AI

    68 E 21st Street #1, Chicago, IL 60616

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    New
    For Lease
    $28 SF/Yr $7,912/Mo (calc)

    Move-in-ready salon/beauty space in a landmark mixed-use building with strong street-level pedestrian exposure.

    Type:Commercial
    Property size:
    3,391 SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 2:31 am

    Property Features for 68 E 21st Street #1

    General Information

    Standard status
    Active
    Size
    3,391 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1950

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    Listing Contact
    DOMINIC BERTUCCI

    Listing agent DOMINIC BERTUCCI

    Listing office VOLTA INVESTMENTS LLC

    Listing date Jun 3, 2026

    Source Corcoran

    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 VOLTA INVESTMENTS LLC

    HighLights

    • 3,391 SF ground‑floor retail salon space in Chicago’s Motor Row District
    • Fully built‑out salon layout with existing salon infrastructure for immediate occupancy
    • Located in a landmark mixed‑use building with street‑level pedestrian exposure along 21st Street
    • Move‑in‑ready space designed for salon, beauty, wellness, or medical aesthetics users
    • Convenient access to downtown Chicago, McCormick Place, CTA transit, and Lake Shore Drive
    • Close to South Loop dining and entertainment

    Overview

    A 3,391 SF ground-floor retail opportunity offered for lease, presented as a fully built-out salon space designed for immediate occupancy. The interior includes a modern layout and existing salon infrastructure, making it practical for tenants looking to open without extensive build-out. The space is configured to support a salon and related service model, with storefront frontage intended to capture walk-by attention.

    The property is located in Chicago’s historic Motor Row District within a landmark mixed-use building. It benefits from strong pedestrian exposure along 21st Street, and the surrounding area connects to major destinations including downtown Chicago, McCormick Place, and Lake Shore Drive. Transit access via CTA and the nearby South Loop dining and entertainment environment further support day-to-day customer reach.

    This space is well-suited for salon, beauty, wellness, and medical aesthetics operators, or other retail users seeking a turnkey ground-floor setup in a mixed-use setting. With its ready-for-occupancy condition and built-in improvements oriented to salon use, it offers a straightforward path for an operator to begin trading promptly in a high-visibility corridor.
    Location Intelligence

    Current Use by Public Records

    Be.Twisted Hair Salon Issues Barber & Beauty ... Hair Salon

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Holicare LLC — 2131 S Archer Ave #C, Chicago, IL 60616
    • Lax Energy Worx — 2237 S Michigan Ave, Chicago, IL 60616
    • Mercy Acupuncture and Massage Center in Chicago — 2215 s wentworth ave, chicago, il 60616
    • Gabriel B. Martinez, LAC — 238 W Cermak Rd, Chicago, IL 60616
    • A.B.E. Med Spa — 2325 S Michigan Ave, Chicago, IL 60616

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.624771
    Latitude
    41.854444

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    FAQs

    What type of property is this?
    Spa & wellness property - Move-in-ready salon/beauty space in a landmark mixed-use building with strong street-level pedestrian exposure.
    Where is this spa & wellness property located?
    The property is located at 68 E 21st Street #1 Chicago, IL.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: 3,391 SF ground‑floor retail salon space in Chicago’s Motor Row District; Fully built‑out salon layout with existing salon infrastructure for immediate occupancy; Located in a landmark mixed‑use building with street‑level pedestrian exposure along 21st Street
    (312) 868-0600
    We can help!
    Listing Contact
    DOMINIC BERTUCCI
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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