Building Details

Year Built 2004

Listing Agency: Pearson Realty Group

Listed By: John Klick · License #475182988 Show Phone

Source: Grandviewrealtyservices

Added: Sep 7 Changed: Oct 12 Last Checked: Oct 7 at 2:53PM

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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 Pearson Realty Group

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Investment Insights

Based on property information with market context.

This 2,150-square-foot live-work property combines two condo loft units into a flexible arrangement with four rooms, an expansive open area, a kitchenette, and two bathrooms. Two private balconies extend the usable space, while hard-wired Ethernet and keyless entry add practical features for work and daily occupancy. The building was constructed in 2004, and garage parking is included.

Located in Chicago’s River West neighborhood, the property is near public transportation, I-90/94, downtown Chicago, and a range of retail, dining, and entertainment options. The combined layout supports adaptable live-work use within a condominium setting.

Key Highlights

• 2,150 SF combined condo loft property
• Four‑room layout with a large open area and kitchenette
• Two private balconies and two bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,281

Cap Rate

7.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$725,620 $725.6K

Cap Rate 7%

$518,300 $518.3K

Cap Rate 9%

$403,122 $403.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,150 SF

Gross rent

$64.5K $30.00/SF

− Vacancy

−$6.5K −$3.00/SF

EGI

$58.1K $27.00/SF

− OpEx

−$21.8K −$10.13/SF

NOI

$36.3K $16.88/SF

Area

Chicago, IL

Vacancy

10.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$725,620

Cap Rate 7%

$518,300

Cap Rate 9%

$403,122

Alternative Uses

Best Use

Office B

$659.0K

$576.6K – $768.8K (±1% cap)

NOI $46,130 @ 7.0% cap · market cap 9.23%

Second Best

Mixed Use

$518.3K

$453.5K – $604.7K (±1% cap)

NOI $36,281 @ 7.0% cap · market cap 7.26%

Theoretical Best

Office A

$1.01M

$887.0K – $1.18M (±1% cap)

NOI $70,960 @ 7.0% cap · market cap 14.19%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Total Health Management Medical Clinic Mighty Few Marketing & Advertising Superiorhomeowner Association Association Or Organization Erica Maya Dance ... Theater & Performing Art Venue Ospina Hospitality Advisor Consultant

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Nursing Home Restaurant Adult Day Care Clothing & Fashion Store Supermarket

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

4,372

Businesses Nearby

Explore this area Business Placement

Demographics for 60642, IL

21,687

Population

12,144

Households

1.8

Avg Household Size

33

Median Age

78%

College-Educated

97%

High-School Grad

1.7 sq mi

ZIP Area

12,757

Density / Sq Mi

$141,179

Median Household Income

$90,885

Median Earnings

$2,216

Median Rent

$604,200

Median Home Value

Market

Vacancy Rate% for Office in Chicago, IL

17.9% 2019

19.2% 2020

20.7% 2021

23.1% 2022

23.3% 2023

25.1% 2024

25.6% 2025

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Frequently Asked Questions

What type of property is this?

Live-work space - Flexible condo loft space with private balconies, garage parking, and proximity to transit, downtown, retail, dining, and entertainment.

Where is this live-work space located?

The property is located at 824 W Superior Street B211-b212 Chicago, IL.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: 2,150 SF combined condo loft property; Four‑room layout with a large open area and kitchenette; Two private balconies and two bathrooms