Combined Live-Work Loft
New
For Sale
$500,000
824 W Superior Street B211-b212, Chicago, IL 60642
Flexible condo loft space with private balconies, garage parking, and proximity to transit, downtown, retail, dining, and entertainment.
Property Size2,150 SF
Price / SF$232.56
Days on Market3
Property Features for 824 W Superior Street B211-b212
General Information
Standard status
Active
Size
2,150 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
hard-wired Ethernet connectivity
keyless entry
Building Details
Year Built
2004
Listing Agency:
Pearson Realty Group
Listed By:
John Klick · License #475182988
(773) 221-4330
Source:
Grandviewrealtyservices
Added: Sep 7
Last Checked: Sep 8 at 10:20AM
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
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.
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 = 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
$36,281
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
7.26%
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%
$725,620
$725.6K
Cap Rate 7%
$518,300
$518.3K
Cap Rate 9%
$403,122
$403.1K
Market Conditions
NOI Build-Up for 2,150 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
$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 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%
$725,620
Cap Rate 7%
$518,300
Cap Rate 9%
$403,122
Alternative Uses
Best Use
Office B
$659.0K
$576.6K – $768.8K
NOI $46,130 @ 7.0% cap · market cap 9.23%
Second Best
Mixed Use
$518.3K
$453.5K – $604.7K
NOI $36,281 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.01M
$887.0K – $1.18M
NOI $70,960 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
