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    15 Racine Ave Chicago, IL 60607

    Sponsored
    For Sale
    $400,000

    Prime West Loop location, 100% occupied.

    Property size:
    1,150 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 1,150 square foot executive office suite located at 15 S Racine Ave, Chicago, IL 60607. The property, built in 2009, is currently 100% occupied under a gross lease with a single tenant, offering a stabilized investment with a 5.64% cap rate and a Net Operating Income (NOI) of $22,548. The asking price is $400,000, with a price per square foot of $347.83. The lease expires on July 31, 2024. This is a single-unit property with a retail and office designation. A unique financing opportunity is available: $100,000 down payment with $300,000 seller-financed at 0% interest for 30 months. After the 30-month period, the remaining balance will be approximately $244,500, and financing will continue at 6% interest. The seller will continue property management, eliminating landlord responsibilities. The tenant pays all utilities, which are separately metered. The property benefits from its location in the ultra-prime West Loop, just south of the Madison/Racine intersection. A long-term tenant (11+ years) occupies the space. Similar properties are available in the West Loop, Wicker Park, and Lakeview neighborhoods.

    Property Features for 15 Racine Ave

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    1,150 SF

    Building Details

    Year Built
    2009
    Units
    1

    HighLights

    • 1,150 SF executive suite in the ultra‑prime West Loop, Chicago, at 15 S Racine Ave.
    • $400,000 asking price, $347.83/SF, with a 5.64% cap rate and $22,548 NOI.
    • 100% occupied under a gross lease with a long‑term (11+ years) single tenant; lease expires July 31, 2024.
    • Attractive seller financing: $100,000 down, $300,000 seller‑financed at 0% interest for 30 months, then 6% interest.
    • Zero landlord responsibility; seller manages the property, and tenant pays all separately metered utilities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Skin By Zana Medical Spa

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6569642
    Latitude
    41.8811084

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    FAQs

    What type of property is this?
    Office Property / Space - Prime West Loop location, 100% occupied.
    Where is this office property / space located?
    The property is located at 15 Racine Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: 1,150 SF executive suite in the ultra-prime West Loop, Chicago, at 15 S Racine Ave.; $400,000 asking price, $347.83/SF, with a 5.64% cap rate and $22,548 NOI.; 100% occupied under a gross lease with a long-term (11+ years) single tenant; lease expires July 31, 2024.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    15 Racine Ave Chicago, IL 60607
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