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    Lincoln Park Office Suites For Rent Title is generated by Realmo AI

    2000 N Racine Ave, Chicago, IL 60614

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    Renovated office suites in prime Lincoln Park location.

    Type:Office
    Added:
    Jun 15, 2023
    Days on Market:
    1088
    Last Refresh:
    May 12 at 9:00 pm

    Property Features for 2000 N Racine Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1908

    Spaces For Lease

    at 2000 N Racine Ave Contact us

    4400 $28/Mo

    Size
    2,040 SF
    Type
    Office
    Recently renovated and exceptionally well-maintained office suites in prime Lincoln...
    show more
    Contact us

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jun 15, 2023

    Source Crexi

    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 Imperial Realty Company

    HighLights

    • Prime Lincoln Park/Ranch Triangle location with excellent walk, bike, and transit scores.
    • Recently renovated and exceptionally well‑maintained office suites.
    • Suites feature soaring 12‑foot ceilings, 7‑foot windows, and stylish exposed brick & duct work.
    • Convenient access to the Armitage CTA brown line stop and the Kennedy Expressway.
    • On‑site professional management, reserved conference room, packing and shipping areas.
    • Secure entry, freight & passenger elevators, and light‑filled 3‑story central atrium.

    Overview

    These recently renovated and exceptionally well-maintained office suites are available for rent in a prime Lincoln Park / Ranch Triangle location. Constructed in 1908, the property showcases a vintage façade and features a secure entry. The interior boasts soaring ceilings, large windows, and a light-filled 3-story central atrium. Building amenities include freight and passenger elevators, on-site management, a reserved conference room, and packing and shipping areas. The suites themselves feature spacious double-door entries, soaring 12-foot ceilings, and 7-foot windows. Stylish exposed brick and duct work, concrete ceilings, individually controlled HVAC, stylish tract lighting, in-unit bathrooms, and glass-topped partitions designed to reduce noise and increase natural light are present. Situated at the intersection of Armitage and Racine streets, the location provides convenient access to transportation, being 0.3 miles from the Armitage CTA brown line stop and offering easy access to the Kennedy Expressway. The neighborhood has a walk score of 95, a bike score of 89, and a transit score of 71. The 2022 population within a 1-mile radius is 57,712, with an average household income of $166,979 and a total annual consumer spending exceeding $1 billion.
    Property Profile Location Intelligence

    Current Use by Public Records

    Northern Refrigeration Home Appliance Store Kass Management Services, ... Property Management Company Amanda Ori PsyD ... Physician Deborah Lynn Zamick, ... Physician Movement Synergy Physical ... Physician

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6567006
    Latitude
    41.8551058

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    FAQs

    What type of property is this?
    Office units - Renovated office suites in prime Lincoln Park location.
    Where is this office units located?
    The property is located at 2000 N Racine Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: Prime Lincoln Park/Ranch Triangle location with excellent walk, bike, and transit scores.; Recently renovated and exceptionally well‑maintained office suites.; Suites feature soaring 12‑foot ceilings, 7‑foot windows, and stylish exposed brick & duct work.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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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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