Office Unit with Timber
For Sale
$349,900
921 W Van Buren Street 2d, Chicago, IL 60607
Live-work configuration combines open workspace, private offices, and a dedicated bathroom.
Property Size1,845 SF
Price / SF$189.65
Days on Market17
Property Features for 921 W Van Buren Street 2d
General Information
Standard status
Active
Size
1,845 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Floor
2
Building Details
Year Built
1914
Listing Agency:
Century 21 S.G.R., Inc.
(312) 543-8219
Listed By:
Armando Chacon · License #475153391
Source:
Bktchicago
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 30 at 7:19PM
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 Century 21 S.G.R., Inc.
Investment Insights
Based on property information with market context.
Suite 2D is an office condominium within a live-work building at 921 W Van Buren Street. The 1,845-square-foot unit features expansive windows, tall timber ceilings, an open central workspace, private offices, and a bathroom. Its existing layout supports continued office use, while the property information also identifies residential conversion as a potential alternative consistent with other units in the building.
The property sits near Mary Bartelme Park, Greektown, Madison Row, retail shops, restaurants, cafes, public transportation, expressways, the Medical District, and the Fulton Market District. Rental parking is available across the street. The building dates to 1914 and includes four condominium units offered by the long-term owner.
The property sits near Mary Bartelme Park, Greektown, Madison Row, retail shops, restaurants, cafes, public transportation, expressways, the Medical District, and the Fulton Market District. Rental parking is available across the street. The building dates to 1914 and includes four condominium units offered by the long-term owner.
Key Highlights
- 1,845 SF Suite 2D with large windows and tall timber ceilings
- Open work area plus private offices and a bathroom
- Live‑work building with potential for office or residential conversion
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
$31,134
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
8.90%
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%
$622,680
$622.7K
Cap Rate 7%
$444,771
$444.8K
Cap Rate 9%
$345,933
$345.9K
Market Conditions
NOI Build-Up for 1,845 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
$55.4K $30.00/SF
− Vacancy
−$5.5K −$3.00/SF
EGI
$49.8K $27.00/SF
− OpEx
−$18.7K −$10.13/SF
NOI
$31.1K $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%
$622,680
Cap Rate 7%
$444,771
Cap Rate 9%
$345,933
Alternative Uses
Best Use
Office B
$565.5K
$494.8K – $659.8K
NOI $39,586 @ 7.0% cap · market cap 11.31%
Second Best
Mixed Use
$444.8K
$389.2K – $518.9K
NOI $31,134 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$869.9K
$761.2K – $1.01M
NOI $60,894 @ 7.0% cap · market cap 17.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,769
Businesses Nearby
Explore this area
Business Placement
Demographics for 60607, IL
31,816
Population
16,540
Households
1.9
Avg Household Size
31
Median Age
81%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
13,833
Density / Sq Mi
$126,307
Median Household Income
$79,870
Median Earnings
$2,333
Median Rent
$494,300
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?
Office units - Live-work configuration combines open workspace, private offices, and a dedicated bathroom.
Where is this office units located?
The property is located at 921 W Van Buren Street 2d Chicago, IL.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,845 SF Suite 2D with large windows and tall timber ceilings; Open work area plus private offices and a bathroom; Live‑work building with potential for office or residential conversion
