West Loop Live/Work
For Sale
$349,900
921 W Van Buren Street #2D, Chicago, IL 60607
Four condos in prime West Loop location for sale/lease.
Property Size1,845 SF
Price / SF$189.65
Days on Market214
Property Features for 921 W Van Buren Street #2D
General Information
Standard status
Active
Size
1,845 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,139
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1914
Listing Agency:
CENTURY 21 S.G.R., INC.
(312) 455-1322
Listed By:
ARMANDO CHACON · License #475153391
Source:
Corcoran
Added: Jan 8
Changed: Aug 9
Last Checked: Aug 9 at 7:55AM
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.
Located in the West Loop, this property features a condo available for sale or lease in a live/work building. The unit, identified as Suite 2D, encompasses 1,845 square feet. It features large windows and tall timber ceilings. The layout includes a large open space, private offices, and a bathroom. The property is located steps from Mary Bartelme Park, Greektown, Madison Row, shops, restaurants, cafes, public transportation, expressways, the Medical District, and the Fulton Market District. Rental parking is available across the street. The condo, previously utilized as office space, can continue as such or be converted to residential use, aligning with the majority of other units in the building.
Key Highlights
- Prime West Loop location: Steps to Mary Bartelme Park, Greektown, Madison Row, shops, restaurants, cafes, public transportation, expressways, the Medical District, and the Fulton Market District.
- Live/work building: Offers flexibility for office or residential use.
- 1,845 sq. ft. suite: Provides ample space.
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
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?
Live-work space - Four condos in prime West Loop location for sale/lease.
Where is this live-work space 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: Prime West Loop location: Steps to Mary Bartelme Park, Greektown, Madison Row, shops, restaurants, cafes, public transportation, expressways, the Medical District, and the Fulton Market District.; Live/work building: Offers flexibility for office or residential use.; 1,845 sq. ft. suite: Provides ample space.
