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    1332 Halsted St Chicago, IL 60642

    Sponsored
    For Lease
    Contact for pricing

    Prime Lincoln Park location, 4,112 sq ft available

    Lot size:
    48,750 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    420
    This exceptional 4,112 square foot executive office space is situated in a four-story, Class B building (built in 1925) at 1332 N Halsted Street, within Chicago's vibrant Lincoln Park neighborhood. The space boasts a desirable first-floor storefront location along a high-traffic commercial corridor, offering unparalleled visibility and accessibility. Directly across from New City, a bustling lifestyle center anchored by Mariano's and Dick's Sporting Goods, this property benefits from exceptional foot traffic exceeding 17,000 vehicles per day. The interior is spacious and adaptable to various tenant layouts, complemented by a lower level with high ceilings. Convenient features include a loading dock, freight elevator, and potential for on-site parking. Its strategic location provides easy access to Interstate 90 and Lake Shore Drive, as well as proximity to the North/Clybourn Red Line ("L") station and the Division Blue Line ("L") station, ensuring seamless commutes for employees and clients. The building's total area is 48,750 square feet, with multiple tenants. Surrounding the property are numerous national retailers, including Target, Whole Foods, and Nordstrom Rack, further enhancing its desirability and appeal. This is a unique opportunity to secure a prominent presence in one of Chicago's most sought-after neighborhoods.

    Property Features for 1332 Halsted St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    48,750 SF
    Class
    B

    Building Details

    Year Built
    1925
    Stories
    4

    Unit(s) available at that property

    Space
    1332 N. Halsted
    Size
    4,112 SF

    We can help!

    Listing Contact
    Matthew Tarshis
    Matthew Tarshis

    Learn more

    HighLights

    • 4,112 SF of vacant executive office space available for lease in a 48,750 SF, four‑story Class B office building.
    • High‑visibility storefront in Lincoln Park's affluent Halsted Street corridor, directly across from New City shopping center.
    • Features spacious interior, loading dock, freight elevator, and potential on‑site parking; high traffic count (17,000+ VPD).
    • Excellent location with easy access to I‑90, Lake Shore Drive, and the Red and Blue Line "L" trains.
    Property Profile Location Intelligence

    Current Use by Public Records

    PurezaWood - Premium Engineered ... Building Supply Teamlogic IT Tech Support Center Fullstep USA LLC (Bike/Boat/Book/etc) Store National Center for Teacher ... Charitable Organization Sauer Lisa Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6484414
    Latitude
    41.906152

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Lincoln Park location, 4,112 sq ft available
    Where is this office property / space located?
    The property is located at 1332 Halsted St Chicago, IL.
    What are key features of this property?
    This property features: 4,112 SF of vacant executive office space available for lease in a 48,750 SF, four-story Class B office building.; High-visibility storefront in Lincoln Park's affluent Halsted Street corridor, directly across from New City shopping center.; Features spacious interior, loading dock, freight elevator, and potential on-site parking; high traffic count (17,000+ VPD).
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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.

    More about this property
    1332 Halsted St Chicago, IL 60642
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    We can help!
    Listing Contact
    Matthew Tarshis
    Matthew Tarshis
    Real Estate License ID: 475155035
    Learn more
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