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    511 Division St Chicago, IL 60610

    Sponsored
    For Lease
    $24 SF/Yr

    Chicago Office Space: Prime Location, $50K Tenant Allowance

    Lot size:
    1,250 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 1,900-square-foot commercial condominium space, located at 511 W Division St in Chicago's vibrant Old Town neighborhood, presents a unique opportunity. Situated on the ground floor of a seven-story building constructed in 2009, this property offers a flexible layout ideal for creative office or medical office uses. The space boasts a desirable street-level storefront with a spacious 20-foot entryway, high 10.5-foot ceilings, and abundant natural light. Currently configured with 1,250 square feet on the ground floor and a newly constructed 650-square-foot mezzanine, it provides ample room for customization. The property benefits from a $50,000 tenant improvement allowance for qualified tenants, allowing for a tailored buildout to meet specific business needs. Conveniently located at the southwest corner of Division Street and Cleveland Avenue, it's within a block of major retailers like Target and Jewel, and near the New City development. The area offers easy access to public transportation, interstate highways, and open street parking, with a waitlist available for indoor garage parking. The property is zoned PD 1006 in Cook County (APN: 17-04-307-054-4208). This is a multi-tenant building. Minimum divisible space is 1,250 square feet.

    Property Features for 511 Division St

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,250 SF

    Building Details

    Year Built
    2009
    Buildings
    1
    Stories
    7

    Unit(s) available at that property

    Space
    Space 1
    Size
    1,250 SF
    Rate per SF
    $24

    HighLights

    • $50,000 tenant improvement allowance available.
    • 1,900 SF commercial condo: 1,250 SF ground floor, 650 SF mezzanine.
    • 20‑foot entryway, 10.5‑foot ceilings, abundant natural light.
    • Ground floor space is a vanilla box with new mechanicals, suitable for various uses.
    • Waitlist for indoor parking; ample street parking.
    • Located in Old Town, one block from Target, Jewel, and Chase; easy highway and public transit access (nearby CTA Red and Brown lines).
    Property Profile Location Intelligence

    Current Use by Public Records

    Gary SwiftWall Services Wallpaper Installer ParkSide of Old Town Condominium Complex Jacob Inc Event Planner

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6417096
    Latitude
    41.9034914

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    FAQs

    What type of property is this?
    Individual retail property - Chicago Office Space: Prime Location, $50K Tenant Allowance
    Where is this individual retail property located?
    The property is located at 511 Division St Chicago, IL.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: $50,000 tenant improvement allowance available.; 1,900 SF commercial condo: 1,250 SF ground floor, 650 SF mezzanine.; 20-foot entryway, 10.5-foot ceilings, abundant natural light.
    Request Owner's contact information
    511 Division St Chicago, IL 60610
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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
    511 Division St Chicago, IL 60610
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