Historic Gothic Revival Live/Work
For Sale
Contact for pricing
120 S State St 8th Floor, Chicago, IL 60603
Unique live/work space in historic Gothic Revival Singer Building.
Property Size2,300 SF
Price / SF$369.57
Days on Market644
Property Features for 120 S State St 8th Floor
General Information
Standard status
Active
Size
2,300 SF
Class
B
Property subtype
Office
Building Details
Year Built
1924
Units
8
Listing Agency:
Caton Commercial Real Estate Group
(331) 305-4840
Listed By:
Zane McCartney · License #IL 761095
Source:
Crexi
Added: Nov 15, 2024
Changed: Aug 21
Last Checked: May 12 at 9:01PM
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 Caton Commercial Real Estate Group
Investment Insights
Based on property information with market context.
Originally constructed in 1926, the Singer Building is a historic ten-story Gothic Revival structure designed by Mundie & Jensen, located on State Street. The building features terracotta decorations, piers at the corners, and sets of three double-hung windows on each story. The loft-like interior of Unit 8 showcases authentic features like 11'5" concrete ceilings, oak floors, and exposed brick and ductwork. The unit offers 2300 square feet of space and accommodates a mix of residential and office users. A private elevator key grants direct access to the floor, providing privacy and convenience. Additionally, the unit includes assigned storage on the lower level, and rental and deeded parking options are available nearby. Unit 8 offers possibilities as a distinctive live/work space, an office, or a combination of both.
Key Highlights
- Unique, historic Gothic Revival building designed by Mundie & Jensen.
- Loft‑like interior with 11'5" concrete ceilings, oak floors, and exposed brick.
- One unit per floor providing exclusivity.
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
$49,349
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
5.81%
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%
$986,980
$987.0K
Cap Rate 7%
$704,986
$705.0K
Cap Rate 9%
$548,322
$548.3K
Market Conditions
NOI Build-Up for 2,300 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
$88.3K $38.40/SF
− Vacancy
−$22.5K −$9.79/SF
EGI
$65.8K $28.61/SF
− OpEx
−$16.4K −$7.15/SF
NOI
$49.3K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$986,980
Cap Rate 7%
$704,986
Cap Rate 9%
$548,322
Alternative Uses
Best Use
Office B
$705.0K
$616.9K – $822.5K
NOI $49,349 @ 7.0% cap · market cap 5.81%
Second Best
Mixed Use
$554.5K
$485.2K – $646.9K
NOI $38,813 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$1.08M
$948.9K – $1.27M
NOI $75,911 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35,699
Businesses Nearby
Explore this area
Business Placement
Demographics for 60603, IL
1,288
Population
984
Households
1.3
Avg Household Size
38
Median Age
92%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
12,880
Density / Sq Mi
$128,107
Median Household Income
$86,484
Median Earnings
$2,104
Median Rent
$608,100
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 - Unique live/work space in historic Gothic Revival Singer Building.
Where is this live-work space located?
The property is located at 120 S State St 8th Floor Chicago, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Unique, historic Gothic Revival building designed by Mundie & Jensen.; Loft‑like interior with **11'5" concrete ceilings, oak floors, and exposed brick.**; One unit per floor providing exclusivity.
