Bilevel Flex Commercial
For Sale
$499,000
C-1-1412 W Division St, Chicago, IL 60610
Two-level commercial space with open retail area, offices, storage, bathrooms, laundry, and kitchenette.
Property Size2,482 SF
Price / SF$201.05
Days on Market93
Property Features for C-1-1412 W Division St
General Information
Standard status
Active
Size
2,482 SF
Zoning
B32
Additional Details
Floor
Main, Lower
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$14,417
Amenities
14 foot ceilings
half bath
full bathroom
laundry area
private offices
closets
storage spaces
kitchenette
Listing Agency:
MPower Residential Brokerage LLC
Listed By:
Karla Mina · License #471006190
(312) 498-8473
Source:
Exprealty
Added: Jun 2
Changed: Aug 31
Last Checked: Aug 31 at 8:03PM
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 MPower Residential Brokerage LLC
Investment Insights
Based on property information with market context.
This flex-space condominium comprises 2,482 total rentable square feet across two levels, with 1,241 SF on each floor. The main level provides an open retail area, a half bathroom, and dedicated storage. The lower level adds a reception or lobby area, receiving space, three private offices, two additional closets, storage areas, a full bathroom, laundry facilities, and a staff kitchenette. The unit also features 14-foot ceilings and an industrial-style interior. Zoned B32 for commercial and mixed-use flex applications, the property supports a range of business configurations, including retail, office, salon, studio, showroom, and client-service uses. Its position next to a high-traffic gas station and near highway access provides drive-by exposure along the Division Street corridor in Chicago’s Bucktown area.
Key Highlights
- 2, 482 total rentable square feet, divided between 1, 241 SF main and lower levels
- 14 foot ceilings with an industrial‑style interior
- Main level includes open retail area, half bath, and dedicated storage room
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
$34,338
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
6.88%
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%
$686,760
$686.8K
Cap Rate 7%
$490,543
$490.5K
Cap Rate 9%
$381,533
$381.5K
Market Conditions
NOI Build-Up for 2,482 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
$53.6K $21.60/SF
− Vacancy
−$4.6K −$1.84/SF
EGI
$49.1K $19.76/SF
− OpEx
−$14.7K −$5.93/SF
NOI
$34.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$686,760
Cap Rate 7%
$490,543
Cap Rate 9%
$381,533
Alternative Uses
Best Use
Retail
$490.5K
$429.2K – $572.3K
NOI $34,338 @ 7.0% cap · market cap 6.88%
Second Best
Flex RnD
$409.3K
$358.2K – $477.5K
NOI $28,652 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,918 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,176
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial space with open retail area, offices, storage, bathrooms, laundry, and kitchenette.
Where is this flex space located?
The property is located at C-1-1412 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2, 482 total rentable square feet, divided between 1, 241 SF main and lower levels; 14 foot ceilings with an industrial‑style interior; Main level includes open retail area, half bath, and dedicated storage room
