Thoughtfully designed and conveniently located, this multi campus brand is one of Chicago’s longest running coworking operations, housing 31 offices and 75 desks across three locations, in two hip and established neighborhoods on Chicago’s north side.

At a glance

Last 12 Months' Income$538,008
Last 12 Months' Expenses$402,000
Annual Net Profit$136,008
Included Assets$100,000
Growth TrajectoryGrowing
Years in Operation5+ years
Daily Operations Staffed
NeighborhoodDowntown
Remaining Time on LeaseLease 5+ years
Q Highlights

Unbeatable locations that drive longterm loyalty; walking distance to public transit; surrounded by restaurants and amenities; proper space layouts designed by top architects; managed broadband infrastructure.

Q Operations

All 3 locations are primarily managed by our operations manager, normally headquartered at the main Wicker Park space, who also hosts tours at the other locations when vacancies arise (currently 6+ month wait lists at Ravenswood and Wicker Park Suites), and addresses issues as needed. I, the owner, stop by a couple times a week, to distribute mail, pick up supplies as needed (i.e. coffee), and chat with members. Major repairs not covered by the building owner are coordinated between myself, the operations manager, and a trusted handy man.

Q Marketing

One billboard in Ravenswood, and an ongoing Facebook ad campaign for the Wicker Park space, <$100/mo. Total monthly budget is <$500/mo. Paid search has not led to meaningful outcomes due to other industry competitors. SEO has consistently been the biggest driver of foot traffic.

Q Financials

The majority of free operating income has been put back into improving the physical space, and on member engagement. All Google AdWords campaigns have been paused, due to its irrelevancy to actual foot traffic. Major litigation costs have ended, and payroll has been reduced in half as of Q2 2019. Currently 1 office away from full occupancy at all locations. Once the Wicker Park location’s furniture loan has been paid off, NOI will increase an additional $2,000/mo.

Q Growth

Ravenswood and Wicker Park Suites are at capacity, and under priced.
Additional revenues could be generated in Ravenswood through virtual memberships that offer just mail service and conference room time. Wicker Park Suites will soon be in need of a refresh to justify higher rents, but is profitable as is.
The main location in Wicker Park at 1212 Ashland continues to grow. Sustained SEO efforts and other free or low cost marketing channels like Google My Business, and Facebook type social media feeds would likely drive more traffic.

Q About me

I’m a solo entrepreneur with a few hustles. The whole coworking movement was and continues to be personally exciting and relevant. I’ve been doing this since 2008, so quite literally, longer than almost anyone else. I started my first office because I worked alone. Multiple spaces, thousands of members, and countless new friends later, I am pivoting to new challenges. I’m a father to 2 young kids now, and looking to launch new ventures. I will always be involved in Chicago’s coworking community, but likely more as a paying member and not a founder.

Asking Price $270,000 1.2x multiple
Notes from DenSwap: "This is a well designed established space that's perfect for a new operator or an expanding brand in a hot Chicago neighborhood. The buyer could update the floorplan with a few extra offices to increase revenue without hurting the culture." Download space analysis & profit model PDF

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