Total Square Feet7500
Office Occupancy90
Desk Occupancy140
Last 12 Months' Income$284,179
Last 12 Months' Expenses$241,729
Annual Net Profit$42,450
Included Assets$128,000
Growth TrajectoryGrowing
Years in Operation5+ years
Daily Operations Staffed
Neighborhood Urban
Remaining Time on LeaseLease 5+ years

Business & Space Overview

This established Wicker Park coworking space has been open for over 10 years with strong processes and consistent profits. It consists of 16 private offices, a large conference room that can accommodate up to 15-20 people, 12 permanent desks and 24 flex/coworking desks. The coworking desks are filled to 140% and offices are filled to 90%. The space is a second-floor walkup, includes an outdoor patio and numerous phone booths, and is approximately 7500 square feet with extraordinary natural light.

Q Business Highlights

The space is one of only a few coworking spaces in the area and we receive a lot of foot traffic and inbound interest. We are connected with DeskPass, Giggster, and another aggregators that regularly provide a steady amount of on-demand bookings.

Q Daily Operations

As the owner of the space, I am relatively hands-off as much of the day to day is handled by the community manager; who is employed part time (25 hrs/week), We have recently moved the entire tech stack over and have streamlined and automated operations to be even more efficient.

Q Marketing

We have very strong SEO, specifically in the hyper local area. We just relaunched our website and see a large amount in inbound interest for all membership types.

Q Financials

The last 12 months of financials represent some additional investments into the space including some new furniture, computer monitors, a new sparkling water cooler and more. There are no other major projects on the horizon and at the current occupancy levels, we expect to be around $4-$5K/mo in net profit.

Q Opportunities for Growth

To date, we have not done as much marketing as we could. With the right balance of marketing and slight increase in pricing, there are a lot of opportunities for growth. In addition, focusing on virtual mail and on-demand bookings is further low hanging fruit. Lastly, the largest expense is the Community Manager position. If an owner was also the main operator, this position could get eliminated and add more than $1K in profits/month.

Q About the Seller

I took over the coworking space in January '23. It had been in existence for almost 10 years, with the Wicker Park location having been there for 5 years. I am expanding the 2nd location this summer and want to focus my efforts on that (it's much closer to my house). I have a full time job in addition to owning this space and with this expansion, it's going to be more than I'd like to be managing. This really is an amazing opportunity and I otherwise would not be getting rid of this location.

Because this is one of 2 locations, I would be willing to remain involved for up to 6 months of transition. I will not be selling the brand and it will need its own marketing site and operations but we can make this a phased approach.

Notes from DenSwap: "This is a turnkey space in a hip Chicago neighborhood with 25 to 35 year olds. We suggesst keep executing, increasing coworking memberships, and renting out the meeting rooms more often."

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