Single-Story Retail Flex
For Sale
$200,000
10050 S Ewing Avenue, Chicago, IL 60617
COMMERCIAL - Chicago, IL
Property Size2,460 SF
Lot Size0.07 Acres
Price / SF$81.30
Days on Market249
Property Features for 10050 S Ewing Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Near Corner or Ewing and Indianapolis
Subdivision
CHI - East Side
Standard status
Active
APN
26081160300000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9014
Utilities
Cooling system
Central Air
Building Details
Year built
1935
Floors in Building
1
Number of units
1
Listing Agency:
Keller Williams Inspire · Keller Williams Realty
(630) 262-9500
Listed By:
Rudolph Johnson · License #475139695
(630) 377-6200
Added: Dec 1, 2025
Changed: Aug 4
Last Checked: Aug 7 at 2:06AM
MLS# 12526163
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,460 SF single-story retail/commercial building includes a storefront retail area, warehouse/workshop space, and a full bathroom. An attached garage is served by a heavy-load elevator that provides access to an approximately 1,800 SF basement level. Interior ceiling heights are 11 feet throughout the main building and 13 feet in the garage, supporting a range of equipment, storage, or vehicle-oriented uses. The property is currently built out as an HVAC shop, offering a functional layout for similar service and repair operations.
The site is located within sight of the Skyway and is described as benefiting from strong traffic patterns and high visibility. The property sits in a TIF district, and it is identified with C1-1 zoning (listed as COMMR in the submission). The lot size is approximately 0.07 acres.
For tenants and owner-occupants, the combination of storefront, back-of-house work space, dedicated bathroom, and elevator access to the basement can support businesses that need both customer-facing space and service/production capacity. For investors, the submission also notes the potential to redevelop the property into a two-story mixed-use building with residential above, subject to applicable approvals and development requirements.
The site is located within sight of the Skyway and is described as benefiting from strong traffic patterns and high visibility. The property sits in a TIF district, and it is identified with C1-1 zoning (listed as COMMR in the submission). The lot size is approximately 0.07 acres.
For tenants and owner-occupants, the combination of storefront, back-of-house work space, dedicated bathroom, and elevator access to the basement can support businesses that need both customer-facing space and service/production capacity. For investors, the submission also notes the potential to redevelop the property into a two-story mixed-use building with residential above, subject to applicable approvals and development requirements.
Key Highlights
- 2,460 SF single‑story retail/flex space with attached garage and 1,800 SF basement.
- Heavy‑load elevator provides access from main level to the 1,800 SF basement.
- Ceiling heights include 11 ft throughout the main building and 13 ft in the garage.
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
$15,427
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
7.71%
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%
$308,540
$308.5K
Cap Rate 7%
$220,386
$220.4K
Cap Rate 9%
$171,411
$171.4K
Market Conditions
NOI Build-Up for 2,460 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
$23.2K $9.43/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$22.0K $8.96/SF
− OpEx
−$6.6K −$2.69/SF
NOI
$15.4K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$308,540
Cap Rate 7%
$220,386
Cap Rate 9%
$171,411
Alternative Uses
Best Use
Retail
$486.2K
$425.4K – $567.2K
NOI $34,034 @ 7.0% cap · market cap 17.02%
Second Best
Flex RnD
$405.7K
$355.0K – $473.3K
NOI $28,398 @ 7.0% cap · market cap 14.20%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,192 @ 7.0% cap · market cap 40.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60617, IL
77,270
Population
35,031
Households
2.2
Avg Household Size
39
Median Age
20%
College-Educated
82%
High-School Grad
13.7 sq mi
ZIP Area
5,640
Density / Sq Mi
$51,237
Median Household Income
$36,926
Median Earnings
$1,010
Median Rent
$168,200
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story retail and workshop space with attached garage and heavy-load elevator serving a finished basement.
Where is this flex space located?
The property is located at 10050 S Ewing Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 2,460 SF single‑story retail/flex space with attached garage and 1,800 SF basement.; Heavy‑load elevator provides access from main level to the 1,800 SF basement.; Ceiling heights include 11 ft throughout the main building and 13 ft in the garage.
