Flex Space with Operable
For Sale
$1,200,000
3146 W Chicago Avenue, Chicago, IL 60622
Commercial Sale, Chicago, IL
Property Size6,400 SF
Lot Size0.14 Acres
Price / SF$187.50
Days on Market44
Property Features for 3146 W Chicago Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MANUF
Directions
Kedzie or Sacramento to Chicago Ave, to address.
Subdivision
CHI - Humboldt Park
Standard status
Active
APN
16013190170000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16490
Utilities
Cooling system
Central Air
Building Details
Year built
1909
Floors in Building
1
Flooring type
Tile, Marble, Vinyl
Building materials
Brick
Listing Agency:
MoHall Commercial & Urban Development
(312) 826-9925
Listed By:
Moses Hall · License #471019687
(312) 826-9925
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 27 at 11:06PM
MLS# 12705615
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 6,400-square-foot flex property at 3146 W Chicago Avenue occupies a 6,250-square-foot lot measuring 50' x 125'. Built in 1909 with brick construction, the building offers a clear-span bow-truss interior, ceiling heights from approximately 20' to 20'+ at the peak, and one drive-in overhead door. A 75-foot operable skylight brings natural light throughout the building. Interior improvements include polished concrete flooring, modern lighting, updated electrical with circuit breakers, central air, and forced-air heating. A mezzanine adds space for office, administrative, or studio functions.
The property is positioned in Chicago's Humboldt Park and West Town industrial corridor, with access to I-90/94 and I-290. Chicago Avenue CTA bus service and nearby CTA rail lines provide public transportation connections. The surrounding area includes industrial users, retailers, and national tenants.
The property is positioned in Chicago's Humboldt Park and West Town industrial corridor, with access to I-90/94 and I-290. Chicago Avenue CTA bus service and nearby CTA rail lines provide public transportation connections. The surrounding area includes industrial users, retailers, and national tenants.
Key Highlights
- 6,400‑square‑foot flex warehouse on a 6,250‑square‑foot lot
- 50' x 125' site with brick construction and a clear‑span bow‑truss structure
- Ceiling heights range from approximately 20' to 20'+ at the peak
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
$88,543
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
7.38%
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%
$1,770,860
$1.8M
Cap Rate 7%
$1,264,900
$1.3M
Cap Rate 9%
$983,811
$983.8K
Market Conditions
NOI Build-Up for 6,400 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
$138.2K $21.60/SF
− Vacancy
−$11.8K −$1.84/SF
EGI
$126.5K $19.76/SF
− OpEx
−$37.9K −$5.93/SF
NOI
$88.5K $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%
$1,770,860
Cap Rate 7%
$1,264,900
Cap Rate 9%
$983,811
Alternative Uses
Best Use
Retail
$1.26M
$1.11M – $1.48M
NOI $88,543 @ 7.0% cap · market cap 7.38%
Second Best
Flex RnD
$1.06M
$923.5K – $1.23M
NOI $73,882 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,231 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,593
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - Renovated industrial property combines clear-span space, loading access, and showroom-oriented finishes.
Where is this flex space located?
The property is located at 3146 W Chicago Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,400‑square‑foot flex warehouse on a 6,250‑square‑foot lot; 50' x 125' site with brick construction and a clear‑span bow‑truss structure; Ceiling heights range from approximately 20' to 20'+ at the peak
