Brick Flex Space with Main
For Sale
$460,000
632 N Albany Avenue, Chicago, IL 60612
Commercial Sale, Chicago, IL
Property Size5,500 SF
Lot Size0.15 Acres
Price / SF$83.64
Days on Market64
Property Features for 632 N Albany Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MANUF
Directions
North on Sacramento Blvd, West on Ohio St, Right on North Albany to property on the left.
Subdivision
CHI - Humboldt Park
Standard status
Active
APN
16121030330000
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
1
Building materials
Brick
Listing Agency:
Baird & Warner
(630) 778-1855
Listed By:
Giovanna Schmieder · License #475162940
(630) 853-2370
Added: Jul 5
Changed: Aug 19
Last Checked: Sep 6 at 9:06AM
MLS# 12695648
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.
Built in 1900, this 5,500-square-foot flex property is constructed of brick and includes a main hall, dining area, kitchen, offices, and two restrooms. Attached rear storage adds functional support space, while a gated front entrance provides controlled access. Central air is installed throughout the building.
The property occupies 0.15 acres at 632 N Albany Avenue in Chicago’s East Garfield Park neighborhood. Shopping, downtown Chicago, and major expressways are located nearby. The sale is offered on an as-is basis.
The property occupies 0.15 acres at 632 N Albany Avenue in Chicago’s East Garfield Park neighborhood. Shopping, downtown Chicago, and major expressways are located nearby. The sale is offered on an as-is basis.
Key Highlights
- 5,500 square feet of interior space
- 0.15‑acre lot at 632 N Albany Avenue
- Brick construction completed in 1900
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
$34,490
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
7.50%
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%
$689,800
$689.8K
Cap Rate 7%
$492,714
$492.7K
Cap Rate 9%
$383,222
$383.2K
Market Conditions
NOI Build-Up for 5,500 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
$51.9K $9.43/SF
− Vacancy
−$2.6K −$0.47/SF
EGI
$49.3K $8.96/SF
− OpEx
−$14.8K −$2.69/SF
NOI
$34.5K $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%
$689,800
Cap Rate 7%
$492,714
Cap Rate 9%
$383,222
Alternative Uses
Best Use
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $92,813 @ 7.0% cap · market cap 20.18%
Second Best
Flex RnD
$907.0K
$793.7K – $1.06M
NOI $63,492 @ 7.0% cap · market cap 13.80%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,526 @ 7.0% cap · market cap 39.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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 - Central air serves a multi-room layout with kitchen, offices, dining area, and two restrooms.
Where is this flex space located?
The property is located at 632 N Albany Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 5,500 square feet of interior space; 0.15‑acre lot at 632 N Albany Avenue; Brick construction completed in 1900
