Flex Space with Loading
For Sale
$872,000
7650 S Ashland Avenue, Chicago, IL 60620
COMMERCIAL - Chicago, IL
Property Size6,895 SF
Lot Size0.44 Acres
Price / SF$126.47
Days on Market74
Property Features for 7650 S Ashland Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
Take Ashland Ave south to 76th St. Property on the east side of Ashland.
Subdivision
CHI - Auburn Gresham
Standard status
Active
APN
20304190370000
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
35561
Utilities
Cooling system
Central Air
Amenities
rear loading dock
Building Details
Year built
2013
Floors in Building
1
Number of units
1
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Shaquelia Smith
(312) 265-8000
Added: May 28
Changed: Aug 4
Last Checked: Aug 9 at 9:06PM
MLS# 12658774
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 flex-space property provides over 6,895 square feet of open commercial area within a 2013-built structure. The layout offers a broad interior footprint that can accommodate a range of commercial operations, while central air supports the building’s interior environment. A rear loading dock adds functional support for receiving, staging, and material handling.
The property occupies an 18,556-square-foot lot at 7650 S Ashland Avenue in Chicago, Illinois. On-site parking provides additional convenience for employees, customers, and visitors. The combination of open interior space, loading access, parking, and modern construction creates a practical platform for an owner-user or commercial operator.
The property occupies an 18,556-square-foot lot at 7650 S Ashland Avenue in Chicago, Illinois. On-site parking provides additional convenience for employees, customers, and visitors. The combination of open interior space, loading access, parking, and modern construction creates a practical platform for an owner-user or commercial operator.
Key Highlights
- Over 6,895 square feet of open commercial space
- 18,556‑square‑foot lot at 7650 S Ashland Avenue
- Rear loading dock supports receiving and material handling
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
$79,596
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
9.13%
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%
$1,591,920
$1.6M
Cap Rate 7%
$1,137,086
$1.1M
Cap Rate 9%
$884,400
$884.4K
Market Conditions
NOI Build-Up for 6,895 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
$132.4K $19.20/SF
− Vacancy
−$9.9K −$1.44/SF
EGI
$122.5K $17.76/SF
− OpEx
−$42.9K −$6.22/SF
NOI
$79.6K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,591,920
Cap Rate 7%
$1,137,086
Cap Rate 9%
$884,400
Alternative Uses
Best Use
Retail
$1.36M
$1.19M – $1.59M
NOI $95,391 @ 7.0% cap · market cap 10.94%
Second Best
Flex RnD
$1.14M
$995.0K – $1.33M
NOI $79,596 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,568 @ 7.0% cap · market cap 26.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Location Intelligence
Trade Area within ½ mile
806
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60620, IL
66,514
Population
30,008
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
88%
High-School Grad
7.0 sq mi
ZIP Area
9,502
Density / Sq Mi
$48,805
Median Household Income
$36,285
Median Earnings
$1,093
Median Rent
$187,900
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 - Open commercial layout includes central air and on-site parking.
Where is this flex space located?
The property is located at 7650 S Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $872,000.
What are key features of this property?
This property features: Over 6,895 square feet of open commercial space; 18,556‑square‑foot lot at 7650 S Ashland Avenue; Rear loading dock supports receiving and material handling
