Flex Space with Attached
For Sale
$200,000
10050 S Ewing Avenue, Chicago, IL 60617
Commercial Sale, Chicago, IL
Property Size2,460 SF
Lot Size0.07 Acres
Price / SF$81.30
Days on Market287
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
Amenities
heavy-load elevator
full bathroom
storefront
warehouse/workshop
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 20
Last Checked: Sep 14 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 single-story flex property includes 2,460 SF of commercial space, an attached garage, and an 1,800 SF basement connected by a heavy-load elevator. The existing layout includes a storefront, warehouse and workshop areas, a full bathroom, and central air conditioning. The main building has 11-foot ceilings, while the garage provides 13-foot clearance. Built in 1935, the property is currently configured for an HVAC shop and includes space suited to equipment, storage, and vehicle-related functions.
Located at 10050 S Ewing Avenue in Chicago, the property is within sight of the Skyway and positioned in a TIF district. The source information also identifies potential for redevelopment as a two-story mixed-use building with residential space above. The property is offered for sale and may accommodate an owner-user or other commercial operation seeking a combination of retail and work areas.
Located at 10050 S Ewing Avenue in Chicago, the property is within sight of the Skyway and positioned in a TIF district. The source information also identifies potential for redevelopment as a two-story mixed-use building with residential space above. The property is offered for sale and may accommodate an owner-user or other commercial operation seeking a combination of retail and work areas.
Key Highlights
- 2,460 SF single‑story flex building with storefront, warehouse, and workshop areas
- Attached garage with 13‑foot ceilings and an 1,800 SF basement
- Heavy‑load elevator provides access between the building and lower level
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
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Open Analytics
Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story commercial property combines storefront, workshop, storage, and lower-level access for operational flexibility.
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 flex building with storefront, warehouse, and workshop areas; Attached garage with 13‑foot ceilings and an 1,800 SF basement; Heavy‑load elevator provides access between the building and lower level
