Flex Space with Attached
For Sale
$200,000
10050 S Ewing Avenue, Chicago, IL 60617
Business Opportunity, 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
Other
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
attached garage
storefront retail area
warehouse/workshop space
full bathroom
heavy-load elevator
Building Details
Floors in Building
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# 12526158
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-square-foot flex property includes a single-story commercial building with an attached garage and an 1,800-square-foot basement. The existing layout combines a storefront, warehouse and workshop areas, a full bathroom, and a heavy-load elevator connecting the main level to the lower floor. The building has 11-foot ceilings, while the garage reaches 13 feet, supporting equipment, storage, and vehicle-oriented operations. The space is currently configured for an HVAC shop.
The property is within sight of the Skyway and positioned in a TIF district. A two-story mixed-use redevelopment concept with residential space above is also identified for the site. The address is 10050 S Ewing Avenue in Chicago, Illinois.
The property is within sight of the Skyway and positioned in a TIF district. A two-story mixed-use redevelopment concept with residential space above is also identified for the site. The address is 10050 S Ewing Avenue in Chicago, Illinois.
Key Highlights
- 2,460 SF single‑story flex building with attached garage
- 1,800 SF basement served by a heavy‑load elevator
- 11 ft ceilings in 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
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Open Analytics
Current Use
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 space combines storefront, workshop, warehouse, bathroom, and lower-level access.
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 attached garage; 1,800 SF basement served by a heavy‑load elevator; 11 ft ceilings in the main building and 13 ft in the garage
