Flex-Industrial
For Sale
Contact for pricing
1021 N Hooker St, Chicago, IL 60642
Multi-tenant flex space with an existing dog hotel and daycare occupant.
Property Size27,599 SF
Price / SF$240.41
Days on Market197
Property Features for 1021 N Hooker St
General Information
Standard status
Active
Size
27,599 SF
Property subtype
INDUSTRIAL
Building Details
Tenancy
Multi
Listing Agency:
Greenstone Partners - Corporate
(312) 234-0371
Listed By:
Jason St. John
(312) 234-0371
Source:
Moodyscre
Added: Feb 13
Changed: Aug 29
Last Checked: Aug 29 at 2:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
This 27,599-square-foot flex-industrial property is configured for multiple occupancies and includes an operating dog hotel and daycare use within the building. The dog hotel and daycare occupies 42% of the premises, while the remaining space is leased to other occupants.
The dog hotel and daycare lease runs through 2029 and includes no renewal options, creating a defined future leasing event within the property’s existing tenant profile. The asset is located at 1021 N Hooker St in Chicago, Illinois.
The dog hotel and daycare lease runs through 2029 and includes no renewal options, creating a defined future leasing event within the property’s existing tenant profile. The asset is located at 1021 N Hooker St in Chicago, Illinois.
Key Highlights
- 27,599‑square‑foot flex‑industrial building
- Multi‑tenant occupancy with a dog hotel and daycare use
- Dog hotel and daycare occupies 42% of the premises
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
$318,603
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
4.80%
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%
$6,372,060
$6.4M
Cap Rate 7%
$4,551,471
$4.6M
Cap Rate 9%
$3,540,033
$3.5M
Market Conditions
NOI Build-Up for 27,599 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
$529.9K $19.20/SF
− Vacancy
−$39.7K −$1.44/SF
EGI
$490.2K $17.76/SF
− OpEx
−$171.6K −$6.22/SF
NOI
$318.6K $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%
$6,372,060
Cap Rate 7%
$4,551,471
Cap Rate 9%
$3,540,033
Alternative Uses
Best Use
Flex RnD
$4.55M
$3.98M – $5.31M
NOI $318,603 @ 7.0% cap · market cap 4.80%
Second Best
Industrial
$2.47M
$2.16M – $2.88M
NOI $173,072 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$13.01M
$11.39M – $15.18M
NOI $910,899 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,901
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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 - Multi-tenant flex space with an existing dog hotel and daycare occupant.
Where is this flex space located?
The property is located at 1021 N Hooker St Chicago, IL.
What is the asking price?
The asking price for this property is $6,635,000.
What are key features of this property?
This property features: 27,599‑square‑foot flex‑industrial building; Multi‑tenant occupancy with a dog hotel and daycare use; Dog hotel and daycare occupies 42% of the premises
