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    1040 N Halsted St Chicago, IL 60642

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    Flex-industrial property in Chicago's Goose Island with strong tenant base.

    Property size:
    27,599 SF

    Property Features for 1040 N Halsted St

    General Information

    Standard status
    Active
    Zoning
    PMD-3
    Size
    27,599 SF

    Building Details

    Year built
    1956

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    Listing Contact
    Jason St. John
    Jason St. John
    Source: Crexi

    Listing Agency: Greenstone Partners Listing Agent: Jason St. John

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Goose Island Flex-Industrial Opportunity

    This flex-industrial property is positioned in Goose Island, offering connectivity to Chicago’s dynamic neighborhoods. The location provides access to River North, River West, Lincoln Park, Wicker Park, Fulton Market, Bucktown, and West Town. The property is located near Onni Group’s Halsted Pointe development and Bally’s Chicago Casino. The Salt Shed, a mixed-use venue, is also nearby. Infrastructure improvements are underway, including the reconstruction of the Chicago Avenue Bridge. The property features hundreds of free street parking spaces and is within one mile of three major CTA stations. Two CTA bus lines offer north-south and east-west connections. Interstate 90/Kennedy is located 0.9 miles away. The property has a tenant base consisting of Hogsalt Hospitality, Greenstone Partners, and Dog. Hotel | Daycare, with an average lease tenure of 8.17 years. The property features seven dock doors and clear heights of 12’ to the beam and 14’ to the deck. Suite sizes range from 6,500 to 11,500 square feet. The property is positioned along Halsted Street with dock access via Haines and Hooker Streets. The property is suitable for e-commerce, logistics, and service-oriented tenants. The property has 27599 square feet of space.
    Location Intelligence

    Current Use by Public Records

    Tim Ross @ Ross ... Loan Service One Touch Building ... Landscaping Greenstone Partners Real Estate Agency Physician Real Estate ... Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Bumbu Roux, CMM Catering, Elite Personal Chefs, Zullo's Corporate Catering, Katie O's Food Carnival

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6482463
    Latitude
    41.9013042

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    FAQs

    What type of property is this?
    Flex space - Flex-industrial property in Chicago's Goose Island with strong tenant base.
    Where is this flex space located?
    The property is located at 1040 N Halsted St Chicago, IL.
    What are key features of this property?
    This property features: - Irreplaceable last-mile flex-industrial facility in a centralized location with unmatched connectivity to Chicago's most dynamic neighborhoods.; - Significant mark-to-market upside potential with Dog. Hotel | Daycare lease expiring 5/31/2029 and paying significantly below market rent.; - Located in the heart of Goose Island's revitalization, near major developments, driving future demand.
    Request Owner's contact information
    1040 N Halsted St Chicago, IL 60642
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    Chicago, IL 60642
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1040 N Halsted St Chicago, IL 60642
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    Listing Contact
    Jason St. John
    Jason St. John
    Real Estate License ID: 475142612
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