Brick Flex Building with Loading
New
For Sale
$999,900
1061 Waveland Ave, Franklin Park, IL 60131
All-brick flex property with a loading dock, oversized overhead doors, and second-floor office space.
Property Size6,696 SF
Price / SF$149.33
Days on Market1
Property Features for 1061 Waveland Ave
General Information
Standard status
Active
Size
6,696 SF
Warehouse & Industrial
Office Build-Out
1,650 SF
Dock-High Doors
1
Additional Details
Highway Access
Yes
Amenities
loading dock
oversized overhead doors
double height ceiling
kitchen area
3 bathrooms
Building Details
Year Built
1976
Construction
brick
Listing Agency:
ERA Partners
Listed By:
Israel Rivera
(331) 826-9661
Source:
Realtopiare
Added: Sep 5
Last Checked: Sep 5 at 2:58PM
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 ERA Partners
Investment Insights
Based on property information with market context.
This 6,696-square-foot flex building combines warehouse functionality with dedicated office space. The all-brick structure includes a loading dock, oversized overhead doors, and a warehouse with double-height clearance. A 1,650-square-foot office area occupies the second floor, while three bathrooms and a kitchen area support daily operations. Constructed in 1976, the property offers a practical configuration for industrial users requiring both work and administrative areas.
The building is located in Franklin Park near I-294, I-90, and I-290, providing access to major interstate routes and surrounding roads. A lease option is also available.
The building is located in Franklin Park near I-294, I-90, and I-290, providing access to major interstate routes and surrounding roads. A lease option is also available.
Key Highlights
- 6,696 SF all‑brick flex building
- 1,650 sq. ft. of second‑floor office space
- Loading dock and oversized overhead doors
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
$70,509
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
7.05%
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%
$1,410,180
$1.4M
Cap Rate 7%
$1,007,271
$1.0M
Cap Rate 9%
$783,433
$783.4K
Market Conditions
NOI Build-Up for 6,696 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
$120.5K $18.00/SF
− Vacancy
−$12.1K −$1.80/SF
EGI
$108.5K $16.20/SF
− OpEx
−$38.0K −$5.67/SF
NOI
$70.5K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /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%
$1,410,180
Cap Rate 7%
$1,007,271
Cap Rate 9%
$783,433
Alternative Uses
Best Use
Flex RnD
$1.01M
$881.4K – $1.18M
NOI $70,509 @ 7.0% cap · market cap 7.05%
Second Best
Warehouse
$500.0K
$437.5K – $583.4K
NOI $35,001 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,828 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60131, IL
18,205
Population
6,120
Households
3
Avg Household Size
39
Median Age
19%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
3,371
Density / Sq Mi
$76,404
Median Household Income
$39,117
Median Earnings
$1,092
Median Rent
$261,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - All-brick flex property with a loading dock, oversized overhead doors, and second-floor office space.
Where is this flex space located?
The property is located at 1061 Waveland Ave Franklin Park, IL.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 6,696 SF all‑brick flex building; 1,650 sq. ft. of second‑floor office space; Loading dock and oversized overhead doors
