Versatile Industrial Property in West
For Sale
$1,000,000
Pending
11607-11621 S Green Street, Chicago, IL 60643
Industrial property in Chicago's West Pullman neighborhood, ideal for operations.
Property Size8,525 SF
Lot Size1.18 Acres
Days on Market250
Property Features for 11607-11621 S Green Street
General Information
Standard status
Pending
Size
8,525 SF
Lot size
1.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,600
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1956
Listing Agency:
ALLURE REAL ESTATE
(312) 772-2820
Listed By:
ADAM LENCHNER · License #471019943
Source:
Corcoran
Added: Dec 19, 2025
Changed: Aug 14
Last Checked: Aug 14 at 7:22AM
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 ALLURE REAL ESTATE
Investment Insights
Based on property information with market context.
Located at 11629 S Green Street in Chicago's West Pullman neighborhood, this owner-occupied industrial property is zoned M2-1 Light Industry District, confirming its existing legal use. The one-story masonry industrial building, constructed around 1956, contains approximately 8,525 square feet of above-grade area and is in average overall condition, based on a September 16, 2024, inspection. Well-suited for light industrial operations, the building features approximately 18-foot clear ceilings in the shop area, two overhead doors, and ceiling-hung heat. A small office component includes gas forced air, central air conditioning, a kitchen, and two bathrooms. The improvements are situated on a generally rectangular parcel totaling approximately 51,563 square feet (about 1.18 acres), featuring a fully fenced yard suitable for outdoor storage or secure parking. The property is located on the west side of Green Street, a secondary thoroughfare. Primary vehicular access is provided via Interstate 57 at 119th Street, with local access from Halsted Street through 116th or 117th Streets. All typical utilities, including water, sewer, gas, and electricity, are available to the site. According to the FEMA map dated August 19, 2008, the property is in Zone X, indicating minimal flood risk. The West Pullman industrial market is considered stable, with a positive long-term outlook and values expected to trend modestly upward.
Key Highlights
- 1.18 Acre Fenced Yard: Substantial lot size (51,563 sq ft) with full fencing, ideal for outdoor storage or secure parking.
- M2‑1 Zoning: Legally zoned for light industrial use, confirming existing operations are compliant.
- 18 Foot Clear Ceilings: High ceilings in the shop area accommodate various industrial activities.
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
$53,460
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
5.35%
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%
$1,069,200
$1.1M
Cap Rate 7%
$763,714
$763.7K
Cap Rate 9%
$594,000
$594.0K
Market Conditions
NOI Build-Up for 8,525 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
$80.4K $9.43/SF
− Vacancy
−$4.0K −$0.47/SF
EGI
$76.4K $8.96/SF
− OpEx
−$22.9K −$2.69/SF
NOI
$53.5K $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%
$1,069,200
Cap Rate 7%
$763,714
Cap Rate 9%
$594,000
Alternative Uses
Best Use
Industrial
$763.7K
$668.3K – $891.0K
NOI $53,460 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.02M
$3.52M – $4.69M
NOI $281,366 @ 7.0% cap · market cap 28.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 60643, IL
47,831
Population
19,541
Households
2.4
Avg Household Size
44
Median Age
39%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
6,464
Density / Sq Mi
$83,015
Median Household Income
$53,155
Median Earnings
$1,359
Median Rent
$233,900
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?
Manufacturing property - Industrial property in Chicago's West Pullman neighborhood, ideal for operations.
Where is this manufacturing property located?
The property is located at 11607-11621 S Green Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 1.18 Acre Fenced Yard: Substantial lot size (51,563 sq ft) with full fencing, ideal for outdoor storage or secure parking.; M2‑1 Zoning: Legally zoned for light industrial use, confirming existing operations are compliant.; 18 Foot Clear Ceilings: High ceilings in the shop area accommodate various industrial activities.
