Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Industrial Space with Rail Access Title is generated by Realmo AI

    4700 Proviso Drive, Melrose Park, IL 60163

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Industrial property for lease with active rail access.

    Type:Industrial
    Property size:
    624,672 SF
    Added:
    Nov 22, 2025
    Days on Market:
    181
    Last Refresh:
    May 20 at 12:09 am

    Property Features for 4700 Proviso Drive

    General Information

    Standard status
    Active
    Size
    624,672 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Jason Lev
    Jason Lev

    Listing agent Jason Lev

    Listing office CBRE | Chicago

    Listing date Nov 22, 2025

    Source Cbre

    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 CBRE | Chicago

    HighLights

    • 624,672 SF available for lease.
    • Active dual rail with Union Pacific.
    • 155,000 SF available for lease.
    • Located on the corner of Proviso Dr and Mannheim Rd (Rt 45).

    Overview

    Available for lease is an industrial property offering spaces ranging from 155,000 square feet to 624,672 square feet. The property features active dual rail access with Union Pacific. It is located at the corner of Proviso Drive and Mannheim Road (Route 45).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grand Warehouse Shopping Center & Mall

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    • Metro Self Storage — northlake, il 60164
    • Grand Warehouse — 5600 Proviso Dr, Berkeley, IL 60163
    • Self-Storage at U-Haul — 435 Mannheim Rd, Bellwood, IL 60104
    • Diversified Entities, LLC — 5000 West Proviso Dr Unit #2, Melrose Park, IL 60163
    • Metro Self Storage - Northlake — 60 Lake St, Northlake, IL 60164

    Location Insight

    • Map
    • Local Demand
    City
    Melrose Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8929
    Latitude
    41.8926

    Nearby Similar for Lease

    • $9 SF/Yr
      196,212 SF

      Melrose Park Warehouse Sublease Available

      Available warehouse sublease in Melrose Park with office space.
      2050 Cornell Avenue, Melrose Park, IL, 60160
      View Details
    • $20 SF/Yr
      1,571 SF

      Medical Office Space For Lease

      Medical office space available in Melrose Park, Illinois.
      1111 Superior St, Melrose Park, IL
      View Details
    • $13 SF/Yr
      5,000 SF

      Melrose Park Industrial Space

      Industrial space for lease in business-friendly Melrose Park.
      119 N 10th Ave, Melrose Park, IL 60160
      View Details
    • Contact for pricing
      52,319 SF

      Melrose Park Warehouse Space Available

      52,319 SF warehouse space with 28' clear height.
      1502 N 25th Ave, Melrose Park, IL 60160
      View Details
    • Contact for pricing
      40,338 SF

      Melrose Park Distribution Center Space

      Distribution center with logistical advantages and highway access.
      2680-2684 W Lake St, Melrose Park, IL, 60160
      View Details
    • $13 SF/Yr
      5,000 SF

      Melrose Park Warehouse with Office

      Warehouse with office space, loading dock, and drive-in door.
      111 N 10th Ave, Melrose Park, IL
      View Details
    • Contact for pricing
      1,512 SF

      Retail Space in Melrose Park

      Retail space available in grocery-anchored center on North Avenue.
      2627 W North Ave, Melrose Park, IL
      View Details
    • Contact for pricing
      77,116 SF

      Melrose Park Distribution Center

      Distribution center with logistical advantages and highway access.
      2800 West Lake Street, Melrose Park, IL, 60160
      View Details
    • $25 SF/Yr
      2,315 SF

      Retail Space on North Avenue

      Retail space available in high-traffic commercial area.
      2525 2525 W N Ave, Melrose Park, IL
      View Details
    • Contact for pricing
      259,591 SF

      Melrose Park Warehouse with Rail

      259,591 SF warehouse for lease with active rail access.
      5000 Proviso Drive, Melrose Park, IL, 60163
      View Details
    • Contact for pricing
      48,342 SF

      Melrose Park Warehouse with Office

      48,342 SF warehouse with office space and parking.
      11697 W Grand Ave, Melrose Park, IL
      View Details
    • Contact for pricing
      52,319 SF

      Melrose Park Warehouse Space Available

      52,319 SF warehouse space in Melrose Park, Illinois.
      1502 N 25th Ave, Melrose Park, IL
      View Details

    FAQs

    What type of property is this?
    Warehouse - Industrial property for lease with active rail access.
    Where is this warehouse located?
    The property is located at 4700 Proviso Drive Melrose Park, IL.
    What are key features of this property?
    This property features: 624,672 SF available for lease.; Active dual rail with Union Pacific.; 155,000 SF available for lease.
    (847) 706-4044
    We can help!
    Listing Contact
    Jason Lev
    Jason Lev
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    4700 Proviso Drive, Melrose Park, IL, 60163
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!