32,559 SF Flex/Industrial
For Sale
Contact for pricing
4709-4723 W N Ave, Chicago, IL
Flex/industrial property with high exposure and lighted intersection.
Property Size32,559 SF
Lot Size0.74 Acres
Price / SF$69.11
Days on Market533
Property Features for 4709-4723 W N Ave
General Information
Standard status
Active
Size
32,559 SF
Lot size
0.74 Acres
Property subtype
INDUSTRIAL
Properties For Sale
at 4709-4723 W N Ave Contact us- Floor
- 1
- Size
- 32,559 SF
- Type
- INDUSTRIAL
- Availability
- AVAILABLE, Now
- Sublease
- No
4709 - 4723 W N Ave
- Located in Chicago’s West Humboldt Park Neighborhood and is one of ten neighborhoods...
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Listing Agency:
CBRE | Chicago
(312) 233-8683
Listed By:
Tom Svoboda
(312) 935-1481
Source:
Moodyscre
Added: Mar 5, 2025
Changed: Aug 9
Last Checked: Aug 19 at 3:11PM
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
Investment Insights
Based on property information with market context.
This property offers 32,559 square feet of flex and industrial space. The location benefits from a lighted intersection and high exposure along North Avenue.
Key Highlights
- 32,559 SF available
- High exposure with North Ave frontage
- Lighted intersection for easy access
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
$204,176
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
9.07%
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%
$4,083,520
$4.1M
Cap Rate 7%
$2,916,800
$2.9M
Cap Rate 9%
$2,268,622
$2.3M
Market Conditions
NOI Build-Up for 32,559 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
$307.0K $9.43/SF
− Vacancy
−$15.4K −$0.47/SF
EGI
$291.7K $8.96/SF
− OpEx
−$87.5K −$2.69/SF
NOI
$204.2K $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%
$4,083,520
Cap Rate 7%
$2,916,800
Cap Rate 9%
$2,268,622
Alternative Uses
Best Use
Flex RnD
$5.37M
$4.70M – $6.26M
NOI $375,861 @ 7.0% cap · market cap 16.70%
Second Best
Industrial
$2.92M
$2.55M – $3.40M
NOI $204,176 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$15.35M
$13.43M – $17.91M
NOI $1,074,603 @ 7.0% cap · market cap 47.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
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 - Flex/industrial property with high exposure and lighted intersection.
Where is this flex space located?
The property is located at 4709-4723 W N Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 32,559 SF available; High exposure with North Ave frontage; Lighted intersection for easy access
