Refrigerated Food Production
For Sale
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6851-6853 W Irving Park Rd, Chicago, IL
9,000 SF Chicago facility for refrigerated and frozen food production.
Property Size9,000 SF
Lot Size0.27 Acres
Price / SF$122.22
Days on Market525
Property Features for 6851-6853 W Irving Park Rd
General Information
Standard status
Active
Size
9,000 SF
Lot size
0.27 Acres
Property subtype
INDUSTRIAL
Listing Agency:
CBRE | Chicago
(312) 935-1400
Listed By:
Jason Lev
(847) 706-4997
Source:
Moodyscre
Added: Apr 10, 2025
Changed: Sep 12
Last Checked: Sep 15 at 4:41AM
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 9,000 square foot facility is equipped for refrigerated and frozen food production. It features one exterior loading area with a temperature-controlled staging area. The building includes a production room measuring 2,038 square feet, and an additional production room of 1,208 square feet with a 15-foot ceiling height. There is a main cooler spanning 966 square feet with an 18-foot 2-inch ceiling height, along with Cooler #1 at 373 square feet, and a 541-square-foot freezer. The facility incorporates epoxy-sealed, sloped stainless steel floor drains and fiberglass-reinforced walls and ceiling panels. Ceiling heights range from 15 feet to 18 feet 2 inches.
Key Highlights
- 9,000 SF building designed for refrigerated and frozen food production.
- Temperature‑controlled staging area with exterior loading dock.
- Multiple specialized rooms: 2 production rooms, main cooler, additional cooler, and freezer.
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
$56,439
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
5.13%
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%
$1,128,780
$1.1M
Cap Rate 7%
$806,271
$806.3K
Cap Rate 9%
$627,100
$627.1K
Market Conditions
NOI Build-Up for 9,000 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
$84.9K $9.43/SF
− Vacancy
−$4.2K −$0.47/SF
EGI
$80.6K $8.96/SF
− OpEx
−$24.2K −$2.69/SF
NOI
$56.4K $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%
$1,128,780
Cap Rate 7%
$806,271
Cap Rate 9%
$627,100
Alternative Uses
Best Use
Industrial
$806.3K
$705.5K – $940.7K
NOI $56,439 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.24M
$3.71M – $4.95M
NOI $297,043 @ 7.0% cap · market cap 27.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 9,000 SF Chicago facility for refrigerated and frozen food production.
Where is this manufacturing property located?
The property is located at 6851-6853 W Irving Park Rd Chicago, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 9,000 SF building designed for refrigerated and frozen food production.; Temperature‑controlled staging area with exterior loading dock.; Multiple specialized rooms: 2 production rooms, main cooler, additional cooler, and freezer.
