Industrial Flex Warehouse With
For Sale
$950,000
12129 Peoria Street, Chicago, IL 60643
Flex warehouse with two 12-foot drive-in doors, tandem offices, and open loading space on a cul-de-sac.
Property Size9,375 SF
Price / SF$101.33
Days on Market116
Property Features for 12129 Peoria Street
General Information
Standard status
Active
Size
9,375 SF
Property subtype
General Commercial
Zoning
PMD 10
Additional Details
Road Access
Yes
Drive-In Doors
2
Amenities
WiFi-enabled security system
tandem offices
conference room
raised stage platform
garage-style loading area
Window Air Conditioning
3
Building Details
Year Built
1951
Listing Agency:
Elux Real Estate Corporation
(312) 847-9768
Listed By:
Elizabeth Wright
(312) 847-9768
Source:
Xome
Added: Apr 16
Changed: Aug 8
Last Checked: Aug 9 at 4:38AM
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 Elux Real Estate Corporation
Investment Insights
Based on property information with market context.
This functional industrial flex warehouse includes approximately 9,375 square feet (subject to survey verification) and is designed to support both administrative and operational use. The building features two new 12-foot overhead drive-in doors with remote controls for efficient loading, equipment movement, and logistics. Interior improvements include two large tandem offices, a dedicated conference room, and a spacious open floor plan. Additional interior space includes a raised stage or platform area for staging, assembly, or specialized configurations, along with a large garage-style open loading area to support day-to-day workflow.
The property is located on a quiet cul-de-sac just south of the railroad tracks in the West Pullman area. It is in the Planned Manufacturing District (PMD 10), and buyers should verify permitted uses and zoning details with the City of Chicago.
A value-add consideration includes two adjacent city-owned parcels on either side of the building, which may provide opportunities for expansion, additional yard space, or outdoor storage; buyers should conduct their own due diligence regarding acquisition potential. The recent tuckpointing supports exterior maintenance, and the property is equipped with a WiFi-enabled security system. The deed includes three PINs: 25-29-209-008, 25-29-209-009, and 25-29-209-010, and buyers are encouraged to verify real estate tax information independently.
The property is located on a quiet cul-de-sac just south of the railroad tracks in the West Pullman area. It is in the Planned Manufacturing District (PMD 10), and buyers should verify permitted uses and zoning details with the City of Chicago.
A value-add consideration includes two adjacent city-owned parcels on either side of the building, which may provide opportunities for expansion, additional yard space, or outdoor storage; buyers should conduct their own due diligence regarding acquisition potential. The recent tuckpointing supports exterior maintenance, and the property is equipped with a WiFi-enabled security system. The deed includes three PINs: 25-29-209-008, 25-29-209-009, and 25-29-209-010, and buyers are encouraged to verify real estate tax information independently.
Key Highlights
- Approx. 9,500 SF industrial building on S Peoria St in Chicago (subject to survey verification)
- Two new 12‑foot overhead drive‑in doors with remote controls for loading, equipment movement, and logistics
- Interior layout includes two large tandem offices, a dedicated conference room, and a spacious open floor plan
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
$71,012
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
7.47%
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%
$1,420,240
$1.4M
Cap Rate 7%
$1,014,457
$1.0M
Cap Rate 9%
$789,022
$789.0K
Market Conditions
NOI Build-Up for 9,375 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
$88.4K $9.43/SF
− Vacancy
−$4.9K −$0.52/SF
EGI
$83.5K $8.91/SF
− OpEx
−$12.5K −$1.34/SF
NOI
$71.0K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$1,420,240
Cap Rate 7%
$1,014,457
Cap Rate 9%
$789,022
Alternative Uses
Best Use
Flex RnD
$1.55M
$1.35M – $1.80M
NOI $108,225 @ 7.0% cap · market cap 11.39%
Second Best
Warehouse
$1.01M
$887.7K – $1.18M
NOI $71,012 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,420 @ 7.0% cap · market cap 32.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Flex warehouse with two 12-foot drive-in doors, tandem offices, and open loading space on a cul-de-sac.
Where is this flex space located?
The property is located at 12129 Peoria Street Chicago, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approx. 9,500 SF industrial building on S Peoria St in Chicago (subject to survey verification); Two new 12‑foot overhead drive‑in doors with remote controls for loading, equipment movement, and logistics; Interior layout includes two large tandem offices, a dedicated conference room, and a spacious open floor plan
