Cicero Avenue Warehouse For
For Sale
$565,000
Pending
3051-3053 N Cicero Avenue, Chicago, IL 60641
6,000 SF fully rehabbed warehouse near Six Corners.
Property Size6,000 SF
Days on Market526
Property Features for 3051-3053 N Cicero Avenue
General Information
Standard status
Pending
Size
6,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,271
Building Details
Year Built
1939
Listing Agency:
MILLENNIUM PROPERTIES RE, INC.
(312) 338-3000
Listed By:
DANIEL HYMAN · License #471.013658X
Source:
Corcoran
Added: Mar 13, 2025
Changed: Aug 8
Last Checked: Aug 3 at 10:40AM
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 MILLENNIUM PROPERTIES RE, INC.
Investment Insights
Based on property information with market context.
Located two blocks south of the intersection of Cicero, Belmont, and Diversey Avenues, a 6,000 square foot warehouse is available for sale. The property is fully rehabbed and may be suitable as a private entertainment space. It features frontage on Cicero Avenue and provides access to Six Corners. Situated in the Belmont Cragin community, the location benefits from population growth and investment. Local businesses have access to a residential consumer base, public transportation, and the Expressway.
Key Highlights
- Fully rehabbed 6,000 sq ft warehouse.
- Ideal for a private entertainment space.
- Good frontage on Cicero Avenue with easy access to Six Corners.
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
$45,448
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
8.04%
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%
$908,960
$909.0K
Cap Rate 7%
$649,257
$649.3K
Cap Rate 9%
$504,978
$505.0K
Market Conditions
NOI Build-Up for 6,000 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
$56.6K $9.43/SF
− Vacancy
−$3.1K −$0.52/SF
EGI
$53.5K $8.91/SF
− OpEx
−$8.0K −$1.34/SF
NOI
$45.4K $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%
$908,960
Cap Rate 7%
$649,257
Cap Rate 9%
$504,978
Alternative Uses
Best Use
Warehouse
$649.3K
$568.1K – $757.5K
NOI $45,448 @ 7.0% cap · market cap 8.04%
Second Best
Industrial
$537.5K
$470.3K – $627.1K
NOI $37,626 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,029 @ 7.0% cap · market cap 35.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,469
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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?
Warehouse - 6,000 SF fully rehabbed warehouse near Six Corners.
Where is this warehouse located?
The property is located at 3051-3053 N Cicero Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Fully rehabbed 6,000 sq ft warehouse.; Ideal for a private entertainment space.; Good frontage on Cicero Avenue with easy access to Six Corners.
