Wolcott Avenue Commercial Building For
For Sale
$3,750,000
412 North Wolcott Avenue, Chicago, IL 60622
6,800 SF commercial building with kitchen and garden beds.
Property Size6,800 SF
Lot Size0.42 Acres
Price / SF$551.47
Days on Market139
Property Features for 412 North Wolcott Avenue
General Information
Standard status
Active
Size
6,800 SF
Lot size
0.42 Acres
Property subtype
Industrial
Listing Agency:
CBRE | Chicago
(312) 334-7203
Listed By:
Matt Cowie
(312) 334-7203
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Aug 9 at 1:00PM
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 6,800 square foot building is situated on a 0.42 acre site. It features a clear height of 13 feet 8 inches and includes one drive-in door. Parking is available for 12 cars, with the potential for expansion. The property is zoned PMD 4A. A fully equipped kitchen and event space are present, along with an existing cooler and a built-out cafe and tasting room. The site also includes 81 raised garden beds. Secured parking is available. A new HVAC system is scheduled for installation in 2025. The property is located adjacent to the upcoming "The 1901 Project" and is in close proximity to the new Green/Pink Line CTA stop at Lake & Damen.
Key Highlights
- Adjacent to the recently announced “The 1901 Project”
- Close proximity to new Green/Pink Line CTA stop at Lake & Damen
- Fully equipped kitchen/event space**
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
$126,562
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
3.37%
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%
$2,531,240
$2.5M
Cap Rate 7%
$1,808,029
$1.8M
Cap Rate 9%
$1,406,244
$1.4M
Market Conditions
NOI Build-Up for 6,800 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
$179.5K $26.40/SF
− Vacancy
−$10.8K −$1.58/SF
EGI
$168.7K $24.82/SF
− OpEx
−$42.2K −$6.20/SF
NOI
$126.6K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,531,240
Cap Rate 7%
$1,808,029
Cap Rate 9%
$1,406,244
Alternative Uses
Best Use
Specialty Retail
$1.81M
$1.58M – $2.11M
NOI $126,562 @ 7.0% cap · market cap 3.37%
Second Best
Flex RnD
$1.12M
$981.2K – $1.31M
NOI $78,499 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$3.21M
$2.81M – $3.74M
NOI $224,433 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,614
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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 - 6,800 SF commercial building with kitchen and garden beds.
Where is this flex space located?
The property is located at 412 North Wolcott Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Adjacent to the recently announced “The 1901 Project”; Close proximity to new Green/Pink Line CTA stop at Lake & Damen; Fully equipped kitchen/event space**
