West Loop Flex/Industrial
For Sale
$3,422,400
1631-1639 W Carroll Ave, Chicago, IL 60612
Renovated flex/industrial space in Chicago's dynamic West Loop.
Property Size22,816 SF
Price / SF$300
Days on Market176
Property Features for 1631-1639 W Carroll Ave
General Information
Standard status
Active
Size
22,816 SF
Property subtype
Industrial
Building Details
Building Size
22,816 SF
Year Built
1926
Listing Agency:
SVN | Chicago Commercial
(847) 778-1254
Listed By:
John Joyce, CCIM SIOR · License #475148534
(847) 778-1254
Source:
Svnchicago
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 20 at 5:43AM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
This flex/industrial space is located in Chicago's West Loop, a dynamic and highly sought-after neighborhood. The property offers connectivity with public transit access, being minutes from both Ogilvie and Union Station Metra hubs, plus one of Chicago’s newest CTA stations, Morgan & Lake, which has nearly 1 million annual riders. The space has been recently renovated and features timber loft architecture, new skylights and LED lighting, a freight elevator, four new furnaces, fresh paint, maple floors that have been repaired and refinished, and a new roof within the last five years. Flexible options are available to divide the space to 11,408 square feet, or occupy the full building.
Key Highlights
- Unbeatable public transit access: Minutes from Ogilvie and Union Station Metra hubs, and a major CTA station.
- Divisible space: Flexible options to occupy 11,408 SF or the full building.
- Recently renovated timber loft space with new skylights and LED lighting.
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
$131,694
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
3.85%
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%
$2,633,880
$2.6M
Cap Rate 7%
$1,881,343
$1.9M
Cap Rate 9%
$1,463,267
$1.5M
Market Conditions
NOI Build-Up for 11,408 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
$219.0K $19.20/SF
− Vacancy
−$16.4K −$1.44/SF
EGI
$202.6K $17.76/SF
− OpEx
−$70.9K −$6.22/SF
NOI
$131.7K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,633,880
Cap Rate 7%
$1,881,343
Cap Rate 9%
$1,463,267
Alternative Uses
Best Use
Flex RnD
$1.88M
$1.65M – $2.19M
NOI $131,694 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$1.02M
$894.2K – $1.19M
NOI $71,539 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$5.38M
$4.71M – $6.28M
NOI $376,519 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,087
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
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 - Renovated flex/industrial space in Chicago's dynamic West Loop.
Where is this flex space located?
The property is located at 1631-1639 W Carroll Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,422,400.
What are key features of this property?
This property features: Unbeatable public transit access: Minutes from Ogilvie and Union Station Metra hubs, and a major CTA station.; Divisible space: Flexible options to occupy 11,408 SF or the full building.; Recently renovated timber loft space with new skylights and LED lighting.
