Renovated Warehouse in
For Sale
Contact for pricing
1253 W 47th St, Chicago, IL 60609
Renovated 9,500 SF commercial warehouse near I-90/94.
Property Size9,500 SF
Price / SF$115.79
Days on Market170
Property Features for 1253 W 47th St
General Information
Standard status
Active
Size
9,500 SF
Property subtype
Industrial
Zoning
M1-2
Investment Type
Owner/User
Building Details
Year Renovated
2020
Buildings
1
Tenancy
Multi
Listing Agency:
Brookline Real Estate
(630) 590-5910
Listed By:
Dominick Cannata · License #IL 00000
Source:
Crexi
Added: Mar 4
Changed: Aug 12
Last Checked: Aug 20 at 7:31AM
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 Brookline Real Estate
Investment Insights
Based on property information with market context.
A renovated commercial warehouse property is available in Chicago's New City neighborhood. The 9,500 square-foot freestanding building is located on 47th Street near I-90/94 and is accessible to both I-90 and I-55. The property has been renovated with freshly painted facades, lighting, new offices, and bathrooms. The building features two drive-in-doors on separate roads and a 30' clear height ceiling. Two CTA bus stops are within one block, and the CTA Red Line is one mile away. Situated among industrial and residential neighborhoods with access to all transit, the property offers owner-user or investment potential.
Key Highlights
- Renovated 9,500 sq ft freestanding commercial warehouse.
- Accessible to I‑90/94 and I‑55.
- Benefit from two drive‑in doors on separate roads.
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
$71,959
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
6.54%
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%
$1,439,180
$1.4M
Cap Rate 7%
$1,027,986
$1.0M
Cap Rate 9%
$799,544
$799.5K
Market Conditions
NOI Build-Up for 9,500 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
$89.6K $9.43/SF
− Vacancy
−$4.9K −$0.52/SF
EGI
$84.7K $8.91/SF
− OpEx
−$12.7K −$1.34/SF
NOI
$72.0K $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%
$1,439,180
Cap Rate 7%
$1,027,986
Cap Rate 9%
$799,544
Alternative Uses
Best Use
Warehouse
$1.03M
$899.5K – $1.20M
NOI $71,959 @ 7.0% cap · market cap 6.54%
Second Best
Industrial
$851.1K
$744.7K – $992.9K
NOI $59,574 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$4.48M
$3.92M – $5.23M
NOI $313,546 @ 7.0% cap · market cap 28.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60609, IL
65,770
Population
26,122
Households
2.5
Avg Household Size
34
Median Age
20%
College-Educated
76%
High-School Grad
7.7 sq mi
ZIP Area
8,542
Density / Sq Mi
$54,142
Median Household Income
$37,694
Median Earnings
$1,070
Median Rent
$251,600
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Warehouse - Renovated 9,500 SF commercial warehouse near I-90/94.
Where is this warehouse located?
The property is located at 1253 W 47th St 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: Renovated 9,500 sq ft freestanding commercial warehouse.; Accessible to I‑90/94 and I‑55.; Benefit from **two drive‑in doors** on separate roads.
