Equipped Food Production
For Sale
$2,950,000
1709 W Washington Blvd, Chicago, IL 60612
Fully finished and equipped commercial kitchen with walk-in coolers, sealed pitched floors, and a box truck garage space.
Property Size8,500 SF
Price / SF$347.06
Days on Market199
Property Features for 1709 W Washington Blvd
General Information
Standard status
Active
Size
8,500 SF
Property subtype
Factory
Additional Details
Grease Trap
Yes
Building Details
Building Size
8,500 SF
Year Built
1970
Year Renovated
2007
Properties For Sale
at 1709 W Washington Blvd Contact us- Size
- 8,500 SF
- Lease Type
- NNN
1709 W Washington
Listing Agency:
CTK Chicago Partners-City Properties
Listed By:
Steven Aaronson · License #475165666
(312) 339-2220
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 25
Last Checked: Sep 5 at 3:39AM
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 CTK Chicago Partners-City Properties
Investment Insights
Based on property information with market context.
1709 W Washington Boulevard is an 8,500-square-foot food production and commercial kitchen facility that is fully finished and equipped. Improvements and operational features include walk-in coolers and freezers, multiple stainless steel sinks with traps, sealed floors pitched to floor drains, use-specific wall covering, and specialized light fixtures and electrical outlets.
The property includes a garage space intended for a commercial box truck. It is located one block west of Ashland Avenue and is described as near United Center and Union Park, with I-290 approximately one-half mile to the north.
Built in 1970 and modernized in 2007, the building is currently configured as a fully equipped food production facility.
The property includes a garage space intended for a commercial box truck. It is located one block west of Ashland Avenue and is described as near United Center and Union Park, with I-290 approximately one-half mile to the north.
Built in 1970 and modernized in 2007, the building is currently configured as a fully equipped food production facility.
Key Highlights
- 8,500 SF fully finished and equipped food production/commercial kitchen facility
- Walk‑in coolers and freezers included for food storage
- Sealed, pitched floors to floor drains with specialized light fixtures and electrical outlets
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
$158,202
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
5.36%
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%
$3,164,040
$3.2M
Cap Rate 7%
$2,260,029
$2.3M
Cap Rate 9%
$1,757,800
$1.8M
Market Conditions
NOI Build-Up for 8,500 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
$224.4K $26.40/SF
− Vacancy
−$13.5K −$1.58/SF
EGI
$210.9K $24.82/SF
− OpEx
−$52.7K −$6.20/SF
NOI
$158.2K $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%
$3,164,040
Cap Rate 7%
$2,260,029
Cap Rate 9%
$1,757,800
Alternative Uses
Best Use
Specialty Retail
$2.26M
$1.98M – $2.64M
NOI $158,202 @ 7.0% cap · market cap 5.36%
Second Best
Industrial
$761.5K
$666.3K – $888.4K
NOI $53,303 @ 7.0% cap · market cap 1.81%
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,541 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
3,545
Businesses Nearby
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?
Commercial kitchen - Fully finished and equipped commercial kitchen with walk-in coolers, sealed pitched floors, and a box truck garage space.
Where is this commercial kitchen located?
The property is located at 1709 W Washington Blvd Chicago, IL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 8,500 SF fully finished and equipped food production/commercial kitchen facility; Walk‑in coolers and freezers included for food storage; Sealed, pitched floors to floor drains with specialized light fixtures and electrical outlets
