Corner Flex Warehouse
For Sale
$995,000
3149 Elston Ave, Chicago, IL 60618
Single-story garage with warehouse use, currently configured with two rentable spaces in a high-traffic corner setting.
Property Size3,000 SF
Price / SF$331.67
Days on Market624
Property Features for 3149 Elston Ave
General Information
Standard status
Active
Size
3,000 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$14,160
Amenities
3
Building Details
Year Built
1957
Stories
1
Tenancy
Multi
Listing Agency:
Avenue 1 Realty Group
(773) 622-4663
Listed By:
Ronald Ohr · License #475103671
(312) 719-9090
Source:
Xome
Added: Dec 21, 2024
Changed: Sep 2
Last Checked: Sep 5 at 4:05AM
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 Avenue 1 Realty Group
Investment Insights
Based on property information with market context.
This single-story garage with warehouse configuration offers two currently rented spaces. The property includes a 1,800 SF space and a separate 1,200 SF space, each on month-to-month terms under a modified gross lease structure. Tenants are responsible for utilities and repairs, while the landlord covers taxes and water.
The building is located on a corner at Fletcher and Elston in Chicago’s Logan Square area and positioned in a high-traffic setting.
For buyers evaluating redevelopment versus preservation, the property can be left as-is or considered for new development, based on the current layout and corner location.
The building is located on a corner at Fletcher and Elston in Chicago’s Logan Square area and positioned in a high-traffic setting.
For buyers evaluating redevelopment versus preservation, the property can be left as-is or considered for new development, based on the current layout and corner location.
Key Highlights
- Single‑story garage with warehouse use on the corner of Fletcher and Elston in a high‑traffic area
- Two rentable spaces: 1,800 SF currently rented for $1,550/mo and 1,200 SF rented for $3,350/mo
- Month‑to‑month leases on a modified gross lease structure; tenants pay all utilities and repairs
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
$31,590
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
3.17%
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%
$631,800
$631.8K
Cap Rate 7%
$451,286
$451.3K
Cap Rate 9%
$351,000
$351.0K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$5.4K −$1.80/SF
EGI
$48.6K $16.20/SF
− OpEx
−$17.0K −$5.67/SF
NOI
$31.6K $10.53/SF
Area
ZIP 60618
Vacancy
10.00%
Lease Rate
$18.00 /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%
$631,800
Cap Rate 7%
$451,286
Cap Rate 9%
$351,000
Alternative Uses
Best Use
Flex RnD
$451.3K
$394.9K – $526.5K
NOI $31,590 @ 7.0% cap · market cap 3.17%
Second Best
Warehouse
$221.7K
$194.0K – $258.6K
NOI $15,516 @ 7.0% cap · market cap 1.56%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,753 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,014
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rosie's Sidekick Sandwich Shop — 2610 N California Ave, Chicago, IL 60647
- Logan Oyster Socials — 2900 W Diversey Ave, Chicago, IL 60647
- Food2You Maplewood, Inc. — 2719 N Maplewood Ave, Chicago, IL 60647
- CMB Catering — 2853 N Kedzie Ave, Chicago, IL 60618
- DonerMen — 2849 w belmont ave, chicago, il 60618
Frequently Asked Questions
What type of property is this?
Flex space - Single-story garage with warehouse use, currently configured with two rentable spaces in a high-traffic corner setting.
Where is this flex space located?
The property is located at 3149 Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Single‑story garage with warehouse use on the corner of Fletcher and Elston in a high‑traffic area; Two rentable spaces: 1,800 SF currently rented for $1,550/mo and 1,200 SF rented for $3,350/mo; Month‑to‑month leases on a modified gross lease structure; tenants pay all utilities and repairs
