Corner Flex Warehouse
3149-57 N Elston Avenue Chicago, IL 60618
3149-57 N Elston Avenue, Chicago, IL, 60618
$995,000
For Sale
$995,000
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 Market643
Property Features for 3149-57 N Elston Avenue
General Information
- Standard status
- Active
- Size
- 3,000 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1957
Listing agency
Avenue 1 Realty Group
(312) 719-9090
Listed by
Ronald Ohr · License #471020729
(312) 719-9090
Source
Xome
Added: Oct 18, 2024 Updated: Jul 21 at 7:17PM Checked: Jul 22 at 3:50AM
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
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.0k | $18.00 |
| − Vacancy | −$5.4k | −$1.80 |
| EGI | $48.6k | $16.20 |
| − OpEx | −$17.0k | −$5.67 |
| NOI | $31.6k | $10.53 |
3,000 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 35.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
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- Rosie's Sidekick Sandwich Shop — 2610 N California Ave, Chicago, IL 60647
FAQs
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 3149-57 N Elston Avenue 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
