Flex/Commercial Warehouse
For Sale
$999,000
Pending
4444 Elston Avenue, Chicago, IL 60630
Flex/commercial warehouse with clear-span interior, office area, and a 100-foot frontage along Elston Avenue.
Property Size12,500 SF
Days on Market546
Property Features for 4444 Elston Avenue
General Information
Standard status
Pending
Size
12,500 SF
Property subtype
General Commercial
Zoning
C1-1
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$29,760
Amenities
3
Building Details
Year Built
1920
Listing Agency:
Strauss Realty Ltd
(773) 736-3600
Listed By:
Dale Strauss · License #471007335
(773) 775-9800
Source:
Xome
Added: Mar 8, 2025
Changed: Sep 1
Last Checked: Sep 5 at 4:27AM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
This flex/commercial warehouse building offers a versatile clear-span layout with high ceilings, an office area, and skylit interior space. The structure includes one overhead drive-in door and one interior truck-level dock, supported by a distinctive roof system and large industrial skylights.
The property is located with approximately 100 feet of frontage along Elston Avenue. It is zoned C1-1 and positioned for strong visibility within a commercial corridor, with highway access noted in the remarks.
For tenants and buyers seeking adaptable space, the combination of clear-span configuration, dock and drive-in capabilities, and existing office area supports a range of industrial, warehouse, or creative commercial uses as described.
The property is located with approximately 100 feet of frontage along Elston Avenue. It is zoned C1-1 and positioned for strong visibility within a commercial corridor, with highway access noted in the remarks.
For tenants and buyers seeking adaptable space, the combination of clear-span configuration, dock and drive-in capabilities, and existing office area supports a range of industrial, warehouse, or creative commercial uses as described.
Key Highlights
- 12,500 SF flex/commercial building with a versatile clear‑span layout and high ceilings
- C1‑1 zoning with 100 ft of frontage along Elston Avenue
- Clear‑span interior with 1 office area for added functional space
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
$78,387
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
7.85%
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%
$1,567,740
$1.6M
Cap Rate 7%
$1,119,814
$1.1M
Cap Rate 9%
$870,967
$871.0K
Market Conditions
NOI Build-Up for 12,500 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
$117.9K $9.43/SF
− Vacancy
−$5.9K −$0.47/SF
EGI
$112.0K $8.96/SF
− OpEx
−$33.6K −$2.69/SF
NOI
$78.4K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$1,567,740
Cap Rate 7%
$1,119,814
Cap Rate 9%
$870,967
Alternative Uses
Best Use
Flex RnD
$2.06M
$1.80M – $2.41M
NOI $144,300 @ 7.0% cap · market cap 14.44%
Second Best
Warehouse
$1.35M
$1.18M – $1.58M
NOI $94,683 @ 7.0% cap · market cap 9.48%
Theoretical Best
Office A
$5.89M
$5.16M – $6.88M
NOI $412,560 @ 7.0% cap · market cap 41.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,449
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60630, IL
54,064
Population
23,393
Households
2.3
Avg Household Size
40
Median Age
44%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
11,503
Density / Sq Mi
$97,134
Median Household Income
$54,576
Median Earnings
$1,357
Median Rent
$362,900
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Flex/commercial warehouse with clear-span interior, office area, and a 100-foot frontage along Elston Avenue.
Where is this flex space located?
The property is located at 4444 Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 12,500 SF flex/commercial building with a versatile clear‑span layout and high ceilings; C1‑1 zoning with 100 ft of frontage along Elston Avenue; Clear‑span interior with 1 office area for added functional space
