Two-Story Flex
For Sale
$1,025,000
3735 W Belmont Avenue, Chicago, IL 60618
Flexible warehouse, office, or creative space with natural light and a drive-in loading door.
Property Size12,000 SF
Price / SF$85.42
Days on Market709
Property Features for 3735 W Belmont Avenue
General Information
Standard status
Active
Size
12,000 SF
Property subtype
COMMERCIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
1
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$31,445
Building Details
Building Size
12,000 SF
Year Built
1950
Buildings
1
Stories
2
Construction
timber loft
Listing Agency:
Strauss Realty Ltd
Listed By:
Adam Schneiderman · License #475149601
(773) 736-3600
Source:
Dawnmckennagroup
Added: Oct 7, 2024
Changed: Sep 8
Last Checked: Sep 14 at 11:06AM
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.
Avondale flex building offering 12,000 SF across two stories, with 6,000 SF per floor. The property supports warehouse, office, flex, or creative use and includes a 12' clear ceiling height, one drive-in door, wet sprinklers, and abundant natural light. Approximately 1,400 SF of outdoor space provides parking for 4/5 cars. Built in 1950, the building is adjacent to new construction and fronts busy Belmont Avenue, which carries 20,100 vehicles per day.
Area tenants include Chicago Strength Gym, The Avondale Tap, Sleeping Village, Dunkin, Shell, Walgreens, and more. The property is a 5-minute drive from I-90 and a 10-minute walk from the Belmont Blue Line.
Area tenants include Chicago Strength Gym, The Avondale Tap, Sleeping Village, Dunkin, Shell, Walgreens, and more. The property is a 5-minute drive from I-90 and a 10-minute walk from the Belmont Blue Line.
Key Highlights
- 12,000 SF two‑story timber loft building with 6,000 SF per floor
- Warehouse, office, flex, or creative use configuration
- 12' clear ceiling height, 1 drive‑in door, and wet sprinklers
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
$62,064
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
6.06%
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%
$1,241,280
$1.2M
Cap Rate 7%
$886,629
$886.6K
Cap Rate 9%
$689,600
$689.6K
Market Conditions
NOI Build-Up for 12,000 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
$77.8K $6.48/SF
− Vacancy
−$4.7K −$0.40/SF
EGI
$73.0K $6.08/SF
− OpEx
−$11.0K −$0.91/SF
NOI
$62.1K $5.17/SF
Area
ZIP 60618
Vacancy
6.10%
Lease Rate
$6.48 /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%
$1,241,280
Cap Rate 7%
$886,629
Cap Rate 9%
$689,600
Alternative Uses
Best Use
Office B
$3.80M
$3.32M – $4.43M
NOI $265,904 @ 7.0% cap · market cap 25.94%
Second Best
Flex RnD
$1.81M
$1.58M – $2.11M
NOI $126,360 @ 7.0% cap · market cap 12.33%
Theoretical Best
Office A
$5.24M
$4.59M – $6.12M
NOI $367,013 @ 7.0% cap · market cap 35.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,138
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible warehouse, office, or creative space with natural light and a drive-in loading door.
Where is this flex space located?
The property is located at 3735 W Belmont Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 12,000 SF two‑story timber loft building with 6,000 SF per floor; Warehouse, office, flex, or creative use configuration; 12' clear ceiling height, 1 drive‑in door, and wet sprinklers
