Remodeled Flex Space with
For Sale
$650,000
5364 W Devon Avenue, Chicago, IL 60646
Adaptable commercial interior with private offices, collaborative workspace, meeting rooms, and an updated kitchenette.
Property Size5,800 SF
Price / SF$112.07
Days on Market516
Property Features for 5364 W Devon Avenue
General Information
Standard status
Active
Size
5,800 SF
Property subtype
Commercial
Zoning
OFFIC
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$23,845
Amenities
8 private offices
open work areas
conference rooms
updated kitchenette
Building Details
Building Size
5,800 SF
Year Built
1949
Stories
1
Units
1
Listing Agency:
Coldwell Banker Realty
(630) 789-8280
Listed By:
Kyle Capone
(630) 789-8280
Source:
Gia-sells
Added: Mar 23, 2025
Changed: Aug 15
Last Checked: Aug 19 at 2:17PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 5,800 SF flex property was remodeled for a combination of office and commercial functions. The interior includes 8 private offices, open work areas, conference rooms, and an updated kitchenette. The space was formerly occupied by two real estate offices and carries OFFIC zoning.
The property is positioned in Edgebrook’s business district, with access to the Metra, Edens, and O’Hare. Street parking and long-term parking options are available near Metra. Its existing layout provides a defined framework for professional, service-oriented, or other commercial occupancy configurations.
The property is positioned in Edgebrook’s business district, with access to the Metra, Edens, and O’Hare. Street parking and long-term parking options are available near Metra. Its existing layout provides a defined framework for professional, service-oriented, or other commercial occupancy configurations.
Key Highlights
- 5,800 SF remodeled flex property
- 8 private offices with open work areas
- Conference rooms and updated kitchenette
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
$36,372
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
5.60%
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%
$727,440
$727.4K
Cap Rate 7%
$519,600
$519.6K
Cap Rate 9%
$404,133
$404.1K
Market Conditions
NOI Build-Up for 5,800 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
$54.7K $9.43/SF
− Vacancy
−$2.7K −$0.47/SF
EGI
$52.0K $8.96/SF
− OpEx
−$15.6K −$2.69/SF
NOI
$36.4K $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%
$727,440
Cap Rate 7%
$519,600
Cap Rate 9%
$404,133
Alternative Uses
Best Use
Office B
$1.78M
$1.56M – $2.07M
NOI $124,445 @ 7.0% cap · market cap 19.15%
Second Best
Retail
$1.15M
$1.00M – $1.34M
NOI $80,242 @ 7.0% cap · market cap 12.34%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,428 @ 7.0% cap · market cap 29.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60646, IL
28,383
Population
11,636
Households
2.4
Avg Household Size
44
Median Age
58%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
6,451
Density / Sq Mi
$111,115
Median Household Income
$66,105
Median Earnings
$1,241
Median Rent
$493,600
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
- A Touch of Help — 6038 n menard ave, chicago, il 60646
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial interior with private offices, collaborative workspace, meeting rooms, and an updated kitchenette.
Where is this flex space located?
The property is located at 5364 W Devon Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,800 SF remodeled flex property; 8 private offices with open work areas; Conference rooms and updated kitchenette
