Light-Filled Flex
For Sale
Contact for pricing
1911-1923 W Lake St, Chicago, IL 60612
Open warehouse areas feature full HVAC and adaptable unit configurations.
Property Size15,625 SF
Price / SF$284.80
Days on Market516
Property Features for 1911-1923 W Lake St
General Information
Standard status
Active
Size
15,625 SF
Property subtype
INDUSTRIAL
Additional Details
Conditioned Warehouse
Yes
Listing Agency:
CBRE | Chicago
(312) 935-1400
Listed By:
Matt Cowie
(312) 735-6510
Source:
Moodyscre
Added: Apr 7, 2025
Changed: Aug 30
Last Checked: Sep 4 at 4:32AM
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 CBRE | Chicago
Investment Insights
Based on property information with market context.
This 15,625-square-foot flex property includes open warehouse areas with abundant natural light and full HVAC throughout. The facility is arranged for flexible unit sizing and has been described for warehouse, manufacturing, retail, event, and food-related uses.
The property at 1911-1923 W Lake St is adjacent to the announced The 1901 Project. Chicago Transit Authority Green and Pink Line service at Lake & Damen is less than one block away, adding rail access near the facility.
The property at 1911-1923 W Lake St is adjacent to the announced The 1901 Project. Chicago Transit Authority Green and Pink Line service at Lake & Damen is less than one block away, adding rail access near the facility.
Key Highlights
- 15,625‑square‑foot flex property with open warehouse areas
- Full HVAC throughout the facility
- Natural light across the warehouse 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
$180,375
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
4.05%
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%
$3,607,500
$3.6M
Cap Rate 7%
$2,576,786
$2.6M
Cap Rate 9%
$2,004,167
$2.0M
Market Conditions
NOI Build-Up for 15,625 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
$300.0K $19.20/SF
− Vacancy
−$22.5K −$1.44/SF
EGI
$277.5K $17.76/SF
− OpEx
−$97.1K −$6.22/SF
NOI
$180.4K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /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%
$3,607,500
Cap Rate 7%
$2,576,786
Cap Rate 9%
$2,004,167
Alternative Uses
Best Use
Flex RnD
$2.58M
$2.25M – $3.01M
NOI $180,375 @ 7.0% cap · market cap 4.05%
Second Best
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,354 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$7.37M
$6.45M – $8.60M
NOI $515,700 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,720
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Open warehouse areas feature full HVAC and adaptable unit configurations.
Where is this flex space located?
The property is located at 1911-1923 W Lake St Chicago, IL.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 15,625‑square‑foot flex property with open warehouse areas; Full HVAC throughout the facility; Natural light across the warehouse space
