Listing Agency: CBRE | Chicago Show Phone

Listed By: Matt Cowie Show Phone

Source: Moodyscre

Added: Apr 7, 2025 Changed: Oct 10 Last Checked: Oct 19 at 8:48AM

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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.

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 / Yr

$180,375

Cap Rate

4.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,607,500 $3.6M

Cap Rate 7%

$2,576,786 $2.6M

Cap Rate 9%

$2,004,167 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 15,625 SF

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 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 (±1% cap)

NOI $180,375 @ 7.0% cap · market cap 4.05%

Second Best

Warehouse

$1.69M

$1.48M – $1.97M (±1% cap)

NOI $118,354 @ 7.0% cap · market cap 2.66%

Theoretical Best

Office A

$7.37M

$6.45M – $8.60M (±1% cap)

NOI $515,700 @ 7.0% cap · market cap 11.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Parts Store Auto Repair Shop Storage Facility Accounting Firm Building Supply Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

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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