Flex Warehouse Office
1438 West Lake Street Chicago, IL 60607
1438 West Lake Street, Chicago, IL, 60607
Contact for pricing
For Sale
Contact for pricing
Flex warehouse with office space, currently under a long-term lease with periodic renewal options.
Property Size8,000 SF
Price / SF$187.50
Days on Market71
Property Features for 1438 West Lake Street
General Information
- Standard status
- Active
- Size
- 8,000 SF
- Property subtype
- Office, Industrial
Building Details
- Year Built
- 1924
Listing agency
Marcus & Millichap - Columbus
(479) 785-4343
Listed by
Alex Frankel · License #OH 2017002396
Source
Crexi
Added: May 12 Updated: Jul 20 at 7:14PM Checked: Jul 20 at 7:14PM
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 Marcus & Millichap - Columbus
Investment Insights
Based on property information with market context.
This flex warehouse/office space has a tenant that recently exercised a seven-year lease renewal. The lease includes three percent annual rental increases and one, five-year renewal option remaining. The tenant has operated at the site since 2013, demonstrating long-term commitment to the property.
The location is in downtown Chicago with access in close proximity to Interstates 90 and 290, the “L” Chicago train line, and Metra commuter rail. The property is also situated just north of the Illinois Medical District and University Village.
The offering is comprised of flex warehouse and office space in a single commercial facility, suited to users looking for combined warehouse and office functionality under an existing tenant arrangement.
The location is in downtown Chicago with access in close proximity to Interstates 90 and 290, the “L” Chicago train line, and Metra commuter rail. The property is also situated just north of the Illinois Medical District and University Village.
The offering is comprised of flex warehouse and office space in a single commercial facility, suited to users looking for combined warehouse and office functionality under an existing tenant arrangement.
Key Highlights
- 1924‑built flex warehouse/office space in downtown Chicago
- Tenant exercised a seven‑year lease renewal with 3% annual rental increases
- Lease includes a remaining one, five‑year renewal option
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.6k | $19.20 |
| − Vacancy | −$11.5k | −$1.44 |
| EGI | $142.1k | $17.76 |
| − OpEx | −$49.7k | −$6.22 |
| NOI | $92.4k | $11.54 |
8,000 SF · lease $19.20/SF/yr · vacancy 7.50% · expense 35.00%
Alternative Uses
Best Use
Office B
$2.45M
$2.15M – $2.86M
NOI $171,648 @ 7.0% cap · market cap 11.44%
Second Best
Flex RnD
$1.32M
$1.15M – $1.54M
NOI $92,352 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $264,038 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Igmoo
Marketing & Advertising
Edit Engine
Video Editing Service
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FAQs
What type of property is this?
Flex space - Flex warehouse with office space, currently under a long-term lease with periodic renewal options.
Where is this flex space located?
The property is located at 1438 West Lake Street Chicago, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 1924‑built flex warehouse/office space in downtown Chicago; Tenant exercised a seven‑year lease renewal with 3% annual rental increases; Lease includes a remaining one, five‑year renewal option
