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    Melrose Park Manufacturing Warehouse Title is generated by Realmo AI

    1605 N 31st Ave, Melrose Park, IL 60160

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    For Sale
    $850,000

    10,060 SF manufacturing warehouse with two units.

    Type:Warehouse
    Property size:
    10,060 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $84/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:34 am

    Property Features for 1605 N 31st Ave

    General Information

    Standard status
    Active
    Size
    10,060 SF
    Lot size
    0.40 Acres
    Property subtype
    Warehouse

    Building Details

    Year Built
    1959

    We can help!

    Listing Contact
    Reese D. Isacson
    Reese D. Isacson

    Listing agent Reese D. Isacson License #License(s): IL: 475.21653

    Listing office Marcus & Millichap | Dallas

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 | Dallas

    HighLights

    • Fully leased multi‑tenant asset providing immediate income.
    • Below replacement cost at $86.98 per square foot.
    • Located in the West Cook North submarket with rents growing at twice the national average (3.2%).
    • Strategic location 6.8 miles from Chicago O’Hare International Airport and close proximity to Interstates 294, 290, and 88.
    • Potential for partial owner use with one lease expiring in October 2026.
    • Annual lease rate escalations of 3.0 percent.

    Overview

    Located at 1605 to 1609 North 31st Avenue in Melrose Park, Illinois, this property features approximately 10,060 square feet of manufacturing warehouse space on a 0.40-acre lot. The multi-tenant building has masonry construction with a metal roof, two units, and a 14-foot clear height. It includes two dock-high doors, two grade-level doors, and two HVAC units. The electrical capacity is 200 amps with 220 volts, and there are 12 parking spaces. The property is fully leased and equally occupied by F.W. Kline, Inc., a commercial door hardware provider, and Your Custom Cabinetry, a custom builder of high-end residential cabinetry. The average lease rate is $12.30 per square foot, with annual escalations of 3.0 percent. One of the leases expires at the start of October 2026, offering potential for partial owner use. The property is located 6.8 miles south of Chicago O’Hare International Airport, with convenient access to Interstates 294, 290, and 88. The property is situated within the West Cook North submarket, which contains 62.2 million square feet of industrial space.

    Local Financial Insights For Warehouse

    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 $65.2k $6.48
    − Vacancy −$3.3k −$0.33
    EGI $61.9k $6.15
    − OpEx −$9.3k −$0.92
    NOI $52.6k $5.23
    10,060 SF · lease $6.48/SF/yr · vacancy 5.10% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $751.2K
    $657.3K – $876.4K (±1% cap)
    NOI $52,585 @ 7.0% cap · market cap 6.19%
    Second Best
    Industrial
    $618.6K
    $541.3K – $721.8K (±1% cap)
    NOI $43,305 @ 7.0% cap · market cap 5.09%
    Theoretical Best
    Office A
    $3.47M
    $3.04M – $4.05M (±1% cap)
    NOI $243,128 @ 7.0% cap · market cap 28.60%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Multi Serve Construction Company F.W. Kline, Inc. Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Door to Door Storage & Moving — 1502 25th Ave, Melrose Park, IL 60160
    • VG Division Storage — 3000 Division St, Melrose Park, IL 60160
    • Melrose Self Storage — 3717 W Lake St, Melrose Park, IL 60160
    • Mass Movement, Inc. — 2684 W Lake St, Melrose Park, IL 60160
    • Bernard Movers — 1502 25th Ave, Melrose Park, IL 60160

    Location Insight

    • Map
    • Local Demand
    City
    Melrose Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8710872
    Latitude
    41.9023586

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    FAQs

    What type of property is this?
    Warehouse - 10,060 SF manufacturing warehouse with two units.
    Where is this warehouse located?
    The property is located at 1605 N 31st Ave Melrose Park, IL.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Fully leased multi‑tenant asset providing immediate income.; Below replacement cost at $86.98 per square foot.; Located in the West Cook North submarket with rents growing at twice the national average (3.2%).
    (312) 327-5459
    We can help!
    Listing Contact
    Reese D. Isacson
    Reese D. Isacson
    Real Estate License ID: License(s): IL: 475.21653
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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