Manufacturing Property with Three
For Sale
$2,175,000
1618-22 N Throop Street, Chicago, IL 60642
Manufacturing site with three connecting buildings, high ceilings, loading docks, and office space with central air.
Property Size10,000 SF
Days on Market330
Property Features for 1618-22 N Throop Street
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Zoning
MANUF
Additional Details
Outdoor Storage
Yes
Dock-High Doors
2
Taxes and HOA fees
Annual Taxes
$57,367
Amenities
central air conditioning
Building Details
Building Size
10,000 SF
Year Built
1980
Stories
1
Units
1
Listing Agency:
Baird & Warner
(773) 326-6500
Listed By:
Barbara O'Connor · License #471016838
(773) 326-6500
Source:
Perillorealestategroup
Added: Sep 18, 2025
Changed: Aug 8
Last Checked: Aug 12 at 12:45PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This for-sale manufacturing property includes three connecting buildings on one site. The space is described as having high ceilings, two loading docks, and office space within the buildings. The office includes central air conditioning, along with two skylights, and there is one washroom on site. Outside, the property provides a small outdoor area for storage, plus green space on the north side of the building that may be used for storage.
The property is offered with M3-3 zoning, and the seller is open to selling the property as land as well; a survey is noted as available in the additional information.
The configuration supports manufacturing or related use with multiple structures connected across the site, two loading points for receiving and shipping, and on-site administrative space within the building footprint.
The property is offered with M3-3 zoning, and the seller is open to selling the property as land as well; a survey is noted as available in the additional information.
The configuration supports manufacturing or related use with multiple structures connected across the site, two loading points for receiving and shipping, and on-site administrative space within the building footprint.
Key Highlights
- Manufacturing site built in 1980 with three connecting buildings on the property
- High ceilings throughout
- Two loading docks for shipping and receiving
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
$62,709
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
2.88%
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%
$1,254,180
$1.3M
Cap Rate 7%
$895,843
$895.8K
Cap Rate 9%
$696,767
$696.8K
Market Conditions
NOI Build-Up for 10,000 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
$94.3K $9.43/SF
− Vacancy
−$4.7K −$0.47/SF
EGI
$89.6K $8.96/SF
− OpEx
−$26.9K −$2.69/SF
NOI
$62.7K $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%
$1,254,180
Cap Rate 7%
$895,843
Cap Rate 9%
$696,767
Alternative Uses
Best Use
Industrial
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.71M
$4.13M – $5.50M
NOI $330,048 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
3,557
Businesses Nearby
Explore this area
Business Placement
Demographics for 60642, IL
21,687
Population
12,144
Households
1.8
Avg Household Size
33
Median Age
78%
College-Educated
97%
High-School Grad
1.7 sq mi
ZIP Area
12,757
Density / Sq Mi
$141,179
Median Household Income
$90,885
Median Earnings
$2,216
Median Rent
$604,200
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?
Manufacturing property - Manufacturing site with three connecting buildings, high ceilings, loading docks, and office space with central air.
Where is this manufacturing property located?
The property is located at 1618-22 N Throop Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,175,000.
What are key features of this property?
This property features: Manufacturing site built in 1980 with three connecting buildings on the property; High ceilings throughout; Two loading docks for shipping and receiving
