Connected-Building Manufacturing
For Sale
$2,175,000
1618-22 N Throop Street, Chicago, IL 60642
Three linked structures combine production space, loading access, offices, and limited outdoor storage.
Property Size10,000 SF
Price / SF$217.50
Days on Market338
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
Building Details
Building Size
10,000 SF
Year Built
1980
Buildings
3
Stories
1
Units
1
Listing Agency:
Baird & Warner
(773) 326-6500
Listed By:
Barbara O'Connor · License #471016838
(773) 326-6500
Source:
Cavanaghrealty
Added: Sep 18, 2025
Changed: Aug 21
Last Checked: Aug 21 at 2:19PM
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 manufacturing property includes three connected buildings totaling 10,000 square feet on the property. The improvements feature high ceilings, two loading docks, two skylights, and a small outdoor area that can support storage. Interior space includes offices, one washroom, and an office area with central air conditioning.
Constructed in 1980, the property is located at 1618-22 N Throop Street in Chicago, Illinois 60642. The north side of the building includes additional green space identified for storage. The seller has also indicated openness to a land-only sale structure.
Constructed in 1980, the property is located at 1618-22 N Throop Street in Chicago, Illinois 60642. The north side of the building includes additional green space identified for storage. The seller has also indicated openness to a land-only sale structure.
Key Highlights
- Three connected buildings totaling 10,000 square feet
- Two loading docks support shipping and receiving
- High ceilings, two skylights, and small outdoor storage area
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
$115,440
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
5.31%
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%
$2,308,800
$2.3M
Cap Rate 7%
$1,649,143
$1.6M
Cap Rate 9%
$1,282,667
$1.3M
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
$192.0K $19.20/SF
− Vacancy
−$14.4K −$1.44/SF
EGI
$177.6K $17.76/SF
− OpEx
−$62.2K −$6.22/SF
NOI
$115.4K $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%
$2,308,800
Cap Rate 7%
$1,649,143
Cap Rate 9%
$1,282,667
Alternative Uses
Best Use
Flex RnD
$1.65M
$1.44M – $1.92M
NOI $115,440 @ 7.0% cap · market cap 5.31%
Second Best
Warehouse
$1.08M
$946.8K – $1.26M
NOI $75,746 @ 7.0% cap · market cap 3.48%
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 - Three linked structures combine production space, loading access, offices, and limited outdoor storage.
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: Three connected buildings totaling 10,000 square feet; Two loading docks support shipping and receiving; High ceilings, two skylights, and small outdoor storage area
