Manufacturing Facility with Loading
For Sale
$2,175,000
1618-22 N Throop St, Chicago, IL 60642
Connected industrial buildings offer high-clearance production space, office areas, and outdoor storage capacity.
Property Size10,000 SF
Price / SF$217.50
Days on Market39
Property Features for 1618-22 N Throop St
General Information
Standard status
Active
Size
10,000 SF
Zoning
M3-3
Additional Details
Outdoor Storage
Yes
Dock-High Doors
2
Building Details
Year Built
1980
Buildings
3
Listing Agency:
Baird & Warner
Listed By:
Barbara O'Connor · License #471016838
(312) 265-8000
Source:
Bktchicago
Added: Jul 27
Changed: Aug 31
Last Checked: Sep 1 at 8:36PM
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 comprises three connected buildings with high ceilings, two loading docks, and an outdoor area suitable for storage. Interior improvements include office space, a washroom, central air conditioning in the offices, and two skylights. The property was built in 1980 and carries M3-3 zoning.
Located at 1618-22 N Throop St in Chicago, the site also includes green space along the north side of the building that can support additional storage needs. The seller is open to a land-only sale structure as well as the sale of the improved property.
Located at 1618-22 N Throop St in Chicago, the site also includes green space along the north side of the building that can support additional storage needs. The seller is open to a land-only sale structure as well as the sale of the improved property.
Key Highlights
- Three connected buildings on one manufacturing property
- Two loading docks and high ceilings
- M3‑3 zoning supports the industrial property classification
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
Industrial
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 2.88%
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 - Connected industrial buildings offer high-clearance production space, office areas, and outdoor storage capacity.
Where is this manufacturing property located?
The property is located at 1618-22 N Throop St 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 on one manufacturing property; Two loading docks and high ceilings; M3‑3 zoning supports the industrial property classification
