West Loop Flex/Industrial
For Sale
$3,422,400
1631-1639 W Carroll Ave, Chicago, IL 60612
Renovated flex/industrial space in Chicago's dynamic West Loop.
Property Size11,408 SF
Price / SF$300
Days on Market156
Property Features for 1631-1639 W Carroll Ave
General Information
Standard status
Active
Size
11,408 SF
Property subtype
Industrial
Building Details
Year Built
1926
Listing Agency:
SVN | Chicago - Corporate
(847) 778-1254
Listed By:
John Joyce, CCIM SIOR · License #475148534
(847) 778-1254
Source:
Svnchicago
Added: Feb 25
Changed: Jul 10
Last Checked: Jul 30 at 5:40AM
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 SVN | Chicago - Corporate
Investment Insights
Based on property information with market context.
This flex/industrial space is located in Chicago's West Loop, a dynamic and highly sought-after neighborhood. The property offers connectivity with public transit access, being minutes from both Ogilvie and Union Station Metra hubs, plus one of Chicago’s newest CTA stations, Morgan & Lake, which has nearly 1 million annual riders. The space has been recently renovated and features timber loft architecture, new skylights and LED lighting, a freight elevator, four new furnaces, fresh paint, maple floors that have been repaired and refinished, and a new roof within the last five years. Flexible options are available to divide the space to 11,408 square feet, or occupy the full building.
Key Highlights
- Unbeatable public transit access: Minutes from Ogilvie and Union Station Metra hubs, and a major CTA station.
- Divisible space: Flexible options to occupy 11,408 SF or the full building.
- Recently renovated timber loft space with new skylights and LED lighting.
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 | $219.0k | $19.20 |
| − Vacancy | −$16.4k | −$1.44 |
| EGI | $202.6k | $17.76 |
| − OpEx | −$70.9k | −$6.22 |
| NOI | $131.7k | $11.54 |
11,408 SF · lease $19.20/SF/yr · vacancy 7.50% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$1.88M
$1.65M – $2.19M
NOI $131,694 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$1.02M
$894.2K – $1.19M
NOI $71,539 @ 7.0% cap · market cap 2.09%
Theoretical Best
Office A
$5.38M
$4.71M – $6.28M
NOI $376,519 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,087
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Entertaining Company — 1640 W Walnut St, Chicago, IL 60612
- Blue Plate — 1362 W Fulton St, Chicago, IL 60607
- Occasions Chicago — 116 N Willard Ct, Chicago, IL 60607
- Butter and Vine — 1709 W Washington Blvd, Chicago, IL 60612
- The Flora Fare — 324 N Leavitt St, Chicago, IL 60612
Frequently Asked Questions
What type of property is this?
Flex space - Renovated flex/industrial space in Chicago's dynamic West Loop.
Where is this flex space located?
The property is located at 1631-1639 W Carroll Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,422,400.
What are key features of this property?
This property features: Unbeatable public transit access: Minutes from Ogilvie and Union Station Metra hubs, and a major CTA station.; Divisible space: Flexible options to occupy 11,408 SF or the full building.; Recently renovated timber loft space with new skylights and LED lighting.
