Timber Warehouse Live-Work
For Sale
Contact for pricing
1686 N Ada St, Chicago, IL 60642
Portfolio includes a light-filled timber warehouse with skylights and overhead access, plus two connected live-work spaces.
Property Size6,085 SF
Price / SF$279.38
Days on Market353
Property Features for 1686 N Ada St
General Information
Standard status
Active
Size
6,085 SF
Property subtype
INDUSTRIAL
Zoning
M3-3
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
2
Amenities
courtyard
skylights
radiant heated floors
indoor garage
outdoor space
Building Details
Construction
timber
Listing Agency:
@Properties | Chicago (North)
(312) 576-6118
Listed By:
Anthony Flora · License #471017201
(312) 339-7212
Source:
Moodyscre
Added: Aug 25, 2025
Changed: Jul 28
Last Checked: Aug 11 at 2:07PM
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 @Properties | Chicago (North)
Investment Insights
Based on property information with market context.
Three-parcel portfolio offers a flexible live-work and warehouse assembly along the North Branch of the Chicago River, with the parcels available separately or together. The property includes a raw artist studio of approximately 7,200 square feet over two levels, a timber loft residence with a courtyard and indoor/outdoor spaces, and a 6,000-square-foot timber warehouse.
The warehouse at 1686 N ADA is approximately 100' x 60', with ceiling height ranging from 14 to 16 feet. Multiple skylights provide natural light, and a large overhead door opens directly onto Ada Street.
The residence at 1684 N ADA was converted from an original factory into private live/work space of approximately 3,500 square feet, featuring a courtyard entry via an overhead garage door from the alley. It is currently configured as a one-bedroom, two-bath home with wide open living areas and a large gallery that can be adapted for additional bedrooms. The 1682 N Ada parcel is approximately 7,000+ square feet of raw studio space that connects the other parcels, and M3-3 zoning is noted as supporting a wide range of uses, with opportunities for additional FAR and height.
The warehouse at 1686 N ADA is approximately 100' x 60', with ceiling height ranging from 14 to 16 feet. Multiple skylights provide natural light, and a large overhead door opens directly onto Ada Street.
The residence at 1684 N ADA was converted from an original factory into private live/work space of approximately 3,500 square feet, featuring a courtyard entry via an overhead garage door from the alley. It is currently configured as a one-bedroom, two-bath home with wide open living areas and a large gallery that can be adapted for additional bedrooms. The 1682 N Ada parcel is approximately 7,000+ square feet of raw studio space that connects the other parcels, and M3-3 zoning is noted as supporting a wide range of uses, with opportunities for additional FAR and height.
Key Highlights
- Three‑parcel portfolio along the North Branch of the Chicago River, adjacent to Lincoln Yards, with parcels that can function separately or collectively
- 1686 N Ada: approx 100' x 60' timber warehouse with 14–16' ceiling heights, multiple skylights, and a large overhead door opening to Ada street
- 1684 N Ada: original factory converted to a live/work residence with approx 3,500 SF, courtyard entry via overhead garage door, timber ceilings, fire block & concrete walls
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
$130,560
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
7.68%
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%
$2,611,200
$2.6M
Cap Rate 7%
$1,865,143
$1.9M
Cap Rate 9%
$1,450,667
$1.5M
Market Conditions
NOI Build-Up for 6,085 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
$233.7K $38.40/SF
− Vacancy
−$59.6K −$9.79/SF
EGI
$174.1K $28.61/SF
− OpEx
−$43.5K −$7.15/SF
NOI
$130.6K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,611,200
Cap Rate 7%
$1,865,143
Cap Rate 9%
$1,450,667
Alternative Uses
Best Use
Office B
$1.87M
$1.63M – $2.18M
NOI $130,560 @ 7.0% cap · market cap 7.68%
Second Best
Mixed Use
$1.47M
$1.28M – $1.71M
NOI $102,684 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,834 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,555
Businesses Nearby
Balanced
Demand for This Use
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 Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Portfolio includes a light-filled timber warehouse with skylights and overhead access, plus two connected live-work spaces.
Where is this warehouse located?
The property is located at 1686 N Ada St Chicago, IL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Three‑parcel portfolio along the North Branch of the Chicago River, adjacent to Lincoln Yards, with parcels that can function separately or collectively; 1686 N Ada: approx 100' x 60' timber warehouse with 14–16' ceiling heights, multiple skylights, and a large overhead door opening to Ada street; 1684 N Ada: original factory converted to a live/work residence with approx 3,500 SF, courtyard entry via overhead garage door, timber ceilings, fire block & concrete walls
