Industrial Building with Drive-In
1831 N Lorel Avenue Chicago, IL 60639
For Sale
$699,000
Well-maintained industrial building with drive-in access, newer roof, updated office/restroom, and fenced employee parking.
Property Size6,700 SF
Price / SF$104.33
Days on Market34
Property Features for 1831 N Lorel Avenue
General Information
Standard status
Active
Size
6,700 SF
Property subtype
Commercial
Building Details
Year Built
1957
Listing Agency:
Ruiz Realty, Inc.
(773) 767-9470
Listed By:
Miguel Sanchez
(773) 767-9470
Source:
Birdrealtysells
Added: Jun 26
Changed: Jul 29
Last Checked: Jul 29 at 4:02AM
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 Ruiz Realty, Inc.
Investment Insights
Based on property information with market context.
This well-maintained industrial building offers a versatile layout for industrial use, including manufacturing, warehousing, distribution, fabrication, and other industrial operations. The property includes a recently updated office and restroom, a newer roof, and energy-efficient LED lighting, supporting day-to-day operational needs. High ceilings and flexible warehouse space are complemented by drive-in access.
The building includes ample fenced parking for employees and customers. It is currently being used as a die casting manufacturing facility.
The industrial configuration is supported by drive-in access and suitable ceiling height for a range of industrial activities. Additional exterior parking is fenced to support on-site operations.
The building includes ample fenced parking for employees and customers. It is currently being used as a die casting manufacturing facility.
The industrial configuration is supported by drive-in access and suitable ceiling height for a range of industrial activities. Additional exterior parking is fenced to support on-site operations.
Key Highlights
- 6,700‑SF industrial building built in 1957 in the Galewood Industrial Corridor
- Recently updated office and restroom
- Newer roof and energy‑efficient LED lighting
Financial Insights For Warehouse
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 | $43.4k | $6.48 |
| − Vacancy | −$6.0k | −$0.89 |
| EGI | $37.4k | $5.59 |
| − OpEx | −$5.6k | −$0.84 |
| NOI | $31.8k | $4.75 |
6,700 SF · lease $6.48/SF/yr · vacancy 13.80% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$454.4K
$397.6K – $530.2K
NOI $31,811 @ 7.0% cap · market cap 4.55%
Second Best
Industrial
$374.2K
$327.5K – $436.6K
NOI $26,197 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.96M
$2.59M – $3.46M
NOI $207,368 @ 7.0% cap · market cap 29.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Manufacturing property - Well-maintained industrial building with drive-in access, newer roof, updated office/restroom, and fenced employee parking.
Where is this manufacturing property located?
The property is located at 1831 N Lorel Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 6,700‑SF industrial building built in 1957 in the Galewood Industrial Corridor; Recently updated office and restroom; Newer roof and energy‑efficient LED lighting
