Recently Renovated Warehouse and
For Sale
Contact for pricing
2135 W Carroll Ave, Chicago, IL 60612
Recently renovated warehouse and office space with a roof solar plant, natural light, and air conditioning.
Property Size23,900 SF
Price / SF$230.13
Days on Market526
Property Features for 2135 W Carroll Ave
General Information
Standard status
Active
Size
23,900 SF
Property subtype
INDUSTRIAL
Amenities
natural light
air-conditioned
solar plant
Listing Agency:
CBRE | Chicago
(312) 935-1400
Listed By:
Matt Cowie
(312) 735-6510
Source:
Moodyscre
Added: Apr 8, 2025
Changed: Sep 11
Last Checked: Sep 14 at 10:51AM
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 CBRE | Chicago
Investment Insights
Based on property information with market context.
This recently renovated warehouse and office space features a roof-mounted solar plant (58.95 kW), plenty of natural light, and air conditioning throughout. The layout supports both warehouse operations and office use, with updates designed to improve day-to-day functionality.
Located at 2135 W Carroll Ave in Chicago, IL 60612, the property is positioned for tenants and buyers seeking a combined warehouse-and-office configuration in a single asset. The existing improvements and building systems make it well-suited for an operator that needs climate-controlled workspace alongside functional warehouse space.
Located at 2135 W Carroll Ave in Chicago, IL 60612, the property is positioned for tenants and buyers seeking a combined warehouse-and-office configuration in a single asset. The existing improvements and building systems make it well-suited for an operator that needs climate-controlled workspace alongside functional warehouse space.
Key Highlights
- 58.95 kW roof solar plant
- Recently renovated warehouse and office space
- Air‑conditioned for climate control
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
$275,902
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
5.02%
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%
$5,518,040
$5.5M
Cap Rate 7%
$3,941,457
$3.9M
Cap Rate 9%
$3,065,578
$3.1M
Market Conditions
NOI Build-Up for 23,900 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
$458.9K $19.20/SF
− Vacancy
−$34.4K −$1.44/SF
EGI
$424.5K $17.76/SF
− OpEx
−$148.6K −$6.22/SF
NOI
$275.9K $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%
$5,518,040
Cap Rate 7%
$3,941,457
Cap Rate 9%
$3,065,578
Alternative Uses
Best Use
Office B
$7.33M
$6.41M – $8.55M
NOI $512,798 @ 7.0% cap · market cap 9.32%
Second Best
Flex RnD
$3.94M
$3.45M – $4.60M
NOI $275,902 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$11.27M
$9.86M – $13.15M
NOI $788,815 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,836
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated warehouse and office space with a roof solar plant, natural light, and air conditioning.
Where is this flex space located?
The property is located at 2135 W Carroll Ave Chicago, IL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 58.95 kW roof solar plant; Recently renovated warehouse and office space; Air‑conditioned for climate control
