Two-Story Warehouse with Heavy
New
For Sale
$850,000
2323 N Pulaski Road, Chicago, IL 60639
M-1-2 zoning permits warehousing, storage, light manufacturing, and select commercial or auto-oriented uses.
Property Size20,000 SF
Lot Size0.23 Acres
Price / SF$42.50
Days on Market7
Property Features for 2323 N Pulaski Road
General Information
Standard status
Active
Size
20,000 SF
Lot size
0.23 Acres
Property subtype
COMMERCIAL
Zoning
M-1-2
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
12 ft
Power
400 amps
Heavy Power
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$56,112
Building Details
Building Size
20,000 SF
Year Built
1948
Buildings
1
Stories
2
Construction
brick and concrete block
Listing Agency:
Baird & Warner
Listed By:
Wesley Jonberg · License #475124475
(312) 640-7010
Source:
Harkinsandassociates
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 13 at 10:45AM
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 two-story warehouse contains approximately 20,000 square feet on a roughly 10,044-square-foot lot. Built in 1948, the building includes approximately 10% office area, a service elevator, several routes to the upper level, and alley-access loading. Interior construction combines brick and concrete block walls with wood and concrete flooring. The property also has 400/heavy power, approximately 12-foot ceilings, a rubber/flat roof, and full sprinkler coverage.
Zoned commercial/M-1-2, the site accommodates light manufacturing, wholesale, warehousing, storage, and certain commercial or auto-oriented uses. It is within the Pulaski Corridor TIFF and surrounded by industrial and commercial businesses. The Metra Healy stop is approximately a 5-minute walk away, with public bus service also available. I-90/94 and 294 provide regional highway access, while downtown Chicago is approximately 7 miles away.
Zoned commercial/M-1-2, the site accommodates light manufacturing, wholesale, warehousing, storage, and certain commercial or auto-oriented uses. It is within the Pulaski Corridor TIFF and surrounded by industrial and commercial businesses. The Metra Healy stop is approximately a 5-minute walk away, with public bus service also available. I-90/94 and 294 provide regional highway access, while downtown Chicago is approximately 7 miles away.
Key Highlights
- Approximately 20,000 square feet across two stories on a roughly 10,044‑square‑foot lot
- Commercial/M‑1‑2 zoning allows light manufacturing, wholesale, warehousing, storage, and select commercial uses
- 400/heavy power and approximately 12‑foot ceiling height
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
$78,201
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
9.20%
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%
$1,564,020
$1.6M
Cap Rate 7%
$1,117,157
$1.1M
Cap Rate 9%
$868,900
$868.9K
Market Conditions
NOI Build-Up for 20,000 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
$129.6K $6.48/SF
− Vacancy
−$17.9K −$0.89/SF
EGI
$111.7K $5.59/SF
− OpEx
−$33.5K −$1.68/SF
NOI
$78.2K $3.91/SF
Area
ZIP 60639
Vacancy
13.80%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$1,564,020
Cap Rate 7%
$1,117,157
Cap Rate 9%
$868,900
Alternative Uses
Best Use
Warehouse
$1.36M
$1.19M – $1.58M
NOI $94,958 @ 7.0% cap · market cap 11.17%
Second Best
Industrial
$1.12M
$977.5K – $1.30M
NOI $78,201 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$8.84M
$7.74M – $10.32M
NOI $619,008 @ 7.0% cap · market cap 72.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12 ft
Clear height
Yes
Heavy power
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,750
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Warehouse - M-1-2 zoning permits warehousing, storage, light manufacturing, and select commercial or auto-oriented uses.
Where is this warehouse located?
The property is located at 2323 N Pulaski Road Chicago, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 20,000 square feet across two stories on a roughly 10,044‑square‑foot lot; Commercial/M‑1‑2 zoning allows light manufacturing, wholesale, warehousing, storage, and select commercial uses; 400/heavy power and approximately 12‑foot ceiling height
