Building Details

Building Size 5,000 SF

Year Built 2006

Buildings 2

Listing Agency: RE/MAX Partners

Listed By: Maria Orozco · License #475.18691 Show Phone

Source: Dawnmckennagroup

Added: Oct 19 Changed: Oct 21 Last Checked: Oct 21 at 12:42AM

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Investment Insights

Based on property information with market context.

Built in 2006, the property comprises two separate buildings on two PINs. The facilities include warehouse areas, dedicated offices, additional storage, a walk-in cooler, and a walk-in freezer.

Located at 2344 S Blue Island Avenue in Chicago, the property offers a combination of general warehouse and temperature-controlled space.

Key Highlights

• Two separate buildings on two PINs
• Includes warehouse areas, dedicated offices, and additional storage
• Walk‑in cooler and walk‑in freezer on site

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$84,375

Cap Rate

4.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,687,500 $1.7M

Cap Rate 7%

$1,205,357 $1.2M

Cap Rate 9%

$937,500 $937.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$150.0K $30.00/SF

− Vacancy

−$15.0K −$3.00/SF

EGI

$135.0K $27.00/SF

− OpEx

−$50.6K −$10.13/SF

NOI

$84.4K $16.88/SF

Area

Chicago, IL

Vacancy

10.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,687,500

Cap Rate 7%

$1,205,357

Cap Rate 9%

$937,500

Alternative Uses

Best Use

Mixed Use

$1.21M

$1.05M – $1.41M (±1% cap)

NOI $84,375 @ 7.0% cap · market cap 4.02%

Second Best

Warehouse

$541.0K

$473.4K – $631.2K (±1% cap)

NOI $37,873 @ 7.0% cap · market cap 1.80%

Theoretical Best

Office A

$2.36M

$2.06M – $2.75M (±1% cap)

NOI $165,024 @ 7.0% cap · market cap 7.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Refrigerated & Cold Storage

Suggested Use

Top Pick Veterinary Clinic (Bike/Boat/Book/etc) Store Carpet & Flooring Store Tanning Salon Bed & Breakfast Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,665

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 60608, IL

75,770

Population

32,617

Households

2.3

Avg Household Size

34

Median Age

34%

College-Educated

77%

High-School Grad

6.2 sq mi

ZIP Area

12,221

Density / Sq Mi

$70,704

Median Household Income

$42,211

Median Earnings

$1,208

Median Rent

$341,500

Median Home Value

Market

Vacancy Rate% for Industrial in Chicago, IL

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

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Similar Off Market Nearby

• Frozen Assets — 2635 S Western Ave, Chicago, IL 60608
• C G Cold 55 LLC — 2635 S Western Ave, Chicago, IL 60608
• Lineage — 2500 S Damen Ave, Chicago, IL 60608
• Black & Gold Nearby Self Storage Units - Chicago IL — 2401 S Ashland Ave, Chicago, IL 60608
• Chicago Yacht Yard — 2458 S Ashland Ave, Chicago, IL 60608, United States

Frequently Asked Questions

What type of property is this?

Warehouse - Two structures combine work areas, offices, storage, and refrigerated space at a Chicago commercial address.

Where is this warehouse located?

The property is located at 2344 S Blue Island Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: Two separate buildings on two PINs; Includes warehouse areas, dedicated offices, and additional storage; Walk‑in cooler and walk‑in freezer on site