Flex Space with Industrial
New
For Sale
$619,000
2405 W Ardmore Avenue, Chicago, IL 60659
COMMERCIAL - Chicago, IL
Property Size5,100 SF
Lot Size0.12 Acres
Price / SF$121.37
Days on Market2
Property Features for 2405 W Ardmore Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Wester Ave. - Bryn Mawr Ave. Artesian Ave. Ardmore Ave. Between Bryn Mawr Ave. & Peterson Ave. Ardmore- 1-way east
Subdivision
CHI - West Ridge
Standard status
Active
APN
13014230200000
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
19639
Utilities
Cooling system
Central Air
Building Details
Year built
1925
Floors in Building
1
Building materials
Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Aug 7
Last Checked: Aug 8 at 7:06PM
MLS# 12722988
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property is a brick commercial building constructed in 1925, with central air and a functional interior previously used for food processing. The configuration supports food production, commissary kitchen operations, catering, bakery work, packaging, distribution, warehouse use, cold storage, and light manufacturing. Zoning is designated COMMR.
The property occupies 0.124 acres in Chicago’s West Ridge/Budlong Woods area, near Western Ave., Peterson Ave., and Lincoln Ave. Access to I-90/94 and Lake Sore Dr. is immediate, while Metra service is located a few blocks away. O’Hare International Airport is approximately 30–40 minutes from the property.
The property occupies 0.124 acres in Chicago’s West Ridge/Budlong Woods area, near Western Ave., Peterson Ave., and Lincoln Ave. Access to I-90/94 and Lake Sore Dr. is immediate, while Metra service is located a few blocks away. O’Hare International Airport is approximately 30–40 minutes from the property.
Key Highlights
- Functional layout previously used for food processing
- Supports food production, commissary kitchen, catering, bakery, packaging, distribution, warehouse, cold storage, and light manufacturing uses
- 0.124 acres in Chicago’s West Ridge/Budlong Woods area
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
$31,982
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
5.17%
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%
$639,640
$639.6K
Cap Rate 7%
$456,886
$456.9K
Cap Rate 9%
$355,356
$355.4K
Market Conditions
NOI Build-Up for 5,100 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
$48.1K $9.43/SF
− Vacancy
−$2.4K −$0.47/SF
EGI
$45.7K $8.96/SF
− OpEx
−$13.7K −$2.69/SF
NOI
$32.0K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$639,640
Cap Rate 7%
$456,886
Cap Rate 9%
$355,356
Alternative Uses
Best Use
Specialty Retail
$1.36M
$1.19M – $1.58M
NOI $94,921 @ 7.0% cap · market cap 15.33%
Second Best
Flex RnD
$841.1K
$735.9K – $981.2K
NOI $58,874 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$2.40M
$2.10M – $2.81M
NOI $168,324 @ 7.0% cap · market cap 27.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,298
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60659, IL
40,579
Population
14,748
Households
2.8
Avg Household Size
36
Median Age
40%
College-Educated
82%
High-School Grad
2.4 sq mi
ZIP Area
16,908
Density / Sq Mi
$70,033
Median Household Income
$40,493
Median Earnings
$1,391
Median Rent
$358,800
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Brick commercial building with central air and a layout suited to production, storage, and distribution.
Where is this flex space located?
The property is located at 2405 W Ardmore Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Functional layout previously used for food processing; Supports food production, commissary kitchen, catering, bakery, packaging, distribution, warehouse, cold storage, and light manufacturing uses; 0.124 acres in Chicago’s West Ridge/Budlong Woods area
