Manufacturing Building with High
For Sale
Contact for pricing
242 N Western Ave, Chicago, IL 60612
PMD4-zoned building with a flexible floor plan, natural light, and security features.
Property Size8,700 SF
Price / SF$252.76
Days on Market23
Property Features for 242 N Western Ave
General Information
Standard status
Active
Size
8,700 SF
Property subtype
INDUSTRIAL
Zoning
PMD4
Amenities
Security features
Building Details
Buildings
1
Building Size
8,700 SF
Listing Agency:
Jameson Commercial
(312) 867-2265
Listed By:
Mark Kishtow · License #471010965
(312) 867-2265
Source:
Moodyscre
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 2 at 1:54AM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
The 8,700-square-foot manufacturing building at 242 N Western Ave offers a flexible floor plan for industrial-oriented operations. High ceilings, natural light, security features, and on-site parking are among the property’s stated features. The building is zoned PMD4, with room for expansion also identified in the property information.
Located in Chicago, the property is positioned near major transportation routes and business amenities. Its combination of industrial zoning, adaptable interior space, and practical building features supports a range of manufacturing-related requirements.
Located in Chicago, the property is positioned near major transportation routes and business amenities. Its combination of industrial zoning, adaptable interior space, and practical building features supports a range of manufacturing-related requirements.
Key Highlights
- Manufacturing facility measuring 8,700 SF
- PMD4 zoning
- Flexible floor plan with high ceilings and natural light
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
$100,433
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
4.57%
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%
$2,008,660
$2.0M
Cap Rate 7%
$1,434,757
$1.4M
Cap Rate 9%
$1,115,922
$1.1M
Market Conditions
NOI Build-Up for 8,700 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
$167.0K $19.20/SF
− Vacancy
−$12.5K −$1.44/SF
EGI
$154.5K $17.76/SF
− OpEx
−$54.1K −$6.22/SF
NOI
$100.4K $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%
$2,008,660
Cap Rate 7%
$1,434,757
Cap Rate 9%
$1,115,922
Alternative Uses
Best Use
Flex RnD
$1.43M
$1.26M – $1.67M
NOI $100,433 @ 7.0% cap · market cap 4.57%
Second Best
Industrial
$779.4K
$682.0K – $909.3K
NOI $54,557 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$4.10M
$3.59M – $4.79M
NOI $287,142 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,799
Businesses Nearby
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
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - PMD4-zoned building with a flexible floor plan, natural light, and security features.
Where is this manufacturing property located?
The property is located at 242 N Western Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Manufacturing facility measuring 8,700 SF; PMD4 zoning; Flexible floor plan with high ceilings and natural light
