Flex Warehouse with Office
For Sale
$2,199,000
242 N Western Avenue, Chicago, IL 60612
COMMERCIAL - Chicago, IL
Property Size8,700 SF
Lot Size0.18 Acres
Price / SF$252.76
Days on Market52
Property Features for 242 N Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PMD
Directions
On Western Ave, just south of Fulton.
Subdivision
CHI - Near West Side
Standard status
Active
APN
16124140870000
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
38211
Utilities
Cooling system
Central Air, Zoned
Building Details
Year built
1969
Floors in Building
2
Number of units
1
Flooring type
Concrete
Building materials
Brick
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Michael Hulett · License #475111996
(312) 335-3291
Added: Jun 9
Changed: Jul 28
Last Checked: Jul 30 at 8:06PM
MLS# 12577677
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 use warehouse-office totals 8,700 SF, with a large open span warehouse and a finished second floor workspace. The main level features 17-foot ceilings, largely open warehouse space (6,400 SF), two loading docks sized 13'6" and 10'6", plus a private office, open workstations, a kitchenette, storage rooms, and two bathrooms. The second floor includes polished concrete floors, an open workspace, a custom bar and kitchen, a full bath with shower, and a large storage room.
Located at 242 N Western Avenue in Chicago, the building offers high traffic exposure on Western Avenue. Zoning is PMD4, and the property includes spray foam insulation throughout, a parking lot with snow-melt lines in place, and an EV charging station.
Utilities and building systems support year-round operations with full heat and AC throughout. Power includes 480A/3-phase plus an additional 220-amp service. With its combination of loading capability, warehouse volume, and conditioned office/work areas, the property is suited for businesses that need both distribution space and a ready-to-use workspace within the same facility.
Located at 242 N Western Avenue in Chicago, the building offers high traffic exposure on Western Avenue. Zoning is PMD4, and the property includes spray foam insulation throughout, a parking lot with snow-melt lines in place, and an EV charging station.
Utilities and building systems support year-round operations with full heat and AC throughout. Power includes 480A/3-phase plus an additional 220-amp service. With its combination of loading capability, warehouse volume, and conditioned office/work areas, the property is suited for businesses that need both distribution space and a ready-to-use workspace within the same facility.
Key Highlights
- 8700 SF flex warehouse/office with 6400 SF warehouse plus second‑floor office/workspace
- Main warehouse has 17‑ft ceilings, largely open span, and two loading docks (13'6" and 10'6")
- Two baths plus private office and open workstations; second floor includes polished concrete floors, custom bar/kitchen, and full bath with shower
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $334.1k | $38.40 |
| − Vacancy | −$85.2k | −$9.79 |
| EGI | $248.9k | $28.61 |
| − OpEx | −$62.2k | −$7.15 |
| NOI | $186.7k | $21.46 |
8,700 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.67M
$2.33M – $3.11M
NOI $186,667 @ 7.0% cap · market cap 8.49%
Second Best
Flex RnD
$1.43M
$1.26M – $1.67M
NOI $100,433 @ 7.0% cap · market cap 4.57%
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
Property Profile
Current Use
Lease Details
17 ft
Clear height
2
Dock-high doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
2,540
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
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse-office flex building with 17-foot ceilings, multiple loading docks, and fully conditioned work areas.
Where is this flex space located?
The property is located at 242 N Western Avenue 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: 8700 SF flex warehouse/office with 6400 SF warehouse plus second‑floor office/workspace; Main warehouse has 17‑ft ceilings, largely open span, and two loading docks (13'6" and 10'6"); Two baths plus private office and open workstations; second floor includes polished concrete floors, custom bar/kitchen, and full bath with shower
