Flex Warehouse with Office
242 North Western Avenue, Chicago, IL 60612
New
Two-story flex layout combines an open-span warehouse with full HVAC and powered workplace support.
Type:Factory
Property size:
8,700 SFPrice / SF:
$252/SF- Added:
- Jun 28, 2026
- Days on Market:
- 6
- Last Refresh:
- Jul 1 at 6:50 am
Property Features for 242 North Western Avenue
General Information
- Standard status
- Active
- Size
- 8,700 SF
- Property subtype
- Factory
Listing office Jameson Commercial (312) 867-2265
Listing date Jun 28, 2026
Source Thebrokerlist
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
HighLights
- Two‑story 8,700 SF flex building with 6,400 SF open‑span warehouse plus office/workspace areas
- Warehouse features 17‑ft ceilings and largely open span design, with two loading docks (13'6" and 10'6")
- Main floor includes a large private office, open workstations, kitchenette, multiple storage rooms, and two bathrooms
- Second floor offers polished concrete floors, open workspace, custom bar and kitchen, a full bath with shower, and a large storage room
- Utilities and power include high R‑value spray foam insulation, EV charging station, 480A 3‑phase plus additional 220A service, and full HVAC
- Zoned PMD4 with on‑site parking lot featuring snow‑melt lines
Overview
This for-sale flex property totals 8,700 SF and blends a warehouse main floor with a finished second-floor office workspace. The main level includes 17-foot ceilings, a largely open span warehouse area, a private office, open workstations, a kitchenette, storage rooms, and two bathrooms. Two loading docks are in place (13'6" and 10'6"), supported by high R-value spray foam insulation throughout.
The second floor provides a polished-concrete, open workspace with a custom bar and kitchen, a full bath with shower, and a large storage room. The property also includes an EV charging station and a parking lot with snow-melt lines. Electrical service is substantial, with 480A/3-phase plus an additional 220A service, along with full heating and air conditioning throughout. The property is zoned PMD4.
With both warehouse operations and workplace space under one roof, this building is positioned for tenants seeking an integrated flex setup. The combination of high ceilings, two loading docks, and dedicated office areas can support a range of industrial and manufacturing-oriented business types, while the maintained condition and flexible floor plan can accommodate different operating models.
The second floor provides a polished-concrete, open workspace with a custom bar and kitchen, a full bath with shower, and a large storage room. The property also includes an EV charging station and a parking lot with snow-melt lines. Electrical service is substantial, with 480A/3-phase plus an additional 220A service, along with full heating and air conditioning throughout. The property is zoned PMD4.
With both warehouse operations and workplace space under one roof, this building is positioned for tenants seeking an integrated flex setup. The combination of high ceilings, two loading docks, and dedicated office areas can support a range of industrial and manufacturing-oriented business types, while the maintained condition and flexible floor plan can accommodate different operating models.
Local 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 local authorities.
Location Intelligence
Current Use by Public Records
Astro Insulation
General Contractor
Similar Places Nearby
- Katr2U — 324 N Leavitt St, Chicago, IL 60612
- Neal's Gourmet Catering — 324 N Leavitt St, Chicago, IL 60612
- Mac Dynamite — 324 N Leavitt St, Chicago, IL 60612
- Rowan Catering — 324 N Leavitt St, Chicago, IL 60612
- The Flora Fare — 324 N Leavitt St, Chicago, IL 60612
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6869481
- Latitude
- 41.8859062
Nearby Similar for Sale
FAQs
What type of property is this?
Flex space - Two-story flex layout combines an open-span warehouse with full HVAC and powered workplace support.
Where is this flex space located?
The property is located at 242 North 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: Two‑story 8,700 SF flex building with 6,400 SF open‑span warehouse plus office/workspace areas; Warehouse features 17‑ft ceilings and largely open span design, with two loading docks (13'6" and 10'6"); Main floor includes a large private office, open workstations, kitchenette, multiple storage rooms, and two bathrooms
