Brick Flex Building with
For Sale
$3,200,000
2700 N Campbell Ave, Chicago, IL 60647
Mixed warehouse, office, and retail configuration with loading access and proximity to I-90/94 and Metra.
Property Size16,600 SF
Price / SF$192.77
Days on Market44
Property Features for 2700 N Campbell Ave
General Information
Standard status
Active
Size
16,600 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
drive-in bay doors
flush loading dock
Building Details
Year Built
1908
Construction
brick
Listing Agency:
Jameson Sotheby's Intl Realty
Listed By:
Jason Hiller · License #475158547
(773) 412-3899
Source:
Grandviewrealtyservices
Added: Jul 21
Changed: Aug 29
Last Checked: Sep 1 at 11:00PM
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 Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This flex property at 2700 N Campbell Ave combines warehouse, office, and retail components within a brick building featuring a concrete foundation and timber and rubber flat roof. Interior ceiling heights range from 12' to 23', with up to 12 offices in the existing layout, approximately 200' of retail frontage, 3 drive-in bay doors, and 1 flush loading dock.
The property offers access to I-90/94, reported at 297K ADV, and the Metra Union Pacific Northwest Line. Garage parking is available across the street, with additional street parking nearby. The building is adjacent to Maplewood Brewery & Kitchen and within walking distance of Target, Home Depot, Regal Cinema North, and XSport Fitness. Potential signage or billboard placement on the building, as well as an affixed cell tower, is also noted.
The property offers access to I-90/94, reported at 297K ADV, and the Metra Union Pacific Northwest Line. Garage parking is available across the street, with additional street parking nearby. The building is adjacent to Maplewood Brewery & Kitchen and within walking distance of Target, Home Depot, Regal Cinema North, and XSport Fitness. Potential signage or billboard placement on the building, as well as an affixed cell tower, is also noted.
Key Highlights
- 12' to 23' ceiling heights throughout
- 3 drive‑in bay doors and 1 flush loading dock
- Approximately 200' of retail frontage
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
$229,658
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
7.18%
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%
$4,593,160
$4.6M
Cap Rate 7%
$3,280,829
$3.3M
Cap Rate 9%
$2,551,756
$2.6M
Market Conditions
NOI Build-Up for 16,600 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
$358.6K $21.60/SF
− Vacancy
−$30.5K −$1.84/SF
EGI
$328.1K $19.76/SF
− OpEx
−$98.4K −$5.93/SF
NOI
$229.7K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$4,593,160
Cap Rate 7%
$3,280,829
Cap Rate 9%
$2,551,756
Alternative Uses
Best Use
Office B
$5.09M
$4.45M – $5.94M
NOI $356,170 @ 7.0% cap · market cap 11.13%
Second Best
Retail
$3.28M
$2.87M – $3.83M
NOI $229,658 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$7.83M
$6.85M – $9.13M
NOI $547,880 @ 7.0% cap · market cap 17.12%
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
2,517
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
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 - Mixed warehouse, office, and retail configuration with loading access and proximity to I-90/94 and Metra.
Where is this flex space located?
The property is located at 2700 N Campbell Ave Chicago, IL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 12' to 23' ceiling heights throughout; 3 drive‑in bay doors and 1 flush loading dock; Approximately 200' of retail frontage
