Industrial Flex
For Sale
$3,200,000
2700 N Campbell Avenue, Chicago, IL 60647
Commercial Sale, Chicago, IL
Property Size16,633 SF
Lot Size0.38 Acres
Price / SF$192.39
Days on Market460
Property Features for 2700 N Campbell Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MANUF
Directions
Western to Schubert, West to Campbell
Subdivision
CHI - Logan Square
Standard status
Active
APN
00000000000000
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
39649
Utilities
Cooling system
Central Air, Exhaust Fan (Cooling)
Building Details
Year built
1908
Floors in Building
1
Building materials
Brick, Block, Steel Siding, Wood
Roof type
Membrane
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Jason Hiller · License #475158547
(312) 335-3291
Added: May 21, 2025
Changed: Aug 20
Last Checked: Aug 23 at 3:06PM
MLS# 12363692
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 16,633-square-foot flex property combines warehouse, office, and retail space within a building constructed in 1908. The structure features a concrete foundation, brick and block construction with steel siding and wood elements, plus a membrane roof. Ceiling heights range from 12' to 23', and the existing layout can support up to 12 offices. Loading infrastructure includes 3 drive-in bay doors and 1 flush dock, with approximately 200' of retail frontage.
Located at 2700 N Campbell Avenue in Chicago’s east Logan Square, the property provides access to I-90/94 and public transportation, including the Metra Union Pacific Northwest line. The corridor carries 297k ADV, and nearby destinations include Maplewood Brewery & Kitchen, Target, Home Depot, Regal Cinema City North, and XSport Fitness.
Located at 2700 N Campbell Avenue in Chicago’s east Logan Square, the property provides access to I-90/94 and public transportation, including the Metra Union Pacific Northwest line. The corridor carries 297k ADV, and nearby destinations include Maplewood Brewery & Kitchen, Target, Home Depot, Regal Cinema City North, and XSport Fitness.
Key Highlights
- 16,633‑square‑foot flex property with warehouse, office, and retail components
- Ceiling heights range from 12' to 23' throughout the building
- 3 drive‑in bay doors and 1 flush loading dock
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
$230,114
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
7.19%
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%
$4,602,280
$4.6M
Cap Rate 7%
$3,287,343
$3.3M
Cap Rate 9%
$2,556,822
$2.6M
Market Conditions
NOI Build-Up for 16,633 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
$359.3K $21.60/SF
− Vacancy
−$30.5K −$1.84/SF
EGI
$328.7K $19.76/SF
− OpEx
−$98.6K −$5.93/SF
NOI
$230.1K $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%
$4,602,280
Cap Rate 7%
$3,287,343
Cap Rate 9%
$2,556,822
Alternative Uses
Best Use
Office B
$5.10M
$4.46M – $5.95M
NOI $356,878 @ 7.0% cap · market cap 11.15%
Second Best
Retail
$3.29M
$2.88M – $3.84M
NOI $230,114 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$7.84M
$6.86M – $9.15M
NOI $548,969 @ 7.0% cap · market cap 17.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23 ft
Clear height
1
Dock-high doors
3
Drive-in doors
297,000 VPD
Traffic count
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 - Combined warehouse, office, and retail areas offer adaptable commercial functionality with loading access and prominent corridor exposure.
Where is this flex space located?
The property is located at 2700 N Campbell Avenue 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: 16,633‑square‑foot flex property with warehouse, office, and retail components; Ceiling heights range from 12' to 23' throughout the building; 3 drive‑in bay doors and 1 flush loading dock
