Food Manufacturing Facility with
For Sale
Contact for pricing
2701 N Harlem Ave, Chicago, IL 60707
Food manufacturing facility with cooler/freezer, four docks, and floor drains for processing operations.
Property Size17,475 SF
Price / SF$163.09
Days on Market341
Property Features for 2701 N Harlem Ave
General Information
Standard status
Active
Size
17,475 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Office Build-Out
2,500 SF
Dock-High Doors
4
Cold Storage
Yes
Building Details
Stories
2
Listing Agency:
Colliers | Chicago Rosemont
(847) 698-8444
Listed By:
Vern Schultz, SIOR
(312) 613-1877
Source:
Moodyscre
Added: Oct 10, 2025
Changed: Sep 12
Last Checked: Sep 14 at 10:45AM
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 Colliers | Chicago Rosemont
Investment Insights
Based on property information with market context.
Food manufacturing facility for sale at 2701 N Harlem Ave, Chicago, IL 60707, offering 17,475 SF total space that includes 2,500 SF of office. The facility is configured for food production with a food building and operational support features including a cooler/freezer.
Production areas include 20' clear height on the first floor and 16' clear height on the second floor. Logistics support includes four docks, and building systems include a floor drain to support processing needs.
The property has a history as a former corned beef factory facility and includes the equipment-relevant improvements listed above, including the cooler/freezer and food facility improvements.
Production areas include 20' clear height on the first floor and 16' clear height on the second floor. Logistics support includes four docks, and building systems include a floor drain to support processing needs.
The property has a history as a former corned beef factory facility and includes the equipment-relevant improvements listed above, including the cooler/freezer and food facility improvements.
Key Highlights
- 17,475 SF food manufacturing facility including 2,500 SF office
- Cooler/freezer included
- 20' clear height on 1st floor
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
$109,585
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
3.85%
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%
$2,191,700
$2.2M
Cap Rate 7%
$1,565,500
$1.6M
Cap Rate 9%
$1,217,611
$1.2M
Market Conditions
NOI Build-Up for 17,475 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
$164.8K $9.43/SF
− Vacancy
−$8.2K −$0.47/SF
EGI
$156.5K $8.96/SF
− OpEx
−$47.0K −$2.69/SF
NOI
$109.6K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$2,191,700
Cap Rate 7%
$1,565,500
Cap Rate 9%
$1,217,611
Alternative Uses
Best Use
Industrial
$1.57M
$1.37M – $1.83M
NOI $109,585 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.24M
$7.21M – $9.61M
NOI $576,759 @ 7.0% cap · market cap 20.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Dock-high doors
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 60707, IL
43,241
Population
16,590
Households
2.6
Avg Household Size
41
Median Age
31%
College-Educated
86%
High-School Grad
3.6 sq mi
ZIP Area
12,011
Density / Sq Mi
$82,746
Median Household Income
$48,093
Median Earnings
$1,309
Median Rent
$315,300
Median Home Value
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Food manufacturing facility with cooler/freezer, four docks, and floor drains for processing operations.
Where is this manufacturing property located?
The property is located at 2701 N Harlem Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 17,475 SF food manufacturing facility including 2,500 SF office; Cooler/freezer included; 20' clear height on 1st floor
