Turn-Key Cold Storage
For Sale
$3,500,000
2733 W Harrison Street, Chicago, IL 60612
SQF-certified cold storage and production facility in Chicago's Near West Side.
Property Size30,269 SF
Lot Size0.84 Acres
Price / SF$115.63
Days on Market309
Property Features for 2733 W Harrison Street
General Information
Standard status
Active
Size
30,269 SF
Lot size
0.84 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$84,669
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1968
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES CHICAGO
(312) 642-1400
Listed By:
MICHELLE SCHROEDER · License #IL475.179225
Source:
Corcoran
Added: Oct 11, 2025
Changed: Aug 14
Last Checked: Aug 14 at 10:31AM
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 BERKSHIRE HATHAWAY HOMESERVICES CHICAGO
Investment Insights
Based on property information with market context.
This 30,269 square foot industrial warehouse is located in Chicago's Near West Side corridor on 0.84 acres, zoned M1-2. The property features approximately 9,000 square feet of office space and 4,000 square feet of production and cold storage areas. The building has a 16-foot clear height throughout. Equipped with two active 14-foot drive-in doors, 400-amp 3-phase power, and sprinkler protection, this property is suitable for food processors, distributors, wholesalers, or specialty manufacturers. The facility is certified under the Safe Quality Food (SQF) program. The property is located minutes from I-290, downtown Chicago, and the Illinois Medical District, offering access to major transportation routes and urban demand centers.
Key Highlights
- SQF‑certified cold storage and production facility
- Turn‑key operation, ideal for various food businesses
- Prime infill location in Chicago's Near West Side
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
$229,277
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
6.55%
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%
$4,585,540
$4.6M
Cap Rate 7%
$3,275,386
$3.3M
Cap Rate 9%
$2,547,522
$2.5M
Market Conditions
NOI Build-Up for 30,269 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
$285.4K $9.43/SF
− Vacancy
−$15.7K −$0.52/SF
EGI
$269.7K $8.91/SF
− OpEx
−$40.5K −$1.34/SF
NOI
$229.3K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$4,585,540
Cap Rate 7%
$3,275,386
Cap Rate 9%
$2,547,522
Alternative Uses
Best Use
Warehouse
$3.28M
$2.87M – $3.82M
NOI $229,277 @ 7.0% cap · market cap 6.55%
Second Best
Industrial
$2.71M
$2.37M – $3.16M
NOI $189,815 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$14.27M
$12.49M – $16.65M
NOI $999,022 @ 7.0% cap · market cap 28.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,237
Businesses Nearby
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 Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - SQF-certified cold storage and production facility in Chicago's Near West Side.
Where is this refrigerated & cold storage located?
The property is located at 2733 W Harrison Street Chicago, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: SQF‑certified cold storage and production facility; Turn‑key operation, ideal for various food businesses; Prime infill location in Chicago's Near West Side
