Flex Space with Drive-In
For Sale
Contact for pricing
3012 Central St, Evanston, IL 60201
Retail-oriented commercial space with high ceilings, multiple vehicle-access doors, skylights, and parking at the front and rear.
Property Size5,880 SF
Price / SF$255.10
Days on Market151
Property Features for 3012 Central St
General Information
Standard status
Active
Size
5,880 SF
Property subtype
Industrial, Retail
Investment Type
Owner/User
Site & Location
Traffic Count
10,300 vehicles/day
Road Access
Yes
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
4
Additional Details
Asking Price
$1,500,000
Amenities
skylights
Building Details
Buildings
1
Stories
1
Listing Agency:
Brookline Real Estate
(630) 590-5910
Listed By:
Kelsey Gross · License #IL
Source:
Crexi
Added: Apr 2
Changed: Aug 29
Last Checked: Aug 29 at 2:38PM
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 Brookline Real Estate
Investment Insights
Based on property information with market context.
This 5,880-square-foot flex property combines storefront functionality with adaptable commercial space. The building includes clear heights reaching 18 feet, a bow truss roof, four drive-in doors with one positioned at the front, and two operable skylights. Parking is available both along the street and in a rear lot.
The property is located at 3012 Central St in Evanston, IL, along Central Street’s retail corridor. Nearby uses include shops, restaurants, and service businesses, while Northwestern University's new Ryan Field project is within walking distance. Central Street records vehicle counts of 10,300, and Old Orchard Mall is also nearby.
The property is located at 3012 Central St in Evanston, IL, along Central Street’s retail corridor. Nearby uses include shops, restaurants, and service businesses, while Northwestern University's new Ryan Field project is within walking distance. Central Street records vehicle counts of 10,300, and Old Orchard Mall is also nearby.
Key Highlights
- 5,880‑square‑foot flex property with retail storefront capability
- Clear heights as high as 18 feet beneath a bow truss roof
- Four drive‑in doors, including one at the front
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
$81,615
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
5.44%
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%
$1,632,300
$1.6M
Cap Rate 7%
$1,165,929
$1.2M
Cap Rate 9%
$906,833
$906.8K
Market Conditions
NOI Build-Up for 5,880 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
$127.0K $21.60/SF
− Vacancy
−$10.4K −$1.77/SF
EGI
$116.6K $19.83/SF
− OpEx
−$35.0K −$5.95/SF
NOI
$81.6K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
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%
$1,632,300
Cap Rate 7%
$1,165,929
Cap Rate 9%
$906,833
Alternative Uses
Best Use
Retail
$1.17M
$1.02M – $1.36M
NOI $81,615 @ 7.0% cap · market cap 5.44%
Second Best
Flex RnD
$884.5K
$774.0K – $1.03M
NOI $61,916 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,107 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
4
Drive-in doors
10,300 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60201, IL
44,652
Population
18,890
Households
2.4
Avg Household Size
33
Median Age
74%
College-Educated
97%
High-School Grad
4.5 sq mi
ZIP Area
9,923
Density / Sq Mi
$92,101
Median Household Income
$42,412
Median Earnings
$1,792
Median Rent
$577,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Retail-oriented commercial space with high ceilings, multiple vehicle-access doors, skylights, and parking at the front and rear.
Where is this flex space located?
The property is located at 3012 Central St Evanston, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,880‑square‑foot flex property with retail storefront capability; Clear heights as high as 18 feet beneath a bow truss roof; Four drive‑in doors, including one at the front
