Building Details

Year Built 1939

Listing Agency: Millennium Properties RE, Inc. Show Phone

Listed By: Daniel Hyman · License #471013658 Show Phone

Source: Exitrealty

Added: Mar 15, 2025 Changed: Sep 10 Last Checked: Sep 15 at 5:25AM

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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 Millennium Properties RE, Inc.

Investment Insights

Based on property information with market context.

Located two blocks south of the intersection of Cicero, Belmont, and Diversey Avenues, a 6,000 square foot warehouse is available for sale. The property is fully rehabbed and may be suitable as a private entertainment space. It features frontage on Cicero Avenue and provides access to Six Corners. Situated in the Belmont Cragin community, the location benefits from population growth and investment. Local businesses have access to a residential consumer base, public transportation, and the Expressway.

Key Highlights

• Fully rehabbed 6,000 sq ft warehouse.
• Ideal for a private entertainment space.
• Good frontage on Cicero Avenue with easy access to Six Corners.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,448

Cap Rate

8.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$908,960 $909.0K

Cap Rate 7%

$649,257 $649.3K

Cap Rate 9%

$504,978 $505.0K

Market Conditions

NOI Build-Up for 6,000 SF

Gross rent

$56.6K $9.43/SF

− Vacancy

−$3.1K −$0.52/SF

EGI

$53.5K $8.91/SF

− OpEx

−$8.0K −$1.34/SF

NOI

$45.4K $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 Rate 5%

$908,960

Cap Rate 7%

$649,257

Cap Rate 9%

$504,978

Alternative Uses

Best Use

Warehouse

$649.3K

$568.1K – $757.5K (±1% cap)

NOI $45,448 @ 7.0% cap · market cap 8.04%

Second Best

Industrial

$537.5K

$470.3K – $627.1K (±1% cap)

NOI $37,626 @ 7.0% cap · market cap 6.66%

Theoretical Best

Office A

$2.83M

$2.48M – $3.30M (±1% cap)

NOI $198,029 @ 7.0% cap · market cap 35.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Law Firm Acupuncture Real Estate Agency (Bike/Boat/Book/etc) Store Catering Service Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,469

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 60641, IL

69,354

Population

27,377

Households

2.5

Avg Household Size

37

Median Age

36%

College-Educated

85%

High-School Grad

4.0 sq mi

ZIP Area

17,339

Density / Sq Mi

$81,649

Median Household Income

$46,376

Median Earnings

$1,249

Median Rent

$373,200

Median Home Value

Market

Vacancy Rate% for Industrial in Chicago, IL

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - 6,000 SF fully rehabbed warehouse near Six Corners.

Where is this warehouse located?

The property is located at 3051-3053 N Cicero Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $565,000.

What are key features of this property?

This property features: Fully rehabbed 6,000 sq ft warehouse.; Ideal for a private entertainment space.; Good frontage on Cicero Avenue with easy access to Six Corners.