River North Flex Industrial Building

313 W Chestnut Street, Chicago, IL 60610

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For Sale

$2,629,000

Flex industrial building in Chicago's River North/Oldtown neighborhood.

Type:Commercial

Property size:

13,750 SF

Lot size:

0.13 Acres

Price / SF:

$191/SF

HighLights

Located in the desirable River North/Oldtown neighborhood of Chicago.
Re‑development opportunity with flexible industrial zoning (M1‑3).
Substantial 13,750 SF gross leasable area (GLA).
High ceiling height of 20' on the first floor.
Significant power capacity (1000 to 1500 volts).
Two internal parking spaces included.

We can help!

Listing Contact

WESLEY JONBERG

For Sale

$2,629,000

Flex industrial building in Chicago's River North/Oldtown neighborhood.

Type:Commercial

Property size:

13,750 SF

Lot size:

0.13 Acres

Price / SF:

$191/SF

Added:: Apr 8, 2023
Days on Market:: 1162
Last Refresh:: Apr 5 at 8:25 pm

Property Features for 313 W Chestnut Street

General Information

Standard status: Active
Size: 13,750 SF
Lot size: 0.13 Acres
Property subtype: Commercial

Building Details

Year Built: 1871

We can help!

Listing Contact

WESLEY JONBERG

Listing agent WESLEY JONBERG License #475124475

Listing office BAIRD & WARNER

Listing date Apr 8, 2023

Source Corcoran

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 BAIRD & WARNER

HighLights

Located in the desirable River North/Oldtown neighborhood of Chicago.
Re‑development opportunity with flexible industrial zoning (M1‑3).
Substantial 13,750 SF gross leasable area (GLA).
High ceiling height of 20' on the first floor.
Significant power capacity (1000 to 1500 volts).
Two internal parking spaces included.

Overview

Located at 313 West Chestnut Street, Chicago, IL 60610, this flex industrial building presents a redevelopment opportunity in Chicago's dense River North/Oldtown neighborhood. The 2-story building features 13,750 square feet of gross leasable area (GLA) on a 5,660 square foot site. Zoned M1-3, the property offers 1000 to 1500 volts of power and a 20-foot ceiling height on the first floor. Additional features include a rubber roof and two internal parking spaces. The property is situated in a mixed commercial and residential city setting.

Local Financial Insights For Flex RnD

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$264.0k	$19.20
− Vacancy	−$19.8k	−$1.44
EGI	$244.2k	$17.76
− OpEx	−$85.5k	−$6.22
NOI	$158.7k	$11.54

13,750 SF · lease $19.20/SF/yr · vacancy 7.50% · expense 35.00%

Alternative Uses

Best Use

Flex RnD

$2.27M

$1.98M – $2.65M (±1% cap)

NOI $158,730 @ 7.0% cap · market cap 6.04%

Second Best

Warehouse

$1.49M

$1.30M – $1.74M (±1% cap)

NOI $104,151 @ 7.0% cap · market cap 3.96%

Theoretical Best

Office A

$6.48M

$5.67M – $7.56M (±1% cap)

NOI $453,816 @ 7.0% cap · market cap 17.26%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Flex space

Suggested Use

Similar Places Nearby

SavorWe — 222 W Merchandise Mart Plaza #1212, Chicago, IL 60654
Gapers Caterers — 435 N La Salle Dr, Chicago, IL 60654
Harry Caray's Catering & Events — 33 W Kinzie St #4613, Chicago, IL 60654
Shake Cake &Bake — 222 W Merchandise Mart Plaza, Chicago, IL 60654
Private Chefs Inc. — 600 W Fulton St, Chicago, IL 60661

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6364
Latitude: 41.8979

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For sale
Flex space
IL
Chicago
60610
313 W Chestnut Street

What type of property is this?

Flex space - Flex industrial building in Chicago's River North/Oldtown neighborhood.

Where is this flex space located?

The property is located at 313 W Chestnut Street Chicago, IL.

What is the asking price?

The asking price for this property is $2,629,000.

What are key features of this property?

This property features: Located in the desirable River North/Oldtown neighborhood of Chicago.; Re‑development opportunity with flexible industrial zoning (M1‑3).; Substantial 13,750 SF gross leasable area (GLA).