River North Flex Industrial
For Sale
$2,695,000
313 West Chestnut St Unit Chicago, Chicago, IL 60610
FLEX INDUSTRIAL BUILDING - RIVER NORTH/OLD TOWN RE-DEVELOPMENT OPPORTUNITY
Property Size13,750 SF
Lot Size0.13 Acres
Price / SF$196
Days on Market237
Property Features for 313 West Chestnut St Unit Chicago
General Information
Standard status
Active
Property type
Commercial land, Manufacturing properties, Warehouses, Land, Industrial properties
Size
13,750 SF
Class
A
Elevators
Yes
Lot size
0.13 Acres
Investment Type
Redevelopment
Building Details
Year Built
1871
Buildings
1
Stories
2
Listing Agency:
BAIRD & WARNER
(773) 732-0797
Listed By:
Wesley · License #IL475.124475
(773) 732-0797
Added: Dec 26, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located at 313 West Chestnut Street, Chicago, IL 60610, this flex industrial building presents a redevelopment opportunity in Chicago’s dense River North/Old Town neighborhood. The property features a two-story building with approximately 13,750 square feet of gross leasable area (GLA) on an approximately 5,660 square foot site. Zoned C1-3 Neighborhood Commercial District, the property allows for a variety of uses. It includes 1000 to 1500 volts of power, 20-foot ceilings on the first floor, a rubber roof, and two internal parking spaces. The property is situated in a mixed commercial and residential city setting and is located approximately 0.4 miles from the upcoming $1.7 billion Bally's casino development (Chicago & Halsted). The area benefits from dense, affluent downtown Chicago demographics, with a median household income of $116,000 within a 1-mile radius, exceeding state and Chicago median income levels. The property is near a CTA Brown and Purple Line station, offering convenient access to public transportation.
Key Highlights
- Zoned C1‑3 Neighborhood Commercial District, which allows for a variety of uses
- Dense, Affluent Downtown Chicago Demographics
- Median household income of $116,000 (1‑mile radius) exceeds state and Chicago median income levels
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
$104,151
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
3.86%
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%
$2,083,020
$2.1M
Cap Rate 7%
$1,487,871
$1.5M
Cap Rate 9%
$1,157,233
$1.2M
Market Conditions
NOI Build-Up for 13,750 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
$129.7K $9.43/SF
− Vacancy
−$7.1K −$0.52/SF
EGI
$122.5K $8.91/SF
− OpEx
−$18.4K −$1.34/SF
NOI
$104.2K $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%
$2,083,020
Cap Rate 7%
$1,487,871
Cap Rate 9%
$1,157,233
Alternative Uses
Best Use
Warehouse
$1.49M
$1.30M – $1.74M
NOI $104,151 @ 7.0% cap · market cap 3.86%
Second Best
Industrial
$1.23M
$1.08M – $1.44M
NOI $86,226 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$6.48M
$5.67M – $7.56M
NOI $453,816 @ 7.0% cap · market cap 16.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
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?
Commercial land - FLEX INDUSTRIAL BUILDING - RIVER NORTH/OLD TOWN RE-DEVELOPMENT OPPORTUNITY
Where is this commercial land located?
The property is located at 313 West Chestnut St Unit Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Zoned C1‑3 Neighborhood Commercial District, which allows for a variety of uses; Dense, Affluent Downtown Chicago Demographics; Median household income of $116,000 (1‑mile radius) exceeds state and Chicago median income levels
