Building Details

Year Built 1871

Buildings 1

Stories 2

Listing Agency: Baird & Warner

Listed By: Wesley Jonberg · License #475124475 Show Phone

Added: Dec 26, 2025 Changed: Mar 16

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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 / Yr

$104,151

Cap Rate

3.86%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $104,151 @ 7.0% cap · market cap 3.86%

Second Best

Industrial

$1.23M

$1.08M – $1.44M (±1% cap)

NOI $86,226 @ 7.0% cap · market cap 3.20%

Theoretical Best

Office A

$6.48M

$5.67M – $7.56M (±1% cap)

NOI $453,816 @ 7.0% cap · market cap 16.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Commercial land

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Restaurant Butcher Nursing Home Daycare Center Buffet

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

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

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

Questions? Ask Rey

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What type of property is this? Where is this commercial land 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?

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