Industrial Flex Office
For Sale
Contact for pricing
3134 W CHICAGO AVE, Chicago, IL 60622
Two-story industrial flex building with a 14’ drive-in door, dock, air conditioning, and fenced parking lot.
Property Size20,500 SF
Price / SF$77.80
Days on Market126
Property Features for 3134 W CHICAGO AVE
General Information
Standard status
Active
Size
20,500 SF
Total Parking Spaces
12
Property subtype
Industrial, Mixed Use
Zoning
IND
Lease Type
Gross
Warehouse & Industrial
Drive-In Doors
1
Sprinkler System
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1909
Year Renovated
2017
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty Partners
Listed By:
Richard Schneider · License #475176570
Source:
Crexi
Added: May 4
Changed: Sep 4
Last Checked: Sep 1 at 2:59AM
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 Keller Williams Realty Partners
Investment Insights
Based on property information with market context.
This two-story industrial flex office building is designed to support a mix of industrial and office-oriented uses. The property includes a 14’ drive-in door on Chicago Avenue, one internal dock, and two separate street entrances for flexible access and operations. Additional features include a private alley area and a fenced, dedicated parking lot. The building is fully air conditioned and sprinklered, and it has a newer roof in place.
The property is located at 3134 W Chicago Ave in Chicago, IL, and is described as being in a redevelopment corridor between Humboldt Park and East Garfield Park. The offering is zoned IND.
Overall, the layout and access points make the building well-suited for businesses seeking a functional industrial/office configuration in an IND-zoned setting.
The property is located at 3134 W Chicago Ave in Chicago, IL, and is described as being in a redevelopment corridor between Humboldt Park and East Garfield Park. The offering is zoned IND.
Overall, the layout and access points make the building well-suited for businesses seeking a functional industrial/office configuration in an IND-zoned setting.
Key Highlights
- Two‑story industrial flex/office building built in 1909 with 20,000 SF total
- 14’ drive‑in door on Chicago Avenue plus one internal dock and two separate street entrances
- Fully air conditioned and sprinklered
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
$128,554
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
8.06%
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%
$2,571,080
$2.6M
Cap Rate 7%
$1,836,486
$1.8M
Cap Rate 9%
$1,428,378
$1.4M
Market Conditions
NOI Build-Up for 20,500 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
$193.3K $9.43/SF
− Vacancy
−$9.7K −$0.47/SF
EGI
$183.6K $8.96/SF
− OpEx
−$55.1K −$2.69/SF
NOI
$128.6K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /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%
$2,571,080
Cap Rate 7%
$1,836,486
Cap Rate 9%
$1,428,378
Alternative Uses
Best Use
Flex RnD
$3.38M
$2.96M – $3.94M
NOI $236,652 @ 7.0% cap · market cap 14.84%
Second Best
Warehouse
$2.22M
$1.94M – $2.59M
NOI $155,280 @ 7.0% cap · market cap 9.74%
Theoretical Best
Office A
$9.67M
$8.46M – $11.28M
NOI $676,598 @ 7.0% cap · market cap 42.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Sprinkler system
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,593
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
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?
Flex space - Two-story industrial flex building with a 14’ drive-in door, dock, air conditioning, and fenced parking lot.
Where is this flex space located?
The property is located at 3134 W CHICAGO AVE Chicago, IL.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Two‑story industrial flex/office building built in 1909 with 20,000 SF total; 14’ drive‑in door on Chicago Avenue plus one internal dock and two separate street entrances; Fully air conditioned and sprinklered
