Renovated Flex Space with
For Sale
$1,200,000
3146 W Chicago Avenue, Chicago, IL 60622
M1-2 property combines warehouse operations, showroom presentation, office capacity, and direct loading access.
Property Size6,400 SF
Lot Size0.14 Acres
Price / SF$187.50
Days on Market65
Property Features for 3146 W Chicago Avenue
General Information
Standard status
Active
Size
6,400 SF
Lot size
0.14 Acres
Property subtype
COMMERCIAL
Zoning
M1-2
Warehouse & Industrial
Clear Span
Yes
Drive-In Doors
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$16,489
Building Details
Building Size
6,400 SF
Year Built
1909
Construction
masonry
Listing Agency:
MoHall Commercial & Urban Development
Listed By:
Moses Hall · License #471019687
(312) 826-9925
Source:
Dawnmckennagroup
Added: Jul 15
Changed: Sep 10
Last Checked: Sep 17 at 12:07AM
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 MoHall Commercial & Urban Development
Investment Insights
Based on property information with market context.
This 6,400-square-foot flex property occupies a 6,250 SF lot and combines industrial functionality with a finished showroom environment. Built in 1909, the masonry building has a clear-span bow-truss design, approximately 20' to 20'+ ceiling height at the peak, and one drive-in overhead door. A complete renovation added polished concrete floors, modern lighting, updated electrical with circuit breakers, and central HVAC with forced-air heating. The open interior also includes a 75-foot operable skylight and mezzanine space suitable for office, administrative, or studio functions.
Zoned M1-2, the property is positioned for warehouse, distribution, light manufacturing, contractor, and e-commerce fulfillment operations. Access to I-90/94 and I-290 connects the building with Downtown Chicago, O'Hare International Airport, and the broader Chicagoland industrial network. CTA bus service along Chicago Avenue and nearby rail access support employee commuting and urban distribution needs.
Zoned M1-2, the property is positioned for warehouse, distribution, light manufacturing, contractor, and e-commerce fulfillment operations. Access to I-90/94 and I-290 connects the building with Downtown Chicago, O'Hare International Airport, and the broader Chicagoland industrial network. CTA bus service along Chicago Avenue and nearby rail access support employee commuting and urban distribution needs.
Key Highlights
- 6,400‑square‑foot flex warehouse on a 6,250 SF lot
- M1‑2 zoning supports warehouse, distribution, light manufacturing, contractor, and e‑commerce fulfillment uses
- Clear‑span bow‑truss structure with approximately 20' to 20'+ ceiling height at the peak
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
$88,543
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
7.38%
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%
$1,770,860
$1.8M
Cap Rate 7%
$1,264,900
$1.3M
Cap Rate 9%
$983,811
$983.8K
Market Conditions
NOI Build-Up for 6,400 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
$138.2K $21.60/SF
− Vacancy
−$11.8K −$1.84/SF
EGI
$126.5K $19.76/SF
− OpEx
−$37.9K −$5.93/SF
NOI
$88.5K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$1,770,860
Cap Rate 7%
$1,264,900
Cap Rate 9%
$983,811
Alternative Uses
Best Use
Retail
$1.26M
$1.11M – $1.48M
NOI $88,543 @ 7.0% cap · market cap 7.38%
Second Best
Flex RnD
$1.06M
$923.5K – $1.23M
NOI $73,882 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,231 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chartwells — Universal Building, 700 N Sacramento Blvd, Chicago, IL 60612
- Rogue Philanthropy — 2842 W Chicago Ave, Chicago, IL 60622
Frequently Asked Questions
What type of property is this?
Flex space - M1-2 property combines warehouse operations, showroom presentation, office capacity, and direct loading access.
Where is this flex space located?
The property is located at 3146 W Chicago Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,400‑square‑foot flex warehouse on a 6,250 SF lot; M1‑2 zoning supports warehouse, distribution, light manufacturing, contractor, and e‑commerce fulfillment uses; Clear‑span bow‑truss structure with approximately 20' to 20'+ ceiling height at the peak
