Versatile Commercial Facility in Little
For Sale
$2,200,000
3252 W 31st Street, Chicago, IL 60623
Recycling yard, warehouse, and truck garage in Little Village.
Property Size8,600 SF
Lot Size0.51 Acres
Price / SF$255.81
Days on Market183
Property Features for 3252 W 31st Street
General Information
Standard status
Active
Size
8,600 SF
Lot size
0.51 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,360
Amenities
Rubber Roof
Building Details
Year Built
1958
Listing Agency:
COMPASS
(312) 319-1168
Listed By:
CIRENIO JIMENEZ · License #475181963
Source:
Corcoran
Added: Feb 20
Changed: Aug 22
Last Checked: Aug 22 at 7:31AM
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 COMPASS
Investment Insights
Based on property information with market context.
A commercial real estate opportunity is available, featuring a recycling yard, an 8,600-square-foot warehouse, a truck garage, and exterior parking. The property spans over 22,000 square feet and is located in Little Village, offering accessibility. The facility's size and versatile nature present possibilities for various uses. The property is located steps away from I-55.
Key Highlights
- Prime commercial real estate opportunity in a highly desirable Little Village location.
- Expansive facility spanning over 22,000 sq ft, including a recycling yard, warehouse, and truck garage.
- Warehouse size: 8,600 sq ft.**
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
$118,979
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
5.41%
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%
$2,379,580
$2.4M
Cap Rate 7%
$1,699,700
$1.7M
Cap Rate 9%
$1,321,989
$1.3M
Market Conditions
NOI Build-Up for 8,600 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
$185.8K $21.60/SF
− Vacancy
−$15.8K −$1.84/SF
EGI
$170.0K $19.76/SF
− OpEx
−$51.0K −$5.93/SF
NOI
$119.0K $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%
$2,379,580
Cap Rate 7%
$1,699,700
Cap Rate 9%
$1,321,989
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.98M
NOI $118,979 @ 7.0% cap · market cap 5.41%
Second Best
Warehouse
$930.6K
$814.3K – $1.09M
NOI $65,142 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$4.05M
$3.55M – $4.73M
NOI $283,841 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,113
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60623, IL
87,649
Population
31,300
Households
2.8
Avg Household Size
32
Median Age
14%
College-Educated
69%
High-School Grad
5.4 sq mi
ZIP Area
16,231
Density / Sq Mi
$44,040
Median Household Income
$32,642
Median Earnings
$1,054
Median Rent
$221,400
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Recycling yard, warehouse, and truck garage in Little Village.
Where is this warehouse located?
The property is located at 3252 W 31st Street Chicago, IL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Prime commercial real estate opportunity in a highly desirable Little Village location.; Expansive facility spanning over 22,000 sq ft, including a recycling yard, warehouse, and truck garage.; Warehouse size: 8,600 sq ft.**
