Industrial Warehouse with Loading
For Sale
Contact for pricing
3429 West 47th Street, Chicago, IL 60632
Large industrial facility with substantial warehouse, office, loading, power, and paved parking improvements.
Property Size100,000 SF
Lot Size3.00 Acres
Price / SF$65
Days on Market96
Property Features for 3429 West 47th Street
General Information
Standard status
Active
Size
100,000 SF
Elevators
Yes
Lot size
3.00 Acres
Property subtype
Industrial
Zoning
C1-2
Warehouse & Industrial
Clear Height
15 ft
Office Build-Out
9,000 SF
Dock-High Doors
6
Column Spacing
30 x 20 ft
Power
2,000 amps
Voltage
480 V
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Asking Price
$6,500,000
Utilities to Site
Yes
Amenities
passenger elevator
high-speed broadband
internal Ethernet
ADA compliant
Building Details
Year Built
1929
Year Renovated
2009
Buildings
1
Stories
3
Building Size
100,000 SF
Owner Occupied
No
Abandoned
No
Listing Agency:
The Wilcox Company
Listed By:
Brian Ripp · License #IL 475138860
(773) 583-0800
Source:
Crexi
Added: Jun 1
Changed: Aug 30
Last Checked: Aug 30 at 6:34AM
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 The Wilcox Company
Investment Insights
Based on property information with market context.
This partial three-story industrial warehouse contains approximately 100,000 SF, including a 91,545 SF main floor and about 9,000 SF of air-conditioned office space. The third-floor office area measures approximately 6,000 SF and receives natural light, while a passenger elevator serves each office level. Warehouse features include 15-foot clear height, 18 feet to the deck, 30-by-20-foot bays, wet sprinklers, gas forced-air heat, and ADA-compliant improvements with five ADA restrooms.
The property occupies a 3-acre land site with a 1-acre paved parking area. Loading infrastructure includes six exterior docks with levelers and three interior docks, two of which are short-depth. Electrical service includes 2000 amps at 480 volts and 1200 amps at 240 volts, both three-phase. The building is zoned C1-2, includes AT&T high-speed broadband and internal Ethernet, and carries a roof warranty through November 2041. Built in 1929 and renovated in 2009, the facility has been vacant since October 2025.
The property occupies a 3-acre land site with a 1-acre paved parking area. Loading infrastructure includes six exterior docks with levelers and three interior docks, two of which are short-depth. Electrical service includes 2000 amps at 480 volts and 1200 amps at 240 volts, both three-phase. The building is zoned C1-2, includes AT&T high-speed broadband and internal Ethernet, and carries a roof warranty through November 2041. Built in 1929 and renovated in 2009, the facility has been vacant since October 2025.
Key Highlights
- Approximately 100,000 SF partial three‑story industrial building
- 91,545 SF main floor plus approximately 9,000 SF of air‑conditioned office space
- 3‑acre site with 1 acre of paved parking
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
$524,912
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
8.08%
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%
$10,498,240
$10.5M
Cap Rate 7%
$7,498,743
$7.5M
Cap Rate 9%
$5,832,356
$5.8M
Market Conditions
NOI Build-Up for 100,000 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
$648.0K $6.48/SF
− Vacancy
−$30.5K −$0.30/SF
EGI
$617.5K $6.18/SF
− OpEx
−$92.6K −$0.93/SF
NOI
$524.9K $5.25/SF
Area
ZIP 60632
Vacancy
4.70%
Lease Rate
$6.48 /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%
$10,498,240
Cap Rate 7%
$7,498,743
Cap Rate 9%
$5,832,356
Alternative Uses
Best Use
Office B
$31.49M
$27.55M – $36.74M
NOI $2,204,100 @ 7.0% cap · market cap 33.91%
Second Best
Flex RnD
$19.27M
$16.86M – $22.48M
NOI $1,348,620 @ 7.0% cap · market cap 20.75%
Theoretical Best
Office A
$44.01M
$38.51M – $51.34M
NOI $3,080,448 @ 7.0% cap · market cap 47.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
6
Dock-high doors
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60632, IL
92,237
Population
28,860
Households
3.2
Avg Household Size
33
Median Age
13%
College-Educated
69%
High-School Grad
7.4 sq mi
ZIP Area
12,464
Density / Sq Mi
$60,576
Median Household Income
$35,203
Median Earnings
$1,057
Median Rent
$240,600
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Large industrial facility with substantial warehouse, office, loading, power, and paved parking improvements.
Where is this warehouse located?
The property is located at 3429 West 47th Street Chicago, IL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Approximately 100,000 SF partial three‑story industrial building; 91,545 SF main floor plus approximately 9,000 SF of air‑conditioned office space; 3‑acre site with 1 acre of paved parking
