Operational Auto Repair
For Sale
$749,900
3452 N Elston Ave, Chicago, IL 60618
Fully equipped facility with service bays, drive-in doors, office space, and a customer waiting area.
Property Size3,600 SF
Price / SF$208.31
Days on Market46
Property Features for 3452 N Elston Ave
General Information
Standard status
Active
Size
3,600 SF
Additional Details
Road Access
Yes
Amenities
professional grade lifts
air compressor system
proper ventilation
waste oil handling
dedicated parts/storage area
customer waiting room with office space
oversized drive-in doors
Building Details
Year Built
1965
Listing Agency:
Caporale Realty Group
(708) 473-7334
Listed By:
Gabe Caporale · License #471015147
Source:
Amyboston.realtopiare
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 30 at 6:50PM
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 Caporale Realty Group
Investment Insights
Based on property information with market context.
This 3,600-square-foot auto repair facility was built in 1965 and is configured for ongoing automotive service operations. The building includes multiple service bays, oversized drive-in doors, professional-grade lifts, an air compressor system, ventilation, and waste oil handling. Interior areas also provide parts and storage space, an office, and a customer waiting room. High ceilings and wide bay spacing accommodate compact cars, SUVs, vans, and light-duty trucks.
The property is located at 3452 N Elston Ave in Chicago, with access along Elston Avenue. The site supports customer vehicles, towing activity, and fleet vehicles through on-site parking and vehicle storage areas. Automotive zoning and a documented history of repair shop use are also associated with the property.
The property is located at 3452 N Elston Ave in Chicago, with access along Elston Avenue. The site supports customer vehicles, towing activity, and fleet vehicles through on-site parking and vehicle storage areas. Automotive zoning and a documented history of repair shop use are also associated with the property.
Key Highlights
- 3,600‑square‑foot auto repair facility built in 1965
- Multiple service bays with oversized drive‑in doors
- Professional‑grade lifts, air compressor system, ventilation, and waste oil handling
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
$50,635
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
6.75%
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%
$1,012,700
$1.0M
Cap Rate 7%
$723,357
$723.4K
Cap Rate 9%
$562,611
$562.6K
Market Conditions
NOI Build-Up for 3,600 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
$79.1K $21.96/SF
− Vacancy
−$6.7K −$1.87/SF
EGI
$72.3K $20.09/SF
− OpEx
−$21.7K −$6.03/SF
NOI
$50.6K $14.07/SF
Area
ZIP 60618
Vacancy
8.50%
Lease Rate
$21.96 /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%
$1,012,700
Cap Rate 7%
$723,357
Cap Rate 9%
$562,611
Alternative Uses
Best Use
Retail
$723.4K
$632.9K – $843.9K
NOI $50,635 @ 7.0% cap · market cap 6.75%
Second Best
Industrial
$219.0K
$191.7K – $255.6K
NOI $15,333 @ 7.0% cap · market cap 2.04%
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,104 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
228k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Apparel 22%
Groceries 15%
Dining 8%
T.J. Maxx
Apparel
45,766 visits/mo
0.4 miles
Five Below
Shops & Services
41,733 visits/mo
0.5 miles
Dollar Tree
Shops & Services
34,747 visits/mo
0.2 miles
Aldi
Groceries
34,405 visits/mo
0.5 miles
Bank of America
Shops & Services
17,336 visits/mo
0.4 miles
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- George's Automotive Repair — 3209 W Barry Ave, Chicago, IL 60618
Frequently Asked Questions
What type of property is this?
Auto shop - Fully equipped facility with service bays, drive-in doors, office space, and a customer waiting area.
Where is this auto shop located?
The property is located at 3452 N Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 3,600‑square‑foot auto repair facility built in 1965; Multiple service bays with oversized drive‑in doors; Professional‑grade lifts, air compressor system, ventilation, and waste oil handling
