Full Commissary Kitchen
For Sale
$1,595,000
3515 W Grand Ave, Chicago, IL 60651
Includes a full commissary kitchen and additional high-ceiling open space that can be leased and potentially divided.
Property Size4,800 SF
Lot Size0.51 Acres
Price / SF$332.29
Days on Market96
Property Features for 3515 W Grand Ave
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
28
Lot size
0.51 Acres
Property subtype
Land/Lot
Lease Type
NNN
Site & Location
Neighborhood
Humboldt Park
Road Access
Yes
Amenities
ADA bathrooms
Building Details
Tenancy
Multi
Listing Agency:
@properties Commercial
Listed By:
Ian Feinerman · License #475124617
(773) 802-2543
Source:
Illianahomesource
Added: Jul 22
Changed: Oct 19
Last Checked: Oct 24 at 5:20PM
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 @properties Commercial
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A 7,200-square-foot commercial building on a triangular 22,400-square-foot lot offers an existing full commissary kitchen and a large, flexible area for leasing. Approximately 2,400 square feet is currently rented to a catering company and includes a full commissary kitchen with a large hood, black iron, and a walk-in cooler. The remaining 4,800 square feet is open with high ceilings and can be divided, with multiple entrances and multi-stall ADA bathrooms.
The property includes rooftop-updated HVAC units and a newer roof, plus a 28-space parking lot with entry and exit gates on Grand and Thomas Streets. Located directly next to a local park, the site is served by nearby bus stops and is about a quarter mile to the heart of Humboldt Park, with area tenants including Cermak Fresh Market, AutoZone, Fresenius Kidney Care Center, and Right Way Sign Company.
The property includes rooftop-updated HVAC units and a newer roof, plus a 28-space parking lot with entry and exit gates on Grand and Thomas Streets. Located directly next to a local park, the site is served by nearby bus stops and is about a quarter mile to the heart of Humboldt Park, with area tenants including Cermak Fresh Market, AutoZone, Fresenius Kidney Care Center, and Right Way Sign Company.
Key Highlights
- 7200 SF building on a triangular 22,400 SF lot with parking lot and 28 spaces plus entry/exit gates on Grand and Thomas Sts.
- 2,400 SF is leased to a well‑known catering company and includes a full commissary kitchen with large hood, black iron, and walk‑in cooler.
- 4,800 SF high‑ceiling wide‑open space available for lease at $20 NNN, with multiple entrances that could allow division.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,338
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,760
$1.8M
Cap Rate 7%
$1,276,257
$1.3M
Cap Rate 9%
$992,644
$992.6K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$126.7K $26.40/SF
− Vacancy
−$7.6K −$1.58/SF
EGI
$119.1K $24.82/SF
− OpEx
−$29.8K −$6.20/SF
NOI
$89.3K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,786,760
Cap Rate 7%
$1,276,257
Cap Rate 9%
$992,644
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,338 @ 7.0% cap · market cap 5.60%
Second Best
Industrial
$430.0K
$376.3K – $501.7K
NOI $30,101 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,423 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,083
Businesses Nearby
113k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 31%
Dining 29%
Apparel 19%
Groceries 11%
Popeyes Louisiana Kitchen
Dining
15,239 visits/mo
0.5 miles
Five Below
Shops & Services
12,540 visits/mo
0.4 miles
Aldi
Groceries
12,149 visits/mo
0.4 miles
Burlington
Apparel
10,794 visits/mo
0.4 miles
AutoZone
Shops & Services
8,177 visits/mo
0.1 miles
Demographics for 60651, IL
62,819
Population
22,885
Households
2.7
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
17,948
Density / Sq Mi
$52,963
Median Household Income
$33,783
Median Earnings
$1,186
Median Rent
$262,700
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Commercial kitchen - Includes a full commissary kitchen and additional high-ceiling open space that can be leased and potentially divided.
Where is this commercial kitchen located?
The property is located at 3515 W Grand 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: 7200 SF building on a triangular 22,400 SF lot with parking lot and 28 spaces plus entry/exit gates on Grand and Thomas Sts.; 2,400 SF is leased to a well‑known catering company and includes a full commissary kitchen with large hood, black iron, and walk‑in cooler.; 4,800 SF high‑ceiling wide‑open space available for lease at $20 NNN, with multiple entrances that could allow division.
