Full Commissary Kitchen
3515 W Grand Avenue Chicago, IL 60651
New
For Sale
$1,600,000
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$333.33
Days on Market4
Property Features for 3515 W Grand Avenue
General Information
- Standard status
- Active
- Size
- 4,800 SF
- Lot size
- 0.51 Acres
- Property subtype
- Land or Vacant Lot
Listing Agency:
@PROPERTIES COMMERCIAL
(312) 337-0200
Listed By:
IAN FEINERMAN · License #475124617
Source:
Corcoran
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 25 at 7:14AM
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
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 For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $126.7k | $26.40 |
| − Vacancy | −$7.6k | −$1.58 |
| EGI | $119.1k | $24.82 |
| − OpEx | −$29.8k | −$6.20 |
| NOI | $89.3k | $18.61 |
4,800 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,338 @ 7.0% cap · market cap 5.58%
Second Best
Industrial
$430.0K
$376.3K – $501.7K
NOI $30,101 @ 7.0% cap · market cap 1.88%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,423 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
G'ENiUS On Grand
Hotel & Motel
FAQs
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 Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $1,600,000.
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.
