Flex Space with Drive-In
For Sale
Contact for pricing
3541 N Elston Ave, Chicago, IL 60618
C1-1 zoning and rear parking support a flexible commercial layout for service, showroom, office, or retail operations.
Property Size5,000 SF
Price / SF$260
Days on Market157
Property Features for 3541 N Elston Ave
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Land, Retail
Zoning
C1-1
Building Details
Year Renovated
2022
Buildings
1
Units
1
Listing Agency:
Chicago Real Estate Resources Inc
(773) 327-9300
Listed By:
Eric Janssen · License #IL 471011639
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 9:25AM
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 Chicago Real Estate Resources Inc
Investment Insights
Based on property information with market context.
This 5,000-square-foot flex property at 3541 N Elston Ave combines adaptable commercial space with practical loading access. A 10' x 10' drive-in door supports receiving and movement of equipment or merchandise, while 25 parking spaces are positioned behind the building. The C1-1 zoning permits a broad range of commercial uses, including contractor offices, artist workshops, showroom concepts, restaurants, medical or dental offices, and personal-service businesses.
The property is located in Chicago, IL 60618, approximately 5 minutes from the Kennedy X-way. Reported traffic at the location is 29,300 vehicles per day, providing a measurable access and exposure characteristic for businesses serving local customers, clients, or vendors.
The property is located in Chicago, IL 60618, approximately 5 minutes from the Kennedy X-way. Reported traffic at the location is 29,300 vehicles per day, providing a measurable access and exposure characteristic for businesses serving local customers, clients, or vendors.
Key Highlights
- 5,000 SF flex property at 3541 N Elston Ave
- 10' x 10' drive‑in door for loading access
- 25 car parking at the rear of the building
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
$70,327
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%
$1,406,540
$1.4M
Cap Rate 7%
$1,004,671
$1.0M
Cap Rate 9%
$781,411
$781.4K
Market Conditions
NOI Build-Up for 5,000 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
$109.8K $21.96/SF
− Vacancy
−$9.3K −$1.87/SF
EGI
$100.5K $20.09/SF
− OpEx
−$30.1K −$6.03/SF
NOI
$70.3K $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%
$1,406,540
Cap Rate 7%
$1,004,671
Cap Rate 9%
$781,411
Alternative Uses
Best Use
Retail
$1.00M
$879.1K – $1.17M
NOI $70,327 @ 7.0% cap · market cap 5.41%
Second Best
Flex RnD
$752.1K
$658.1K – $877.5K
NOI $52,650 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,922 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,142
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C1-1 zoning and rear parking support a flexible commercial layout for service, showroom, office, or retail operations.
Where is this flex space located?
The property is located at 3541 N Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5,000 SF flex property at 3541 N Elston Ave; 10' x 10' drive‑in door for loading access; 25 car parking at the rear of the building
