Flex Space with Automotive
For Sale
Contact for pricing
3632-3652 N Cicero Ave, Chicago, IL 60641
Contiguous commercial buildings combine office, showroom, warehouse, and automotive bay space.
Property Size15,900 SF
Price / SF$141.51
Days on Market191
Property Features for 3632-3652 N Cicero Ave
General Information
Standard status
Active
Size
15,900 SF
Property subtype
Office, Industrial
Zoning
3632-3634: C2-1, 3650-3652: B3-1
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
3
Listing Agency:
Strauss Realty, Ltd.
Listed By:
David Kaplan · License #475212948
(773) 736-3600
Source:
Crexi
Added: Feb 25
Changed: Aug 29
Last Checked: Sep 3 at 11:33AM
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 Strauss Realty, Ltd.
Investment Insights
Based on property information with market context.
This flex property includes three connected buildings with approximately 15,900 square feet across office, showroom, warehouse, and automotive bay areas. The layout supports varied commercial configurations, with the option to occupy one building, two buildings, or the full assemblage. Private parking covers 10,000 SF, and an optional 23’ x 11’ rooftop billboard is available for tenant branding.
The property fronts Cicero Avenue for 210’ and records approximately 31,500 vehicles per day. It sits just north of Cicero Avenue and Addison Street, with access to I-90/94 and two city parking lots within a four-minute walk. O’Hare International Airport and Downtown Chicago are each approximately nine miles away.
Zoning is C2-1 for 3632-3634 and B3-1 for 3650-3652. The source information identifies redevelopment potential for retail, restaurant, or event-space uses, along with suitability for car wash, detailing, fleet, and automotive service operations.
The property fronts Cicero Avenue for 210’ and records approximately 31,500 vehicles per day. It sits just north of Cicero Avenue and Addison Street, with access to I-90/94 and two city parking lots within a four-minute walk. O’Hare International Airport and Downtown Chicago are each approximately nine miles away.
Zoning is C2-1 for 3632-3634 and B3-1 for 3650-3652. The source information identifies redevelopment potential for retail, restaurant, or event-space uses, along with suitability for car wash, detailing, fleet, and automotive service operations.
Key Highlights
- Approximately 15,900 SF across three contiguous buildings
- 10,000 SF of private on‑site parking
- 210’ of Cicero Avenue frontage with approximately 31,500 vehicles per day
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
$183,550
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
8.16%
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%
$3,671,000
$3.7M
Cap Rate 7%
$2,622,143
$2.6M
Cap Rate 9%
$2,039,444
$2.0M
Market Conditions
NOI Build-Up for 15,900 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
$305.3K $19.20/SF
− Vacancy
−$22.9K −$1.44/SF
EGI
$282.4K $17.76/SF
− OpEx
−$98.8K −$6.22/SF
NOI
$183.5K $11.54/SF
Area
Chicago, IL
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$3,671,000
Cap Rate 7%
$2,622,143
Cap Rate 9%
$2,039,444
Alternative Uses
Best Use
Office B
$4.87M
$4.26M – $5.69M
NOI $341,150 @ 7.0% cap · market cap 15.16%
Second Best
Retail
$3.14M
$2.75M – $3.67M
NOI $219,973 @ 7.0% cap · market cap 9.78%
Theoretical Best
Office A
$7.50M
$6.56M – $8.75M
NOI $524,776 @ 7.0% cap · market cap 23.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,804
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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?
Flex space - Contiguous commercial buildings combine office, showroom, warehouse, and automotive bay space.
Where is this flex space located?
The property is located at 3632-3652 N Cicero Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Approximately 15,900 SF across three contiguous buildings; 10,000 SF of private on‑site parking; 210’ of Cicero Avenue frontage with approximately 31,500 vehicles per day
