Flex Building with Drive-In
New
For Sale
$699,000
3638-40 N Cicero Avenue, Chicago, IL 60641
The building combines furnished office space with warehouse area and industrial-grade power.
Property Size4,500 SF
Lot Size0.23 Acres
Price / SF$155.33
Days on Market5
Property Features for 3638-40 N Cicero Avenue
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.23 Acres
Property subtype
COMMERCIAL
Warehouse & Industrial
Warehouse Space
2,250 SF
Office Build-Out
2,250 SF
Voltage
240 V
Building Details
Building Size
4,500 SF
Buildings
1
Listing Agency:
Strauss Realty Ltd
Listed By:
Adam Schneiderman · License #475149601
(773) 736-3600
Source:
Dawnmckennagroup
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 1 at 4:55PM
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 a 4,500 SF building with 2,250 SF of furnished office space and 2,250 SF of warehouse area. Overhead doors at both the front and rear provide drive-in access, and the building has 240V industrial-grade power. The property also includes approximately 5,700 SF of private parking, with additional city parking nearby.
Situated on N Cicero Avenue in Chicago’s Portage Park area, the site has a total commercial lot area of 10,125 SF.
Situated on N Cicero Avenue in Chicago’s Portage Park area, the site has a total commercial lot area of 10,125 SF.
Key Highlights
- 4,500 SF building with 2,250 SF of furnished office space and 2,250 SF of warehouse area
- Overhead doors at both the front and rear
- 240V industrial‑grade power
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
$62,257
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
8.91%
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%
$1,245,140
$1.2M
Cap Rate 7%
$889,386
$889.4K
Cap Rate 9%
$691,744
$691.7K
Market Conditions
NOI Build-Up for 4,500 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
$97.2K $21.60/SF
− Vacancy
−$8.3K −$1.84/SF
EGI
$88.9K $19.76/SF
− OpEx
−$26.7K −$5.93/SF
NOI
$62.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /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%
$1,245,140
Cap Rate 7%
$889,386
Cap Rate 9%
$691,744
Alternative Uses
Best Use
Retail
$889.4K
$778.2K – $1.04M
NOI $62,257 @ 7.0% cap · market cap 8.91%
Second Best
Flex RnD
$742.1K
$649.4K – $865.8K
NOI $51,948 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,522 @ 7.0% cap · market cap 21.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,639
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 Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The building combines furnished office space with warehouse area and industrial-grade power.
Where is this flex space located?
The property is located at 3638-40 N Cicero Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 4,500 SF building with 2,250 SF of furnished office space and 2,250 SF of warehouse area; Overhead doors at both the front and rear; 240V industrial‑grade power
