Renovated Flex
For Sale
$725,000
3725 N Western Ave, Chicago, IL 60618
Updated single-story commercial space with overhead access at both the front and rear.
Property Size3,210 SF
Price / SF$225.86
Days on Market26
Property Features for 3725 N Western Ave
General Information
Standard status
Active
Size
3,210 SF
Additional Details
Road Access
Yes
Clear Height
12 ft
Building Details
Year Built
1937
Buildings
1
Stories
1
Building Size
3,210 SF
Listing Agency:
Strauss Realty Ltd
(773) 736-3600
Listed By:
Craig Wolf · License #475163046
Source:
Grandviewrealtyservices
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 25 at 4:46AM
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 3,210-square-foot flex property is arranged as a single-story building with a 12-foot ceiling and overhead doors at the front and rear. The structure was built in 1937 and has been fully renovated, providing a refreshed commercial setting for a range of flex-space applications.
The property is located on Western Avenue near Addison Street in Chicago’s North Center. Nearby businesses include Pete’s Pizza, Potbelly, Starbucks, Dave’s Hot Chicken, Waveland Bowl, Mariano’s, AutoZone, and Lucas Tires. The building is offered for sale or lease.
The property is located on Western Avenue near Addison Street in Chicago’s North Center. Nearby businesses include Pete’s Pizza, Potbelly, Starbucks, Dave’s Hot Chicken, Waveland Bowl, Mariano’s, AutoZone, and Lucas Tires. The building is offered for sale or lease.
Key Highlights
- 3,210‑square‑foot single‑story flex building
- Fully renovated commercial property
- Front and rear overhead doors
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
$33,801
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
4.66%
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%
$676,020
$676.0K
Cap Rate 7%
$482,871
$482.9K
Cap Rate 9%
$375,567
$375.6K
Market Conditions
NOI Build-Up for 3,210 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
$57.8K $18.00/SF
− Vacancy
−$5.8K −$1.80/SF
EGI
$52.0K $16.20/SF
− OpEx
−$18.2K −$5.67/SF
NOI
$33.8K $10.53/SF
Area
ZIP 60618
Vacancy
10.00%
Lease Rate
$18.00 /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%
$676,020
Cap Rate 7%
$482,871
Cap Rate 9%
$375,567
Alternative Uses
Best Use
Flex RnD
$482.9K
$422.5K – $563.4K
NOI $33,801 @ 7.0% cap · market cap 4.66%
Second Best
Industrial
$195.3K
$170.9K – $227.9K
NOI $13,672 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,176 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,400
Businesses Nearby
Under-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Updated single-story commercial space with overhead access at both the front and rear.
Where is this flex space located?
The property is located at 3725 N Western Ave Chicago, IL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,210‑square‑foot single‑story flex building; Fully renovated commercial property; Front and rear overhead doors
