Two-Story Flex and Warehouse
For Sale
Contact for pricing
3737 W Belmont Ave, Chicago, IL 60618
Heavy timber two-story building offers 12-foot clear ceiling height, wet sprinklers, and dedicated outdoor space with parking.
Property Size12,000 SF
Price / SF$85.42
Days on Market560
Property Features for 3737 W Belmont Ave
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
5
Property subtype
INDUSTRIAL
Lease Type
Gross
Warehouse & Industrial
Clear Height
12 ft
Sprinkler System
Yes
Additional Details
Road Access
Yes
Amenities
natural light
outdoor space
Building Details
Stories
2
Construction
heavy timber
Listing Agency:
Strauss Realty, Ltd.
(773) 736-3600
Listed By:
Adam Schneiderman · License #475149601
(847) 826-4467
Source:
Moodyscre
Added: Mar 4, 2025
Changed: Aug 15
Last Checked: Sep 14 at 9:43AM
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 heavy timber two-story building is available for sale or lease and totals 12,000 square feet, with 6,000 square feet per floor. The space is suited for warehouse, office, flex, or creative use, with substantial natural light throughout and 12-foot clear ceiling height. Wet sprinkler protection is in place.
The property includes approximately 1,400 square feet of outdoor space and parking for 4 to 5 cars. It is located on busy Belmont Avenue in Avondale, providing straightforward access for on-site operations.
If you are looking for a flexible, light-filled, multi-level space with an outdoor area and compact parking, this building’s configuration supports a range of mixed-use setups within the structure and adjoining outdoor footprint.
The property includes approximately 1,400 square feet of outdoor space and parking for 4 to 5 cars. It is located on busy Belmont Avenue in Avondale, providing straightforward access for on-site operations.
If you are looking for a flexible, light-filled, multi-level space with an outdoor area and compact parking, this building’s configuration supports a range of mixed-use setups within the structure and adjoining outdoor footprint.
Key Highlights
- Heavy timber 2‑story building on busy Belmont Avenue in Avondale with 12,000 SF total (6,000 SF per floor)
- 12' clear ceiling height with lots of natural light
- Wet sprinklers in place
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
$62,064
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
6.06%
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%
$1,241,280
$1.2M
Cap Rate 7%
$886,629
$886.6K
Cap Rate 9%
$689,600
$689.6K
Market Conditions
NOI Build-Up for 12,000 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
$77.8K $6.48/SF
− Vacancy
−$4.7K −$0.40/SF
EGI
$73.0K $6.08/SF
− OpEx
−$11.0K −$0.91/SF
NOI
$62.1K $5.17/SF
Area
ZIP 60618
Vacancy
6.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,241,280
Cap Rate 7%
$886,629
Cap Rate 9%
$689,600
Alternative Uses
Best Use
Flex RnD
$1.81M
$1.58M – $2.11M
NOI $126,360 @ 7.0% cap · market cap 12.33%
Second Best
Warehouse
$886.6K
$775.8K – $1.03M
NOI $62,064 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$5.24M
$4.59M – $6.12M
NOI $367,013 @ 7.0% cap · market cap 35.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12 ft
Clear height
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,138
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Heavy timber two-story building offers 12-foot clear ceiling height, wet sprinklers, and dedicated outdoor space with parking.
Where is this flex space located?
The property is located at 3737 W Belmont Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Heavy timber 2‑story building on busy Belmont Avenue in Avondale with 12,000 SF total (6,000 SF per floor); 12' clear ceiling height with lots of natural light; Wet sprinklers in place
