Renovated Commercial Building with
For Sale
$2,399,000
3921 N Elston Avenue, Chicago, IL 60618
Move-in ready, renovated commercial building with modern finishes and convenient location.
Property Size14,300 SF
Days on Market277
Property Features for 3921 N Elston Avenue
General Information
Standard status
Active
Size
14,300 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$78,588
Building Details
Building Size
14,300 SF
Stories
1
Units
1
Listing Agency:
Strauss Realty Ltd
(773) 736-3600
Listed By:
Adam Schneiderman · License #475149601
(773) 736-3600
Source:
Perillorealestategroup
Added: Nov 20, 2025
Changed: Aug 23
Last Checked: Aug 24 at 2:37PM
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 is a modern, fully-renovated commercial building that was renovated in 2019. The property includes two docks and one drive-in door. The layout features a general office area, two private offices, a large open area, a conference room, a receiving area, a warehouse/storage room, a full kitchen, and three bathrooms. It also has a partial 2nd-floor Vanilla Box space. The building has a 14' clear ceiling height and includes modern-style finishes, polished floors, and exposed ductwork. HVAC is installed throughout the full building. The property is located on high-traffic Elston Avenue, providing excellent visibility. It is situated one mile from the I-90/94 Kennedy Expressway and 0.6 miles from the Irving Park Blue Line CTA. Parking is available in front of the dock and on the street. It is suitable for a wide variety of uses and is located in Irving Park.
Key Highlights
- Move‑in ready, fully renovated commercial building (2019)
- Excellent visibility on high‑traffic Elston Avenue
- Convenient location: 1 mile from I‑90/94 and 0.6 miles to Irving Park Blue Line
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
$73,960
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
3.08%
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%
$1,479,200
$1.5M
Cap Rate 7%
$1,056,571
$1.1M
Cap Rate 9%
$821,778
$821.8K
Market Conditions
NOI Build-Up for 14,300 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
$92.7K $6.48/SF
− Vacancy
−$5.7K −$0.40/SF
EGI
$87.0K $6.08/SF
− OpEx
−$13.1K −$0.91/SF
NOI
$74.0K $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%
$1,479,200
Cap Rate 7%
$1,056,571
Cap Rate 9%
$821,778
Alternative Uses
Best Use
Office B
$4.53M
$3.96M – $5.28M
NOI $316,868 @ 7.0% cap · market cap 13.21%
Second Best
Warehouse
$1.06M
$924.5K – $1.23M
NOI $73,960 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,358 @ 7.0% cap · market cap 18.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,501
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 Office 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?
Warehouse - Move-in ready, renovated commercial building with modern finishes and convenient location.
Where is this warehouse located?
The property is located at 3921 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: Move‑in ready, fully renovated commercial building (2019); Excellent visibility on high‑traffic Elston Avenue; Convenient location: 1 mile from I‑90/94 and 0.6 miles to Irving Park Blue Line
