Renovated Commercial Building in Irving
For Sale
$2,399,000
3921 N Elston Ave, Chicago, IL 60618
Move-in ready commercial building with docks and drive-in door.
Property Size14,300 SF
Price / SF$167.76
Days on Market231
Property Features for 3921 N Elston Ave
General Information
Standard status
Active
Size
14,300 SF
Listing Agency:
Strauss Realty Ltd
Listed By:
Adam Schneiderman · License #475149601
(847) 826-4467
Source:
Amyboston.realtopiare
Added: Mar 5
Changed: Oct 22
Last Checked: Oct 21 at 12:46AM
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
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Investment Insights
Based on property information with market context.
This fully renovated commercial building, updated in 2019, is located in Irving Park on high-traffic Elston Avenue, offering excellent visibility. The layout includes 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 features a partial second-floor vanilla box space. The building has a 14-foot clear ceiling height and modern interior finishes, including polished floors and exposed ductwork. It is equipped with HVAC throughout. The property includes two docks and one drive-in door. 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. This property is suitable for a wide variety of uses.
Key Highlights
- Fully renovated commercial building featuring 2 docks and 1 drive‑in door.
- Excellent visibility on high‑traffic Elston Avenue.
- Convenient location: just 1 mile from I‑90/94 and 0.6 miles to Irving Park Blue Line CTA.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$150,579
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,011,580
$3.0M
Cap Rate 7%
$2,151,129
$2.2M
Cap Rate 9%
$1,673,100
$1.7M
Market Conditions
NOI Build-Up for 14,300 SF
Gross rent
$257.4K $18.00/SF
− Vacancy
−$25.7K −$1.80/SF
EGI
$231.7K $16.20/SF
− OpEx
−$81.1K −$5.67/SF
NOI
$150.6K $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 Rate 5%
$3,011,580
Cap Rate 7%
$2,151,129
Cap Rate 9%
$1,673,100
Alternative Uses
Best Use
Flex RnD
$2.15M
$1.88M – $2.51M
NOI $150,579 @ 7.0% cap · market cap 6.28%
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.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,501
Businesses Nearby
Balanced
Demand for This Use
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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
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready commercial building with docks and drive-in door.
Where is this flex space located?
The property is located at 3921 N Elston Ave 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: Fully renovated commercial building featuring 2 docks and 1 drive‑in door.; Excellent visibility on high‑traffic Elston Avenue.; Convenient location: just 1 mile from I‑90/94 and 0.6 miles to Irving Park Blue Line CTA.
