Industrial Warehouse with Loading
New
For Sale
$2,300,000
4024 N Tripp Ave, Chicago, IL 60641
Flexible industrial layout includes offices, break room, loading access, and on-site parking.
Property Size21,138 SF
Lot Size0.74 Acres
Price / SF$108.81
Days on Market6
Property Features for 4024 N Tripp Ave
General Information
Standard status
Active
Size
21,138 SF
Total Parking Spaces
38
Lot size
0.74 Acres
Zoning
C1-1
Warehouse & Industrial
Clear Height
18 ft
Dock-High Doors
1
Drive-In Doors
2
Additional Details
Highway Access
Yes
Land Use
industrial
Amenities
kitchen/break room
conference room
private offices
Building Details
Year Built
1969
Buildings
1
Stories
2
Building Size
21,138 SF
Listing Agency:
Coldwell Banker Realty
Listed By:
Bruce Heller · License #471007740
(312) 915-4722
Source:
Bktchicago
Added: Sep 19
Last Checked: Sep 24 at 11:42AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 21,138 SF industrial warehouse occupies a 32,050 SF lot and includes a practical mix of production, storage, and office areas. Interior features include 14-18 ft ceiling heights, 2 drive-in doors, a loading dock door, a kitchen/break room, a large conference room, 3-5 private offices, and a small second-floor office area. Parking includes a 31-car lot plus 7 spaces at the rear. The property is zoned C1-1 and was built in 1969.
Located in Chicago’s Old Irving Park neighborhood, the building is one block from the I-90 / I-94 Irving Park interchange. O’Hare International Airport is 9 miles away, while downtown Chicago is 8 miles from the property. The address is 4024 N Tripp Ave, Chicago, IL 60641.
Located in Chicago’s Old Irving Park neighborhood, the building is one block from the I-90 / I-94 Irving Park interchange. O’Hare International Airport is 9 miles away, while downtown Chicago is 8 miles from the property. The address is 4024 N Tripp Ave, Chicago, IL 60641.
Key Highlights
- 21,138 SF industrial building on a 32,050 SF lot
- 14‑18 ft ceiling heights
- 2 Drive in Doors (15.5 x 13.9 and 13.10 x 13.8)
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
$160,113
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
6.96%
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%
$3,202,260
$3.2M
Cap Rate 7%
$2,287,329
$2.3M
Cap Rate 9%
$1,779,033
$1.8M
Market Conditions
NOI Build-Up for 21,138 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
$199.3K $9.43/SF
− Vacancy
−$11.0K −$0.52/SF
EGI
$188.4K $8.91/SF
− OpEx
−$28.3K −$1.34/SF
NOI
$160.1K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /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%
$3,202,260
Cap Rate 7%
$2,287,329
Cap Rate 9%
$1,779,033
Alternative Uses
Best Use
Warehouse
$2.29M
$2.00M – $2.67M
NOI $160,113 @ 7.0% cap · market cap 6.96%
Second Best
Industrial
$1.89M
$1.66M – $2.21M
NOI $132,555 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$9.97M
$8.72M – $11.63M
NOI $697,655 @ 7.0% cap · market cap 30.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
18 ft
Clear height
1
Dock-high doors
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,770
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Warehouse - Flexible industrial layout includes offices, break room, loading access, and on-site parking.
Where is this warehouse located?
The property is located at 4024 N Tripp Ave Chicago, IL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 21,138 SF industrial building on a 32,050 SF lot; 14‑18 ft ceiling heights; 2 Drive in Doors (15.5 x 13.9 and 13.10 x 13.8)
