Brick Flex Space with Drive-In
For Sale
$750,000
4271 N Elston Avenue, Chicago, IL 60618
Masonry construction, basement space, and adaptable warehouse areas support varied commercial uses.
Property Size5,200 SF
Price / SF$144.23
Days on Market37
Property Features for 4271 N Elston Avenue
General Information
Standard status
Active
Size
5,200 SF
Property subtype
COMMERCIAL
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$23,719
Building Details
Building Size
5,200 SF
Year Built
1915
Buildings
1
Construction
brick
Listing Agency:
Star Realty & Management
(312) 371-2564
Listed By:
Tyler Weekes · License #475174404
Source:
Harkinsandassociates
Added: Jul 4
Changed: Aug 2
Last Checked: Aug 9 at 11:20AM
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 Star Realty & Management
Investment Insights
Based on property information with market context.
This flex property offers 5,200+ square feet of warehouse space, a basement, and two overhead drive-in doors. Built in 1915, the brick and masonry structure provides a functional base for a range of commercial or industrial uses. Substantial construction is required, and the property is being sold as-is, allowing an investor, developer, or owner-user to undertake a customized redevelopment or improvement plan.
The building fronts Elston Avenue in Chicago’s Mayfair neighborhood, with access to I-90/94, major arterial roads, public transportation, and surrounding commercial corridors. Its position along Elston Avenue provides direct exposure to the surrounding commercial environment while maintaining access to regional transportation routes.
The building fronts Elston Avenue in Chicago’s Mayfair neighborhood, with access to I-90/94, major arterial roads, public transportation, and surrounding commercial corridors. Its position along Elston Avenue provides direct exposure to the surrounding commercial environment while maintaining access to regional transportation routes.
Key Highlights
- 5,200+ square feet of warehouse space plus basement
- Two overhead drive‑in doors
- Brick and solid masonry construction
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
$54,756
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
7.30%
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%
$1,095,120
$1.1M
Cap Rate 7%
$782,229
$782.2K
Cap Rate 9%
$608,400
$608.4K
Market Conditions
NOI Build-Up for 5,200 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
$93.6K $18.00/SF
− Vacancy
−$9.4K −$1.80/SF
EGI
$84.2K $16.20/SF
− OpEx
−$29.5K −$5.67/SF
NOI
$54.8K $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%
$1,095,120
Cap Rate 7%
$782,229
Cap Rate 9%
$608,400
Alternative Uses
Best Use
Flex RnD
$782.2K
$684.5K – $912.6K
NOI $54,756 @ 7.0% cap · market cap 7.30%
Second Best
Warehouse
$384.2K
$336.2K – $448.2K
NOI $26,894 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,039 @ 7.0% cap · market cap 21.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,245
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 Industrial in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cassava Empanadas — 3929 N Central Park Ave, Chicago, IL 60618
- T&W Solutions LLC — 4042 N Pulaski Rd STE 1, Chicago, IL 60641
- Wisepak Foods LLC — 4225 N Pulaski Rd, Chicago, IL 60641
- letuscater — 4425 W Montrose Ave # 7, Chicago, IL 60641
- Shmeal — 3823 N Monticello Ave, Chicago, IL 60618
Frequently Asked Questions
What type of property is this?
Flex space - Masonry construction, basement space, and adaptable warehouse areas support varied commercial uses.
Where is this flex space located?
The property is located at 4271 N Elston Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5,200+ square feet of warehouse space plus basement; Two overhead drive‑in doors; Brick and solid masonry construction
