Brick Warehouse with Drive-In
For Sale
Contact for pricing
4271 N Elston Avenue, Chicago, IL 60618
Brick flex warehouse with two overhead drive-in doors and an included basement, sold as-is.
Property Size5,200 SF
Price / SF$134.62
Days on Market40
Property Features for 4271 N Elston Avenue
General Information
Standard status
Active
Size
5,200 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Drive-In Doors
2
Building Details
Year Built
1915
Construction
solid masonry
Listing Agency:
Star Realty & Management
(312) 371-2564
Listed By:
Tyler Weekes · License #475174404
Source:
Crexi
Added: Jul 5
Changed: Aug 9
Last Checked: Aug 12 at 9:52AM
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 includes a 5,200+ square foot brick warehouse with a basement. The structure is built with solid masonry construction and offers flexible warehouse space configured for a variety of commercial or industrial uses. The building requires substantial construction, and the property is being sold as-is.
The property is located on Elston Avenue in Chicago’s Mayfair neighborhood, with access to I-90/94 and major arterial roads. Public transportation and surrounding commercial corridors provide additional connectivity, and the site is described as offering excellent visibility and accessibility.
The building features two overhead drive-in doors, supporting straightforward loading and delivery operations. Prospective buyers are instructed to verify zoning, permitted uses, and all building information.
The property is located on Elston Avenue in Chicago’s Mayfair neighborhood, with access to I-90/94 and major arterial roads. Public transportation and surrounding commercial corridors provide additional connectivity, and the site is described as offering excellent visibility and accessibility.
The building features two overhead drive-in doors, supporting straightforward loading and delivery operations. Prospective buyers are instructed to verify zoning, permitted uses, and all building information.
Key Highlights
- 5,200+ SF brick warehouse with basement in Chicago’s Mayfair neighborhood (Year built: 1915)
- Elston Avenue flex warehouse with flexible warehouse space for commercial or industrial uses
- Two overhead drive‑in doors for warehouse access and loading
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
7.82%
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 7.82%
Second Best
Warehouse
$384.2K
$336.2K – $448.2K
NOI $26,894 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,039 @ 7.0% cap · market cap 22.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
Yes
Highway 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.
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Frequently Asked Questions
What type of property is this?
Flex space - Brick flex warehouse with two overhead drive-in doors and an included basement, sold as-is.
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 $700,000.
What are key features of this property?
This property features: 5,200+ SF brick warehouse with basement in Chicago’s Mayfair neighborhood (Year built: 1915); Elston Avenue flex warehouse with flexible warehouse space for commercial or industrial uses; Two overhead drive‑in doors for warehouse access and loading
