Building Details

Building Size 18,000 SF

Year Built 1941

Stories 2

Construction brick

Listing Agency: Home Realty Group, Inc

Listed By: Annette Kim Show Phone

Source: Fishmangroup

Added: Oct 2 Changed: Oct 23 Last Checked: Oct 23 at 1:24PM

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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 Home Realty Group, Inc

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Investment Insights

Based on property information with market context.

This 1941 flex building in Chicago has solid brick construction and a dedicated loading dock. Its MANUF zoning is suited to the property's industrial character.

The property is on N. Ravenswood Avenue, with CTA Brown Line stops and the Ravenswood Metra station nearby. Major arterial routes are also accessible from the area.

Key Highlights

• Solid brick construction
• Dedicated loading dock
• MANUF zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$207,792

Cap Rate

8.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,155,840 $4.2M

Cap Rate 7%

$2,968,457 $3.0M

Cap Rate 9%

$2,308,800 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,000 SF

Gross rent

$345.6K $19.20/SF

− Vacancy

−$25.9K −$1.44/SF

EGI

$319.7K $17.76/SF

− OpEx

−$111.9K −$6.22/SF

NOI

$207.8K $11.54/SF

Area

Chicago, IL

Vacancy

7.50%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,155,840

Cap Rate 7%

$2,968,457

Cap Rate 9%

$2,308,800

Alternative Uses

Best Use

Flex RnD

$2.97M

$2.60M – $3.46M (±1% cap)

NOI $207,792 @ 7.0% cap · market cap 8.31%

Second Best

Warehouse

$1.95M

$1.70M – $2.27M (±1% cap)

NOI $136,344 @ 7.0% cap · market cap 5.45%

Theoretical Best

Office A

$8.49M

$7.43M – $9.90M (±1% cap)

NOI $594,086 @ 7.0% cap · market cap 23.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Electrical Service Auto Parts Store Nursing Home Home Appliance Store (Bike/Boat/Book/etc) Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,413

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 60613, IL

53,048

Population

31,263

Households

1.7

Avg Household Size

34

Median Age

75%

College-Educated

97%

High-School Grad

2.3 sq mi

ZIP Area

23,064

Density / Sq Mi

$91,351

Median Household Income

$68,713

Median Earnings

$1,616

Median Rent

$397,800

Median Home Value

Market

Vacancy Rate% for Industrial in Chicago, IL

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - A dedicated loading dock provides direct support for freight handling.

Where is this flex space located?

The property is located at 4321 N Ravenswood Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: Solid brick construction; Dedicated loading dock; MANUF zoning