Flex Warehouse with
For Sale
Contact for pricing
439 N Western Ave, Chicago, IL 60612
Industrial flex building includes office space, a shop with 14-foot ceilings, and a second-floor liveable area.
Property Size15,526 SF
Price / SF$289.84
Days on Market158
Property Features for 439 N Western Ave
General Information
Standard status
Active
Size
15,526 SF
Property subtype
Industrial
Zoning
PMD
Investment Type
Owner/User
Warehouse & Industrial
Clear Height
14 ft
Dock-High Doors
1
Drive-In Doors
1
Amenities
service elevator
exercise room
bar/party room
full kitchen
bath
bedroom
Building Details
Year Built
1930
Stories
2
Listing Agency:
GMC Realty LTD
Listed By:
Michael Carr · License #471.017461
(630) 994-3200
Source:
Crexi
Added: Apr 2
Changed: Aug 26
Last Checked: Sep 3 at 2:28AM
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 GMC Realty LTD
Investment Insights
Based on property information with market context.
This flex warehouse property totals approximately 15,500 square feet of building area and combines office, shop, and liveable second-floor space. The offering includes 5,950 square feet of office area and 5,000 square feet of shop area with 14-foot ceilings. The shop is supported by one drive-in door and one loading dock.
An additional 5,000 square feet of second-floor livable area is included, with an exercise room, bar/party room, full kitchen, bath, and bedroom. A service elevator provides access between levels.
The property is configured to support a mixed-use operation with both functional work space and dedicated office and residential amenities on-site.
An additional 5,000 square feet of second-floor livable area is included, with an exercise room, bar/party room, full kitchen, bath, and bedroom. A service elevator provides access between levels.
The property is configured to support a mixed-use operation with both functional work space and dedicated office and residential amenities on-site.
Key Highlights
- Approx. 15,500 sq ft industrial flex building with office, shop, and second‑floor livable space
- 5,950 sq ft office area
- 5,000 sq ft shop area with 14‑ft ceilings
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
$179,232
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
3.98%
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%
$3,584,640
$3.6M
Cap Rate 7%
$2,560,457
$2.6M
Cap Rate 9%
$1,991,467
$2.0M
Market Conditions
NOI Build-Up for 15,526 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
$298.1K $19.20/SF
− Vacancy
−$22.4K −$1.44/SF
EGI
$275.7K $17.76/SF
− OpEx
−$96.5K −$6.22/SF
NOI
$179.2K $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 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%
$3,584,640
Cap Rate 7%
$2,560,457
Cap Rate 9%
$1,991,467
Alternative Uses
Best Use
Flex RnD
$2.56M
$2.24M – $2.99M
NOI $179,232 @ 7.0% cap · market cap 3.98%
Second Best
Industrial
$1.39M
$1.22M – $1.62M
NOI $97,363 @ 7.0% cap · market cap 2.16%
Theoretical Best
Office A
$7.32M
$6.41M – $8.54M
NOI $512,433 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
2,574
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60612, IL
34,402
Population
16,763
Households
2.1
Avg Household Size
34
Median Age
41%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
9,298
Density / Sq Mi
$60,457
Median Household Income
$46,582
Median Earnings
$1,330
Median Rent
$331,600
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex building includes office space, a shop with 14-foot ceilings, and a second-floor liveable area.
Where is this flex space located?
The property is located at 439 N Western Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Approx. 15,500 sq ft industrial flex building with office, shop, and second‑floor livable space; 5,950 sq ft office area; 5,000 sq ft shop area with 14‑ft ceilings
