Flex Space with Rear
For Sale
$799,900
4519 W Lake St, Chicago, IL 60624
Rehabilitated office and upper-level space with secured rear access, enclosed parking, and direct proximity to I-290.
Property Size8,500 SF
Price / SF$94.11
Days on Market40
Property Features for 4519 W Lake St
General Information
Standard status
Active
Size
8,500 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Dock-High Doors
1
Building Details
Year Built
1917
Buildings
1
Listing Agency:
Century 21 S.G.R., Inc.
(708) 407-4942
Listed By:
Ola Sanni · License #471017730
Source:
Realtopiare
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:21AM
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 Century 21 S.G.R., Inc.
Investment Insights
Based on property information with market context.
This 8,500-square-foot flex property includes a rear loading dock, enclosed parking spaces, and a retractable gate serving the back entrance. The building contains two rehabilitated units: a first-floor condo/office and a second-floor unit. Recent improvements include tuckpointing, a newer roof, and hardwood flooring in the condo/office areas. Built in 1917, the property combines industrial functionality with finished office components.
The surrounding area includes steel, beverage, bottling, and manufacturing properties. I-290 is directly south, while the Cicero Green Line CTA station is 0.5 miles away. The property is also 1.5 miles west of the Garfield Park Conservatory and 7.5 miles west of Downtown Chicago.
The surrounding area includes steel, beverage, bottling, and manufacturing properties. I-290 is directly south, while the Cicero Green Line CTA station is 0.5 miles away. The property is also 1.5 miles west of the Garfield Park Conservatory and 7.5 miles west of Downtown Chicago.
Key Highlights
- 8,500‑square‑foot flex property built in 1917
- Rear loading dock with enclosed parking spaces
- Retractable gate at the rear entrance
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
$53,303
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
6.66%
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%
$1,066,060
$1.1M
Cap Rate 7%
$761,471
$761.5K
Cap Rate 9%
$592,256
$592.3K
Market Conditions
NOI Build-Up for 8,500 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
$80.2K $9.43/SF
− Vacancy
−$4.0K −$0.47/SF
EGI
$76.1K $8.96/SF
− OpEx
−$22.8K −$2.69/SF
NOI
$53.3K $6.27/SF
Area
Chicago, IL
Vacancy
5.00%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
30.00%
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%
$1,066,060
Cap Rate 7%
$761,471
Cap Rate 9%
$592,256
Alternative Uses
Best Use
Office B
$2.61M
$2.28M – $3.04M
NOI $182,376 @ 7.0% cap · market cap 22.80%
Second Best
Flex RnD
$1.40M
$1.23M – $1.64M
NOI $98,124 @ 7.0% cap · market cap 12.27%
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,541 @ 7.0% cap · market cap 35.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60624, IL
37,547
Population
16,250
Households
2.3
Avg Household Size
34
Median Age
13%
College-Educated
77%
High-School Grad
3.5 sq mi
ZIP Area
10,728
Density / Sq Mi
$32,607
Median Household Income
$30,924
Median Earnings
$1,152
Median Rent
$223,200
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Similar Off Market Nearby
- Catering Out the Box Llc — 4300 W Lake St, Chicago, IL 60624
- UGONDA 'S TASTY TREATS — 422 N Lawler Ave, Chicago, IL 60644
- SNUTII CHEF LLC — 716 N Leclaire Ave, Chicago, IL 60644
Frequently Asked Questions
What type of property is this?
Flex space - Rehabilitated office and upper-level space with secured rear access, enclosed parking, and direct proximity to I-290.
Where is this flex space located?
The property is located at 4519 W Lake St Chicago, IL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 8,500‑square‑foot flex property built in 1917; Rear loading dock with enclosed parking spaces; Retractable gate at the rear entrance
