Flex Building with Loading
For Sale
$1,089,000
4535 W Addison St, Chicago, IL 60641
M1-1 zoning supports a warehouse/light industrial configuration with office and loading functionality.
Property Size11,000 SF
Price / SF$103.71
Days on Market49
Property Features for 4535 W Addison St
General Information
Standard status
Active
Size
11,000 SF
Zoning
M1-1
Additional Details
Highway Access
Yes
Office Build-Out
3,500 SF
Building Details
Year Built
1954
Building Size
11,000 SF
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(773) 983-1553
Source:
Realtopiare
Added: Jul 17
Changed: Aug 31
Last Checked: Sep 1 at 10:40PM
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 Circle
Investment Insights
Based on property information with market context.
This 1954 flex property combines warehouse/light industrial space with 3,500 square feet of built-out office area. Two overhead doors—positioned at the side and rear—support loading and unloading, while two restrooms serve the building. M1-1 zoning accommodates a range of commercial and light industrial uses.
The property is located on W Addison St between Pulaski Rd. and Cicero Ave. CTA Blue and Brown Line service is within walking distance, and the site offers access to I-90/94, Lake Shore Drive, and O'Hare International Airport. Its Chicago location provides connections to city neighborhoods, the suburbs, and regional transportation routes.
The property is located on W Addison St between Pulaski Rd. and Cicero Ave. CTA Blue and Brown Line service is within walking distance, and the site offers access to I-90/94, Lake Shore Drive, and O'Hare International Airport. Its Chicago location provides connections to city neighborhoods, the suburbs, and regional transportation routes.
Key Highlights
- 3,500 square feet of built‑out office space
- Two overhead doors at the side and rear of the building
- M1‑1 zoning for commercial and light industrial uses
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
$65,845
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
6.05%
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%
$1,316,900
$1.3M
Cap Rate 7%
$940,643
$940.6K
Cap Rate 9%
$731,611
$731.6K
Market Conditions
NOI Build-Up for 10,500 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
$99.0K $9.43/SF
− Vacancy
−$5.0K −$0.47/SF
EGI
$94.1K $8.96/SF
− OpEx
−$28.2K −$2.69/SF
NOI
$65.8K $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%
$1,316,900
Cap Rate 7%
$940,643
Cap Rate 9%
$731,611
Alternative Uses
Best Use
Flex RnD
$1.73M
$1.52M – $2.02M
NOI $121,212 @ 7.0% cap · market cap 11.13%
Second Best
Industrial
$940.6K
$823.1K – $1.10M
NOI $65,845 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$4.95M
$4.33M – $5.78M
NOI $346,550 @ 7.0% cap · market cap 31.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,888
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60641, IL
69,354
Population
27,377
Households
2.5
Avg Household Size
37
Median Age
36%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
17,339
Density / Sq Mi
$81,649
Median Household Income
$46,376
Median Earnings
$1,249
Median Rent
$373,200
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
- Alltimate Catering — 3051 N Cicero Ave, Chicago, IL 60641
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- Sabroso Catering — 4026 N Milwaukee Ave, Chicago, IL 60641
- T&W Solutions LLC — 4042 N Pulaski Rd STE 1, Chicago, IL 60641
Frequently Asked Questions
What type of property is this?
Flex space - M1-1 zoning supports a warehouse/light industrial configuration with office and loading functionality.
Where is this flex space located?
The property is located at 4535 W Addison St Chicago, IL.
What is the asking price?
The asking price for this property is $1,089,000.
What are key features of this property?
This property features: 3,500 square feet of built‑out office space; Two overhead doors at the side and rear of the building; M1‑1 zoning for commercial and light industrial uses
