Warehouse with Built-Out
For Sale
$1,089,000
4535 W Addison Street, Chicago, IL 60641
Commercial Sale, Chicago, IL
Property Size11,000 SF
Price / SF$99
Days on Market347
Property Features for 4535 W Addison Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MANUF
Directions
Pulaski Rd to Addison St. to property Between Pulaski Rd. and Cicero Ave
Subdivision
CHI - Irving Park
Standard status
Active
APN
13223040500000
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
29966
Building Details
Year built
1954
Floors in Building
1
Building materials
Brick
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Sep 10, 2025
Changed: Aug 20
Last Checked: Aug 22 at 10:06AM
MLS# 12466316
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This versatile warehouse/light industrial building offers approximately 11,000 SF of total space, including 3,500 SF of built-out office space. The property includes two overhead doors (side and rear) to support convenient loading and unloading, along with two restrooms. Construction is brick and the building is identified as zoned MANUF, with M1-1 zoning cited for a wide range of commercial/light industrial uses.
Located between Pulaski Rd. and Cicero Ave. in the Irving Park/North Center area, the site benefits from transit access via the CTA Blue and Brown Lines and offers quick access to I-90/94, Lake Shore Drive, and O'Hare International Airport. Neighboring retailers and nearby restaurants, services, and amenities support day-to-day workforce and customer access.
Per seller direction, interior access requires buyer bank approval or an acknowledgment letter.
Located between Pulaski Rd. and Cicero Ave. in the Irving Park/North Center area, the site benefits from transit access via the CTA Blue and Brown Lines and offers quick access to I-90/94, Lake Shore Drive, and O'Hare International Airport. Neighboring retailers and nearby restaurants, services, and amenities support day-to-day workforce and customer access.
Per seller direction, interior access requires buyer bank approval or an acknowledgment letter.
Key Highlights
- Approx. 11,000 SF total building area
- 3,500 SF built‑out office space
- Two overhead doors, side and rear 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
$83,321
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
7.65%
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%
$1,666,420
$1.7M
Cap Rate 7%
$1,190,300
$1.2M
Cap Rate 9%
$925,789
$925.8K
Market Conditions
NOI Build-Up for 11,000 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
$103.7K $9.43/SF
− Vacancy
−$5.7K −$0.52/SF
EGI
$98.0K $8.91/SF
− OpEx
−$14.7K −$1.34/SF
NOI
$83.3K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$1,666,420
Cap Rate 7%
$1,190,300
Cap Rate 9%
$925,789
Alternative Uses
Best Use
Flex RnD
$1.81M
$1.59M – $2.12M
NOI $126,984 @ 7.0% cap · market cap 11.66%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,321 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$5.19M
$4.54M – $6.05M
NOI $363,053 @ 7.0% cap · market cap 33.34%
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
Balanced
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse/light industrial building with built-out office space and two overhead doors, zoned M1-1 for light industrial use.
Where is this warehouse located?
The property is located at 4535 W Addison Street 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: Approx. 11,000 SF total building area; 3,500 SF built‑out office space; Two overhead doors, side and rear loading
