Flex Space with Loading
For Sale
$859,000
4535 W Addison Street, Chicago, IL 60641
Commercial Sale, Chicago, IL
Property Size11,000 SF
Price / SF$78.09
Days on Market392
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: Oct 3
Last Checked: Oct 6 at 1:06PM
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 brick flex property, constructed in 1954, contains approximately 11,000 square feet of total building area. The layout includes 3,500 square feet of finished office space, two overhead doors positioned at the side and rear, and two restrooms. The configuration supports a blend of workspace, storage, and operational functions within one building.
Located at 4535 W Addison Street in Chicago, the property sits between Pulaski Road and Cicero Avenue in the Irving Park and North Center area. Public transportation is within walking distance, with access to the CTA Blue and Brown Lines. The site also offers convenient connections to I-90/94, Lake Shore Drive, and O’Hare International Airport. Interior access requires buyer bank approval or an acknowledgment letter, per the seller’s direction.
Located at 4535 W Addison Street in Chicago, the property sits between Pulaski Road and Cicero Avenue in the Irving Park and North Center area. Public transportation is within walking distance, with access to the CTA Blue and Brown Lines. The site also offers convenient connections to I-90/94, Lake Shore Drive, and O’Hare International Airport. Interior access requires buyer bank approval or an acknowledgment letter, per the seller’s direction.
Key Highlights
- Approximately 11,000 square feet of total building area
- 3,500 square feet of built‑out office space
- Two overhead doors at the side and rear of the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,980
Cap Rate
8.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,379,600
$1.4M
Cap Rate 7%
$985,429
$985.4K
Cap Rate 9%
$766,444
$766.4K
Market Conditions
NOI Build-Up for 11,000 SF
Gross rent
$103.7K $9.43/SF
− Vacancy
−$5.2K −$0.47/SF
EGI
$98.5K $8.96/SF
− OpEx
−$29.6K −$2.69/SF
NOI
$69.0K $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 Rate 5%
$1,379,600
Cap Rate 7%
$985,429
Cap Rate 9%
$766,444
Alternative Uses
Best Use
Flex RnD
$1.81M
$1.59M – $2.12M
NOI $126,984 @ 7.0% cap · market cap 14.78%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,321 @ 7.0% cap · market cap 9.70%
Theoretical Best
Office A
$5.19M
$4.54M – $6.05M
NOI $363,053 @ 7.0% cap · market cap 42.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Similar Off Market Nearby
- Alltimate Catering — 3051 N Cicero Ave, Chicago, IL 60641
- Best Catering — 3576 N Milwaukee Ave, Chicago, IL 60641
- Professional Wait Staffing Services — 4836 W Irving Park Rd, Chicago, IL 60641
- 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 - Brick flex property combines office buildout, loading access, and transit connectivity for commercial and light industrial operations.
Where is this flex space located?
The property is located at 4535 W Addison Street Chicago, IL.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Approximately 11,000 square feet of total building area; 3,500 square feet of built‑out office space; Two overhead doors at the side and rear of the building
