Flex Space with Drive-In
New
For Sale
$750,000
4616 W Fullerton Avenue, Chicago, IL 60639
Commercial Sale, Chicago, IL
Property Size7,500 SF
Lot Size0.21 Acres
Price / SF$100
Days on Market2
Property Features for 4616 W Fullerton Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
MANUF
Directions
West of Fullerton, East of Cicero, west of Pulaski
Subdivision
CHI - Belmont Cragin
Standard status
Active
APN
13273250230000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
24555
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Rubber, Membrane
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Art Collazo · License #475131028
(312) 335-3291
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 2 at 6:06AM
MLS# 12458749
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.
Built in 1950, this 7,500-square-foot brick flex property combines office space with an industrial warehouse. The building has 12-foot ceilings and two drive-in doors at the rear. Gated parking is also available behind the building, with additional indoor space for work vehicles.
The property occupies a 9,000-square-foot lot on Fullerton Avenue in Chicago. City approval was granted in 2021 for a 160-dog boarding and training facility. Two additional lots, each measuring 24 by 100 feet and totaling 4,800 square feet, are offered as an option; they are diagonally across from the building’s rear. The property is within a Chicago Enterprise Zone and a TIF district.
The property occupies a 9,000-square-foot lot on Fullerton Avenue in Chicago. City approval was granted in 2021 for a 160-dog boarding and training facility. Two additional lots, each measuring 24 by 100 feet and totaling 4,800 square feet, are offered as an option; they are diagonally across from the building’s rear. The property is within a Chicago Enterprise Zone and a TIF district.
Key Highlights
- 7,500‑square‑foot building on a 9,000‑square‑foot lot
- 12‑foot ceilings and two rear drive‑in doors
- Office area and industrial warehouse in a brick building
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
$35,609
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
4.75%
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%
$712,180
$712.2K
Cap Rate 7%
$508,700
$508.7K
Cap Rate 9%
$395,656
$395.7K
Market Conditions
NOI Build-Up for 7,500 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
$48.6K $6.48/SF
− Vacancy
−$6.7K −$0.89/SF
EGI
$41.9K $5.59/SF
− OpEx
−$6.3K −$0.84/SF
NOI
$35.6K $4.75/SF
Area
ZIP 60639
Vacancy
13.80%
Lease Rate
$6.48 /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%
$712,180
Cap Rate 7%
$508,700
Cap Rate 9%
$395,656
Alternative Uses
Best Use
Flex RnD
$1.30M
$1.14M – $1.52M
NOI $91,114 @ 7.0% cap · market cap 12.15%
Second Best
Warehouse
$508.7K
$445.1K – $593.5K
NOI $35,609 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$3.32M
$2.90M – $3.87M
NOI $232,128 @ 7.0% cap · market cap 30.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12 ft
Clear height
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,558
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Chicago, IL
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Similar Off Market Nearby
- Saranecki Brothers Catering — 4726 W Armitage Ave, Chicago, IL 60639
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas are combined in a brick building with gated parking at the rear.
Where is this flex space located?
The property is located at 4616 W Fullerton Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 7,500‑square‑foot building on a 9,000‑square‑foot lot; 12‑foot ceilings and two rear drive‑in doors; Office area and industrial warehouse in a brick building
