Brick Flex Building with Overhead
For Sale
$649,900
4730 W Armitage Avenue, Chicago, IL 60639
Commercial Sale, Chicago, IL
Property Size5,625 SF
Lot Size0.14 Acres
Price / SF$115.54
Days on Market49
Property Features for 4730 W Armitage Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUS
Directions
Just east of Cicero Ave on Armitage across from Home Depot
Subdivision
CHI - Belmont Cragin
Standard status
Active
APN
13341250310000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16071
Utilities
Utilities
Natural Gas Available
Building Details
Year built
1929
Floors in Building
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
Keller Williams ONEChicago · Keller Williams Realty
(312) 216-2422
Listed By:
Greg Viti · License #475122100
(312) 216-2422
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 23 at 12:06AM
MLS# 12694492
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 1929, this 5,625-square-foot flex property combines open work areas with a private office and dedicated storage. Pallet racking, high ceilings, overhead door access, and abundant natural light support a practical operating layout, while exposed brick and brick construction add distinctive character. The building is served by a membrane roof and has natural gas available. INDUS zoning is in place.
The 0.1432-acre property is located at 4730 W Armitage Avenue in Chicago, directly across from Home Depot. Its location provides access to major transportation routes, and the interior configuration can accommodate equipment, inventory, or production needs within a range of industrial and manufacturing operations.
The 0.1432-acre property is located at 4730 W Armitage Avenue in Chicago, directly across from Home Depot. Its location provides access to major transportation routes, and the interior configuration can accommodate equipment, inventory, or production needs within a range of industrial and manufacturing operations.
Key Highlights
- 5,625‑square‑foot flex building on a 0.1432‑acre lot
- INDUS zoning with industrial and manufacturing building configuration
- Open work areas with private office and dedicated pallet‑rack storage
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
$26,707
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
4.11%
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%
$534,140
$534.1K
Cap Rate 7%
$381,529
$381.5K
Cap Rate 9%
$296,744
$296.7K
Market Conditions
NOI Build-Up for 5,625 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
$36.5K $6.48/SF
− Vacancy
−$5.0K −$0.89/SF
EGI
$31.4K $5.59/SF
− OpEx
−$4.7K −$0.84/SF
NOI
$26.7K $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%
$534,140
Cap Rate 7%
$381,529
Cap Rate 9%
$296,744
Alternative Uses
Best Use
Flex RnD
$976.2K
$854.2K – $1.14M
NOI $68,335 @ 7.0% cap · market cap 10.51%
Second Best
Warehouse
$381.5K
$333.8K – $445.1K
NOI $26,707 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,096 @ 7.0% cap · market cap 26.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,601
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
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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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 - Industrial building with open work areas, private office space, and pallet-rack storage.
Where is this flex space located?
The property is located at 4730 W Armitage Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 5,625‑square‑foot flex building on a 0.1432‑acre lot; INDUS zoning with industrial and manufacturing building configuration; Open work areas with private office and dedicated pallet‑rack storage
