Building Details

Building Size 7,871 SF

Year Built 1965

Buildings 1

Listing Agency: Strauss Realty Ltd

Listed By: Moshe Weinberger · License #475183341 Show Phone

Source: Dawnmckennagroup

Added: Oct 20 Changed: Oct 27 Last Checked: Oct 26 at 11:29PM

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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 Strauss Realty Ltd

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Investment Insights

Based on property information with market context.

This flex property comprises 7,871 square feet in a one-story and partial two-story configuration. The building dates to 1965 and is zoned C1-1, with a layout described as suitable for commercial, industrial, retail, or service uses. An existing 1,000-square-foot outdoor patio provides an additional exterior area, and the front of the building may also accommodate outdoor seating.

The property is on Elston Avenue on Chicago’s Northwest Side, in the Forest Glen/Sauganash area, with access to major transportation routes. The site measures 8,175 square feet.

Key Highlights

• 7,871‑square‑foot building on an 8,175‑square‑foot lot
• Existing 1,000‑square‑foot outdoor patio
• One‑story with a partial second story

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$49,359

Cap Rate

7.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$987,180 $987.2K

Cap Rate 7%

$705,129 $705.1K

Cap Rate 9%

$548,433 $548.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,871 SF

Gross rent

$74.2K $9.43/SF

− Vacancy

−$3.7K −$0.47/SF

EGI

$70.5K $8.96/SF

− OpEx

−$21.2K −$2.69/SF

NOI

$49.4K $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%

$987,180

Cap Rate 7%

$705,129

Cap Rate 9%

$548,433

Alternative Uses

Best Use

Flex RnD

$1.30M

$1.14M – $1.51M (±1% cap)

NOI $90,863 @ 7.0% cap · market cap 13.00%

Second Best

Industrial

$705.1K

$617.0K – $822.7K (±1% cap)

NOI $49,359 @ 7.0% cap · market cap 7.06%

Theoretical Best

Office A

$3.71M

$3.25M – $4.33M (±1% cap)

NOI $259,781 @ 7.0% cap · market cap 37.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Banner Plumbing Service Plumbing Service

Suggested Use

Top Pick Barber Shop Furniture & Home Goods Home Appliance Store Garden Center Veterinary Clinic (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,428

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 60630, IL

54,064

Population

23,393

Households

2.3

Avg Household Size

40

Median Age

44%

College-Educated

91%

High-School Grad

4.7 sq mi

ZIP Area

11,503

Density / Sq Mi

$97,134

Median Household Income

$54,576

Median Earnings

$1,357

Median Rent

$362,900

Median Home Value

Market

Vacancy Rate% for Industrial in Chicago, IL

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - A one-story and partial two-story building offers adaptable space for commercial, industrial, retail, or service uses.

Where is this flex space located?

The property is located at 5228 N Elston Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: 7,871‑square‑foot building on an 8,175‑square‑foot lot; Existing 1,000‑square‑foot outdoor patio; One‑story with a partial second story