Divisible Flex Space with Bow Truss
For Sale
$490,000
5245 W Diversey Avenue, Chicago, IL 60639
COMMERCIAL - Chicago, IL
Property Size6,250 SF
Lot Size0.14 Acres
Price / SF$78.40
Days on Market365
Property Features for 5245 W Diversey Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
West on Diversey from Cicero Ave to property
Subdivision
CHI - Belmont Cragin
Standard status
Active
APN
13283030050000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
11427
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Building materials
Brick
Roof type
Membrane
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
Jason Hiller · License #475158547
(312) 335-3291
Added: Aug 14, 2025
Changed: Aug 4
Last Checked: Aug 13 at 1:06AM
MLS# 12445217
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 6,250 SF flex space occupies a brick building constructed in 1955 and offers a divisible layout for varied operational requirements. The interior features 16' bow truss ceilings, while central air and a membrane roof are part of the existing improvements. Access to a fully equipped woodshop is included, with related equipment, tools, and supplies available for purchase.
The property is located at 5245 W Diversey Avenue in Chicago, IL 60639 and carries COMMR zoning. Natural gas is available at the property, adding to its utility profile for industrial or flex-space operations.
The property is located at 5245 W Diversey Avenue in Chicago, IL 60639 and carries COMMR zoning. Natural gas is available at the property, adding to its utility profile for industrial or flex-space operations.
Key Highlights
- 6,250 SF flex space in a 1955‑built brick building
- Divisible layout supports multiple operational configurations
- 16' bow truss ceilings
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
$29,674
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
6.06%
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%
$593,480
$593.5K
Cap Rate 7%
$423,914
$423.9K
Cap Rate 9%
$329,711
$329.7K
Market Conditions
NOI Build-Up for 6,250 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
$40.5K $6.48/SF
− Vacancy
−$5.6K −$0.89/SF
EGI
$34.9K $5.59/SF
− OpEx
−$5.2K −$0.84/SF
NOI
$29.7K $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%
$593,480
Cap Rate 7%
$423,914
Cap Rate 9%
$329,711
Alternative Uses
Best Use
Flex RnD
$1.08M
$949.1K – $1.27M
NOI $75,928 @ 7.0% cap · market cap 15.50%
Second Best
Warehouse
$423.9K
$370.9K – $494.6K
NOI $29,674 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$2.76M
$2.42M – $3.22M
NOI $193,440 @ 7.0% cap · market cap 39.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
2,071
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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Frequently Asked Questions
What type of property is this?
Flex space - Brick construction, central air, and natural gas availability support a flexible industrial workspace.
Where is this flex space located?
The property is located at 5245 W Diversey Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 6,250 SF flex space in a 1955‑built brick building; Divisible layout supports multiple operational configurations; 16' bow truss ceilings
