Freestanding Flex Space with
New
For Sale
$1,635,000
5660 N Elston Ave, Chicago, IL 60646
Freestanding property combines remodeled offices with warehouse functionality and upgraded building systems.
Property Size13,875 SF
Lot Size0.34 Acres
Price / SF$117.84
Days on Market2
Property Features for 5660 N Elston Ave
General Information
Standard status
Active
Size
13,875 SF
Total Parking Spaces
8
Lot size
0.34 Acres
Property subtype
Industrial - Manufacturing
Zoning
C1
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
14 ft
Office Build-Out
2,000 SF
Dock-High Doors
1
Drive-In Doors
1
Column Spacing
30 x 30 ft
Power
400 amps
Three-Phase Power
Yes
Sprinkler System
Yes
Amenities
Private offices
Conference room
Kitchen
Bathroom with shower
Modular workstations
Security system
Building Details
Building Size
13,875 SF
Year Built
1967
Buildings
1
Listing Agency:
Jameson Commercial
Listed By:
John Stocco · License #475194059
(773) 880-1322
Source:
Commercialcafe
Added: Sep 1
Last Checked: Sep 1 at 10:18PM
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 Jameson Commercial
Investment Insights
Based on property information with market context.
This freestanding flex space contains approximately 13,875 SF within a 15,000 SF lot. Approximately 2,000 SF is dedicated to remodeled office space, including three private offices, a conference room, kitchen, two bathrooms, an open office area, and five modular workstations. The industrial portion provides 14' clear height, 30' x 30' bays, one drive-in door, and one full-size interior dock.
Building systems include new HVAC units, full LED lighting, an alarm system with security cameras, and a new sprinkler system. The property has 400-amp, 3-phase power, central air conditioning in the office, and gas unit heat in the warehouse. Eight perimeter parking spaces are available, with C1 zoning. The property is located at 5660 N Elston Ave in Chicago, with access to I-90 and I-94 and public transportation along Elston Avenue.
Building systems include new HVAC units, full LED lighting, an alarm system with security cameras, and a new sprinkler system. The property has 400-amp, 3-phase power, central air conditioning in the office, and gas unit heat in the warehouse. Eight perimeter parking spaces are available, with C1 zoning. The property is located at 5660 N Elston Ave in Chicago, with access to I-90 and I-94 and public transportation along Elston Avenue.
Key Highlights
- Approximately 13,875 SF building on a 15,000 SF lot
- Approximately 2,000 SF of remodeled office space
- 14' clear height with 30' x 30' industrial bays
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
$105,098
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
6.43%
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%
$2,101,960
$2.1M
Cap Rate 7%
$1,501,400
$1.5M
Cap Rate 9%
$1,167,756
$1.2M
Market Conditions
NOI Build-Up for 13,875 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
$130.8K $9.43/SF
− Vacancy
−$7.2K −$0.52/SF
EGI
$123.6K $8.91/SF
− OpEx
−$18.5K −$1.34/SF
NOI
$105.1K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /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%
$2,101,960
Cap Rate 7%
$1,501,400
Cap Rate 9%
$1,167,756
Alternative Uses
Best Use
Office B
$4.25M
$3.72M – $4.96M
NOI $297,702 @ 7.0% cap · market cap 18.21%
Second Best
Flex RnD
$2.29M
$2.00M – $2.67M
NOI $160,173 @ 7.0% cap · market cap 9.80%
Theoretical Best
Office A
$6.54M
$5.72M – $7.63M
NOI $457,942 @ 7.0% cap · market cap 28.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60646, IL
28,383
Population
11,636
Households
2.4
Avg Household Size
44
Median Age
58%
College-Educated
95%
High-School Grad
4.4 sq mi
ZIP Area
6,451
Density / Sq Mi
$111,115
Median Household Income
$66,105
Median Earnings
$1,241
Median Rent
$493,600
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding property combines remodeled offices with warehouse functionality and upgraded building systems.
Where is this flex space located?
The property is located at 5660 N Elston Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,635,000.
What are key features of this property?
This property features: Approximately 13,875 SF building on a 15,000 SF lot; Approximately 2,000 SF of remodeled office space; 14' clear height with 30' x 30' industrial bays
