Freestanding Flex
New
For Sale
$1,635,000
5660 N Elston Avenue, Chicago, IL 60646
Commercial Sale, Chicago, IL
Property Size13,875 SF
Lot Size0.34 Acres
Price / SF$117.84
Days on Market4
Property Features for 5660 N Elston Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
On Elston Ave, two blocks North of W. Bryn Mawr Ave.
Subdivision
CHI - Jefferson Park
Standard status
Active
APN
13143090090000
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
53555
Utilities
Utilities
Natural Gas Available
Cooling system
Other (Cooling), Central Air
Amenities
Security system
Building Details
Year built
1965
Floors in Building
1
Building materials
Brick, Steel Siding
Roof type
Membrane
Listing Agency:
Jameson Sotheby's Intl Realty
(312) 751-0300
Listed By:
John Stocco · License #475194059
(312) 335-3291
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 4:06PM
MLS# 12736018
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 freestanding flex property combines approximately 2,000 SF of remodeled office area with an industrial workspace. The office component includes three private offices, a conference room, kitchen, two bathrooms—one with a shower—and an open work area configured with five modular workstations. Warehouse features include 14-foot clear height, 30-by-30-foot bays, a drive-in door, and a full-size interior dock.
Building systems include new HVAC units, LED lighting, an alarm system with security cameras, a sprinkler system, 400-amp, 3-phase power, central air conditioning in the office, and gas unit heat in the warehouse. The property occupies 0.34 acres and includes eight perimeter parking spaces. Access to I-90 and I-94 is available, with public transportation along Elston Avenue. Brick and steel siding, a membrane roof, and a 1965 construction year complete the physical profile.
Building systems include new HVAC units, LED lighting, an alarm system with security cameras, a sprinkler system, 400-amp, 3-phase power, central air conditioning in the office, and gas unit heat in the warehouse. The property occupies 0.34 acres and includes eight perimeter parking spaces. Access to I-90 and I-94 is available, with public transportation along Elston Avenue. Brick and steel siding, a membrane roof, and a 1965 construction year complete the physical profile.
Key Highlights
- Approximately 2,000 SF of newly remodeled office space
- 14' clear ceiling height with 30' x 30' industrial bays
- One drive‑in door and one full‑size interior dock
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
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 industrial and office property with remodeled administrative space, warehouse improvements, loading access, and perimeter parking.
Where is this flex space located?
The property is located at 5660 N Elston Avenue 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 2,000 SF of newly remodeled office space; 14' clear ceiling height with 30' x 30' industrial bays; One drive‑in door and one full‑size interior dock
