Two-Story Industrial Warehouse and
For Sale
Contact for pricing
5923-27 S Wentworth, Chicago, IL 60637
Rehabilitated C1-1 property with flexible warehouse, office, parking, and drive-in access.
Property Size7,000 SF
Price / SF$75
Days on Market53
Property Features for 5923-27 S Wentworth
General Information
Standard status
Active
Size
7,000 SF
Total Parking Spaces
12
Property subtype
Industrial, Office
Zoning
C1-1
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
4,000 SF
Office Build-Out
3,000 SF
Drive-In Doors
2
Sprinkler System
Yes
Additional Details
Asking Price
$525,000
Utilities to Site
Yes
Office Units
2
Amenities
kitchenettes
Building Details
Year Built
1896
Year Renovated
2017
Buildings
1
Stories
2
Units
2
Building Size
7,000 SF
Listing Agency:
33 Realty LLC
Listed By:
Gene Hart · License #IL 475.149185
(219) 465-8584
Source:
Crexi
Added: Jul 13
Changed: Aug 28
Last Checked: Sep 2 at 1:32AM
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 33 Realty LLC
Investment Insights
Based on property information with market context.
This two-story industrial property combines approximately 4,000 square feet of ground-floor warehouse space with approximately 3,000 square feet of second-floor office space. The building was gut-rehabilitated in 2017 and is configured as two adjoining duplex units, with the flexibility to operate as a single occupant or owner-user facility. Two 14-foot drive-in doors support warehouse access, while multiple private offices and two kitchenettes serve the office component.
The property includes separate utilities, a sprinkler system throughout, five bathrooms—including two full bathrooms—and exterior parking. Zoned C1-1, the 7,000-square-foot building offers a combination of industrial workspace and office accommodations at 5923-27 S Wentworth in Chicago’s Washington Park neighborhood.
The property includes separate utilities, a sprinkler system throughout, five bathrooms—including two full bathrooms—and exterior parking. Zoned C1-1, the 7,000-square-foot building offers a combination of industrial workspace and office accommodations at 5923-27 S Wentworth in Chicago’s Washington Park neighborhood.
Key Highlights
- Approximately 7,000 SF across warehouse and office components
- Approximately 4,000 SF of first‑floor warehouse space
- Approximately 3,000 SF of second‑floor office space
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
$43,897
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
8.36%
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%
$877,940
$877.9K
Cap Rate 7%
$627,100
$627.1K
Cap Rate 9%
$487,744
$487.7K
Market Conditions
NOI Build-Up for 7,000 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
$66.0K $9.43/SF
− Vacancy
−$3.3K −$0.47/SF
EGI
$62.7K $8.96/SF
− OpEx
−$18.8K −$2.69/SF
NOI
$43.9K $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 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%
$877,940
Cap Rate 7%
$627,100
Cap Rate 9%
$487,744
Alternative Uses
Best Use
Office B
$2.15M
$1.88M – $2.50M
NOI $150,192 @ 7.0% cap · market cap 28.61%
Second Best
Flex RnD
$1.15M
$1.01M – $1.35M
NOI $80,808 @ 7.0% cap · market cap 15.39%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,034 @ 7.0% cap · market cap 44.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Drive-in doors
2
Office units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mama Lucy's Catering — 6054 S Prairie Ave, Chicago, IL 60637
- Ms. Biscuit — 5431 S Wabash Ave, Chicago, IL 60615
Frequently Asked Questions
What type of property is this?
Flex space - Rehabilitated C1-1 property with flexible warehouse, office, parking, and drive-in access.
Where is this flex space located?
The property is located at 5923-27 S Wentworth Chicago, IL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Approximately 7,000 SF across warehouse and office components; Approximately 4,000 SF of first‑floor warehouse space; Approximately 3,000 SF of second‑floor office space
