Rehabilitated Flex Space with Drive-In
For Sale
$650,000
5923 S Wentworth Ave, Chicago, IL 60621
Two-story property combines warehouse, office, and owner-user functionality in a side-by-side configuration.
Property Size7,000 SF
Price / SF$112.85
Days on Market33
Property Features for 5923 S Wentworth Ave
General Information
Standard status
Active
Size
7,000 SF
Zoning
C1-1
Warehouse & Industrial
Warehouse Space
4,000 SF
Office Build-Out
3,000 SF
Drive-In Doors
2
Sprinkler System
Yes
Additional Details
Utilities to Site
Yes
Amenities
ample exterior parking
conference room
multiple private offices
two kitchenettes
Building Details
Year Built
1896
Year Renovated
2017
Buildings
1
Stories
2
Building Size
7,000 SF
Listing Agency:
33 Realty
(219) 465-8584
Listed By:
Thomas Hart · License #475149185
Source:
Grandviewrealtyservices
Added: Jul 31
Changed: Aug 30
Last Checked: Aug 31 at 7:39PM
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
Investment Insights
Based on property information with market context.
This two-story flex property contains two adjoining units, each arranged with warehouse space at grade and office space above. The layout can support separate occupants or be operated by a single tenant or owner-user. Improvements include two drive-in doors, sprinklers throughout, separate utilities, ample exterior parking, two kitchenettes, a conference room, multiple private offices, and five bathrooms, including two full bathrooms. The property underwent a complete gut rehabilitation in 2017.
Located at 5923 S Wentworth Ave in Chicago’s Washington Park neighborhood, the property carries C1-1 zoning. Its combination of industrial and office areas provides a versatile configuration for users seeking both workspace and warehouse functionality.
Located at 5923 S Wentworth Ave in Chicago’s Washington Park neighborhood, the property carries C1-1 zoning. Its combination of industrial and office areas provides a versatile configuration for users seeking both workspace and warehouse functionality.
Key Highlights
- Two 14' drive‑in doors
- Complete gut rehabilitation completed in 2017
- C1‑1 zoning
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
$43,630
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
6.71%
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%
$872,600
$872.6K
Cap Rate 7%
$623,286
$623.3K
Cap Rate 9%
$484,778
$484.8K
Market Conditions
NOI Build-Up for 5,760 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
$54.3K $9.43/SF
− Vacancy
−$3.0K −$0.52/SF
EGI
$51.3K $8.91/SF
− OpEx
−$7.7K −$1.34/SF
NOI
$43.6K $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%
$872,600
Cap Rate 7%
$623,286
Cap Rate 9%
$484,778
Alternative Uses
Best Use
Office B
$1.77M
$1.54M – $2.06M
NOI $123,587 @ 7.0% cap · market cap 19.01%
Second Best
Flex RnD
$949.9K
$831.2K – $1.11M
NOI $66,493 @ 7.0% cap · market cap 10.23%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,108 @ 7.0% cap · market cap 29.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
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 60621, IL
29,570
Population
15,348
Households
1.9
Avg Household Size
36
Median Age
12%
College-Educated
78%
High-School Grad
3.8 sq mi
ZIP Area
7,782
Density / Sq Mi
$33,235
Median Household Income
$29,961
Median Earnings
$1,017
Median Rent
$161,900
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 - Two-story property combines warehouse, office, and owner-user functionality in a side-by-side configuration.
Where is this flex space located?
The property is located at 5923 S Wentworth Ave Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two 14' drive‑in doors; Complete gut rehabilitation completed in 2017; C1‑1 zoning
