Building Details

Year Built 1963

Listing Agency: Strauss Realty Ltd

Listed By: Craig Wolf · License #475163046 Show Phone

Source: Liveliferealty

Added: Sep 11 Changed: Oct 25 Last Checked: Oct 7 at 2:39PM

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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 Strauss Realty Ltd

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Investment Insights

Based on property information with market context.

This 3,125-square-foot flex property combines office and warehouse functions in a building constructed in 1963. The interior includes private offices, an open office area, two washrooms, a break room, and a rear 20-by-30-foot warehouse with a 10.5-foot ceiling and drive-in door. The layout supports a range of office, retail, warehouse, service, and other commercial uses.

The property has 25 feet of frontage along Elston Avenue in Chicago’s Northwest Side mixed-use area. It is approximately one mile from I-90 and two miles from I-94, with CTA transportation nearby. B3-1 zoning provides flexibility for future use.

Key Highlights

• 3,125 SF office and warehouse building constructed in 1963
• Rear 20' x 30' warehouse with 10.5' ceiling height
• Drive‑in door serving the warehouse area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,075

Cap Rate

7.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$721,500 $721.5K

Cap Rate 7%

$515,357 $515.4K

Cap Rate 9%

$400,833 $400.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,125 SF

Gross rent

$60.0K $19.20/SF

− Vacancy

−$4.5K −$1.44/SF

EGI

$55.5K $17.76/SF

− OpEx

−$19.4K −$6.22/SF

NOI

$36.1K $11.54/SF

Area

Chicago, IL

Vacancy

7.50%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$721,500

Cap Rate 7%

$515,357

Cap Rate 9%

$400,833

Alternative Uses

Best Use

Flex RnD

$515.4K

$450.9K – $601.3K (±1% cap)

NOI $36,075 @ 7.0% cap · market cap 7.23%

Second Best

Warehouse

$338.2K

$295.9K – $394.5K (±1% cap)

NOI $23,671 @ 7.0% cap · market cap 4.74%

Theoretical Best

Office A

$1.47M

$1.29M – $1.72M (±1% cap)

NOI $103,140 @ 7.0% cap · market cap 20.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Stepping Stones Learning ... High School America's Disabled Physician ... Physician

Suggested Use

Top Pick Food Market Cafe & Coffee Shop Grocery & Convenience Store (Bike/Boat/Book/etc) Store Furniture & Home Goods Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,217

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 Industrial in Chicago, IL

4.9% 2019

5.4% 2020

4% 2021

3.3% 2022

4.5% 2023

4.5% 2024

4.7% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Mixed office and warehouse layout with B3-1 zoning and access to Chicago’s Northwest Side transportation network.

Where is this flex space located?

The property is located at 5962 N Elston Ave Chicago, IL.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: 3,125 SF office and warehouse building constructed in 1963; Rear 20' x 30' warehouse with 10.5' ceiling height; Drive‑in door serving the warehouse area