Flex Space with Loading
For Sale
$872,000
7650 S Ashland Avenue, Chicago, IL 60620
Open commercial layout with rear loading access and on-site parking supports adaptable business operations.
Property Size6,624 SF
Lot Size0.43 Acres
Price / SF$131.64
Days on Market42
Property Features for 7650 S Ashland Avenue
General Information
Standard status
Active
Size
6,624 SF
Lot size
0.43 Acres
Property subtype
Commercial
Additional Details
Loading
Rear Load
Taxes and HOA fees
Annual Taxes
$35,561
Amenities
rear loading dock
Building Details
Building Size
6,624 SF
Year Built
2013
Buildings
1
Stories
1
Units
1
Listing Agency:
Baird & Warner
(312) 242-1000
Listed By:
Shaquelia Smith
(312) 242-1000
Source:
Gia-sells
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 7:23AM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This flex space offers an open commercial layout with a rear loading dock and on-site parking. The building was constructed in 2013 and occupies an 18,556-square-foot lot, providing a substantial site for commercial operations.
Located at 7650 S Ashland Avenue in Chicago, the property is positioned for businesses requiring flexible interior space, loading access, and parking. Its configuration can accommodate distribution, warehousing, light manufacturing, retail, or other commercial applications identified for the property.
Located at 7650 S Ashland Avenue in Chicago, the property is positioned for businesses requiring flexible interior space, loading access, and parking. Its configuration can accommodate distribution, warehousing, light manufacturing, retail, or other commercial applications identified for the property.
Key Highlights
- Flex space at 7650 S Ashland Avenue, Chicago, IL 60620
- 18,556‑square‑foot lot
- Rear loading 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
$76,467
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
8.77%
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%
$1,529,340
$1.5M
Cap Rate 7%
$1,092,386
$1.1M
Cap Rate 9%
$849,633
$849.6K
Market Conditions
NOI Build-Up for 6,624 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
$127.2K $19.20/SF
− Vacancy
−$9.5K −$1.44/SF
EGI
$117.6K $17.76/SF
− OpEx
−$41.2K −$6.22/SF
NOI
$76.5K $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 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%
$1,529,340
Cap Rate 7%
$1,092,386
Cap Rate 9%
$849,633
Alternative Uses
Best Use
Retail
$1.31M
$1.15M – $1.53M
NOI $91,642 @ 7.0% cap · market cap 10.51%
Second Best
Flex RnD
$1.09M
$955.8K – $1.27M
NOI $76,467 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,624 @ 7.0% cap · market cap 25.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,589
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60620, IL
66,514
Population
30,008
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
88%
High-School Grad
7.0 sq mi
ZIP Area
9,502
Density / Sq Mi
$48,805
Median Household Income
$36,285
Median Earnings
$1,093
Median Rent
$187,900
Median Home Value
Market
Vacancy Rate% for Industrial in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Open commercial layout with rear loading access and on-site parking supports adaptable business operations.
Where is this flex space located?
The property is located at 7650 S Ashland Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $872,000.
What are key features of this property?
This property features: Flex space at 7650 S Ashland Avenue, Chicago, IL 60620; 18,556‑square‑foot lot; Rear loading dock
