Flexible Flex Space with Loading
New
For Sale
$872,000
7650 S Ashland Ave, Chicago, IL 60620
Open commercial space with rear loading access, on-site parking, and a layout adaptable to multiple business operations.
Property Size6,624 SF
Price / SF$131.64
Days on Market2
Property Features for 7650 S Ashland Ave
General Information
Standard status
Active
Size
6,624 SF
Building Details
Year Built
2013
Listing Agency:
Baird & Warner
Listed By:
Shaquelia Smith
(773) 343-8560
Source:
Bktchicago
Added: Sep 21
Last Checked: Sep 21 at 2:27PM
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 at 7650 S Ashland Ave in Chicago was built in 2013 and offers an open commercial layout suited to a range of business operations. The property includes a rear loading dock and on-site parking, supporting distribution, warehousing, light manufacturing, retail, and other commercial applications.
The building sits on an 18,556-square-foot lot, providing a substantial site for an owner-user or commercial operator. Its open configuration allows businesses to adapt the interior to their operational requirements while retaining practical loading and parking infrastructure.
The building sits on an 18,556-square-foot lot, providing a substantial site for an owner-user or commercial operator. Its open configuration allows businesses to adapt the interior to their operational requirements while retaining practical loading and parking infrastructure.
Key Highlights
- Open flex‑space layout for adaptable commercial use
- Rear loading dock supports distribution, warehousing, and manufacturing operations
- 18,556‑square‑foot lot
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Chicago, IL
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Frequently Asked Questions
What type of property is this?
Flex space - Open commercial space with rear loading access, on-site parking, and a layout adaptable to multiple business operations.
Where is this flex space located?
The property is located at 7650 S Ashland Ave 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: Open flex‑space layout for adaptable commercial use; Rear loading dock supports distribution, warehousing, and manufacturing operations; 18,556‑square‑foot lot
