Chicago Flex/Industrial Property For
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1830-1856 N Kostner Ave, Chicago, IL 60639
Flex/Industrial property available for sale in Chicago, Illinois.
Property Size151,500 SF
Price / SF$47.69
Days on Market640
Property Features for 1830-1856 N Kostner Ave
General Information
Standard status
Active
Size
151,500 SF
Class
C
Total Parking Spaces
25
Property subtype
Industrial
Zoning
PMD-9
Building Details
Year Built
1910
Year Renovated
1960
Listing Agency:
Lee & Associates - Chicago
(773) 355-3043
Listed By:
John E. Sharpe, SIOR, LEED AP, CCIM · License #IL 471010103
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 19
Last Checked: Aug 18 at 11:12PM
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 Lee & Associates - Chicago
Investment Insights
Based on property information with market context.
This commercial real estate offering consists of a flex space and industrial property, also suitable for warehouse and office use. The property encompasses a total area of 151500 square feet. It is located in Chicago, Illinois.
Key Highlights
- Historic Charm: Built in 1910, offering unique character and architectural details.
- Established Property: Provides a sense of history and potential for renovation.
- Potential Investment: Opportunity to own a property with historical significance.
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
$592,370
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
8.20%
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%
$11,847,400
$11.8M
Cap Rate 7%
$8,462,429
$8.5M
Cap Rate 9%
$6,581,889
$6.6M
Market Conditions
NOI Build-Up for 151,500 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
$981.7K $6.48/SF
− Vacancy
−$135.5K −$0.89/SF
EGI
$846.2K $5.59/SF
− OpEx
−$253.9K −$1.68/SF
NOI
$592.4K $3.91/SF
Area
ZIP 60639
Vacancy
13.80%
Lease Rate
$6.48 /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%
$11,847,400
Cap Rate 7%
$8,462,429
Cap Rate 9%
$6,581,889
Alternative Uses
Best Use
Flex RnD
$26.29M
$23.01M – $30.67M
NOI $1,840,498 @ 7.0% cap · market cap 25.47%
Second Best
Industrial
$8.46M
$7.40M – $9.87M
NOI $592,370 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$66.99M
$58.61M – $78.15M
NOI $4,688,986 @ 7.0% cap · market cap 64.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,433
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60639, IL
89,543
Population
28,656
Households
3.1
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
5.0 sq mi
ZIP Area
17,909
Density / Sq Mi
$59,710
Median Household Income
$34,846
Median Earnings
$1,212
Median Rent
$289,000
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 - Flex/Industrial property available for sale in Chicago, Illinois.
Where is this flex space located?
The property is located at 1830-1856 N Kostner Ave Chicago, IL.
What is the asking price?
The asking price for this property is $7,225,000.
What are key features of this property?
This property features: Historic Charm: Built in 1910, offering unique character and architectural details.; Established Property: Provides a sense of history and potential for renovation.; Potential Investment: Opportunity to own a property with historical significance.
