Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7424 Lockwood Ave Chicago, IL 60638
    Back to Search
    Property profile & analytics

    7424 Lockwood Ave, Chicago, IL 60638

    View on Map
    • Refrigerated & Cold Storage
    • 84,461 SF
    • 2.93 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Refrigerated & Cold Storage

    Property Details for 7424 Lockwood Ave

    Lot size
    2.93 lot acres
    Property type
    Refrigerated & Cold Storage
    Property subtype
    Warehouses

    Description

    This exceptional 84,461-square-foot industrial property in Chicago, IL, offers a unique blend of warehouse and refrigerated storage space. The building features approximately 9,000 square feet of office space and a substantial 14,880-square-foot cooler with a temperature range of 32° to 45°. Situated on a 2.93-acre lot, the property boasts 6 interior loading docks with levelers, 18-foot ceiling heights, and 80 surface parking spaces. Construction details include 6-inch reinforced concrete floors, concrete/cinder block walls, and an asphalt built-up roof. The building is equipped with a 3000-amp, 277-480-volt, 3-phase power supply from ComEd, a fully temperature-controlled HVAC system (R-448a/R-449a/E-507), and steam boiler heating. Additional features include T8 and LED lighting, floor drains, and a food-grade certification. The property is zoned L1 - Light Manufacturing and benefits from its location in Bedford Park's Enterprise Zone, making it eligible for Cook County 6b Tax Incentives. Its proximity to Midway Airport (10 minutes), I-55 and I-294 interchanges, and the CSX Intermodal (Belt Railway of Chicago) provides unparalleled logistical advantages. The 2023 property taxes were $297,226.24 ($3.53/sf). The property's former use was the production and packaging of gelatins, puddings, and flan desserts, highlighting its suitability for food production, manufacturing, and warehousing. Security features include an Imperial system, security cameras, alarms, and fobs. Water is supplied by the Village of Bedford Park, sewer by Metropolitan Water Reclamation, and gas by Nicor. Two Sullair compressed air systems are also in place. The property includes a cafeteria/breakroom. This prime location offers access to a large workforce and numerous nearby amenities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7547
    Latitude
    41.7579

    Comparable in this City

    • Value Estimation by Request
      84,461 SF

      7424 Lockwood Ave

      Refrigerated & Cold Storage
      7424 Lockwood Ave, Chicago, IL 60638
      View Details
    • Value Estimation by Request
      47,000 SF

      6958 60Th St

      Distribution properties
      6958 60Th St, Chicago, IL 60638
      View Details
    • Value Estimation by Request
      22,000 SF

      5900 65Th St

      Distribution properties
      5900 65Th St, Chicago, IL 60638
      View Details
    • Value Estimation by Request
      1.42 Acres

      6166 Sayre Ave

      Distribution properties
      6166 Sayre Ave, Chicago, IL 60638
      View Details
    • Value Estimation by Request
      161,000 SF

      Menard Ave

      Distribution properties
      0 Menard Ave, Chicago, IL 60638
      View Details
    • Value Estimation
      $1,030,000
      14,300 SF

      6027 64th Pl

      STORAGE YARD, OPEN STORAGE
      6027 64th Pl, Chicago, IL 60638
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Versatile Industrial Property Near I-55

      82,855 SF industrial building with heavy power and ample parking.
      6155 South Harlem Ave, Chicago, IL 60638
      View Details
    • Contact for pricing

      Industrial Distribution Space Near Airport

      40,000 SF industrial space with office and refrigerated space.
      6200 S Oak Park Ave, Chicago, IL 60638
      View Details
    • Contact for pricing
      88,000 SF

      Industrial Property with Heavy Power

      88,000 SF industrial space featuring heavy power and cranes.
      5443 W 70Th Pl, Chicago, IL 60638
      View Details
    • $3,195,000
      1.00 Acre

      Midway Airport Commercial Assemblage Opportunity

      Large commercial assemblage near Midway Airport with redevelopment potential.
      5944 W 65Th St, Chicago, IL 60638
      View Details
    • Contact for pricing
      4,250 SF

      Remodeled Warehouse Near Midway Airport

      Remodeled warehouse with gated parking, close to Midway Airport.
      5710 S Central Ave, Chicago, IL 60638
      View Details
    • Contact for pricing
      68,028 SF

      Renovated Truck Terminal and Storage

      68,028 SF renovated truck terminal with ample storage.
      6363 W 73Rd St, Bedford Park, IL 60638
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      240,560 SF

      Bedford Park Manufacturing Building Sublease

      240,560 SF manufacturing building for sublease in Bedford Park.
      5655 West 73Rd St, Bedford Park, IL 60638
      View Details
    • Contact for pricing
      144,322 SF

      Chicago Warehouse Space For Lease

      144,322 SF warehouse with rail access available June 2025.
      6131 W 74Th St, Chicago, IL 60638
      View Details
    • Contact for pricing
      148,461 SF

      Industrial Space in Bedford Park

      148,461 SF industrial space available for lease.
      5100 W 70Th Pl, Bedford Park, IL 60638
      View Details
    • Contact for pricing
      74,320 SF

      Chicago Warehouse Near Midway Airport

      74,320 SF warehouse with proximity to transportation hubs.
      7373 S Lockwood Ave, Chicago, IL 60638
      View Details
    • Contact for pricing
      306,552 SF

      Bedford Park Warehouse Space

      306,552 SF warehouse space available for lease.
      6510 West 73Rd St, Bedford Park, IL 60638
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7424 Lockwood Ave
    Chicago, IL 60638
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7424 Lockwood Ave, Chicago, IL, 60638
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!