Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1605 to 1609 North 31st Avenue in Melrose Park, Illinois. The subject property consists of approximately 10,060 square feet of manufacturing warehouse space and is situated on 0.40 acres of land. The multi-tenant asset features masonry construction with metal roofing, two units, a 14’ clear height, two dock-high doors, two grade-level doors, two HVAC units, 200 amps with 220 volts, and 12 parking spaces. Located 6.8 miles south of the Chicago O’Hare International Airport, the property has close proximity to Interstates 294, 290, and 88. The fully-leased asset is equally occupied by the commercial door hardware provider F.W. Kline, Inc., and Your Custom Cabinetry, a custom builder of high-end residential cabinetry. The average lease rate of $12.30 per square foot escalates by 3.0 percent annually. With one of the leases expiring by the start of October 2026, the property can easily be acquired for partial owner use. At $86.98 per square foot, the asset is priced well below replacement costs.
The subject property is located within the massive West Cook North submarket, containing 62.2 million square feet of industrial space. In the 12 months through Q3 2025, net absorption contracted by nearly -513,000 square feet as about 56,000 square feet of deliveries were added to the submarket on net. Year-over-year, the vacancy rate increased by 90 basis points, but at 6.5 percent, availability in West Cook North was 120 basis points below the national average. The annual growth rate of rents in the submarket was twice the national average at 3.2 percent. The average market rent of $9.80 per square foot was up 60.9 percent over the last decade. With about 257,000 square feet of industrial space under construction in West Cook North, representing 0.4 percent of the inventory, demand will largely be in the driver’s seat of vacancies and rents for the foreseeable future (CoStar).
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third-largest metro in the nation. The metro houses 9.3 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 30 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).
BROKER OF RECORD
STEVEN WEINSTOCK
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Tel: 630-570-2200
Steven.Weinstock@MarcusMillichap.com
License: IL 471.011175
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAG0370650)
