Three-Level Mixed-Use Commercial
For Sale
$420,000
111 W Railroad Avenue, Bartlett, IL 60103
Commercial Sale, Bartlett, IL
Property Size2,300 SF
Lot Size0.12 Acres
Price / SF$182.61
Days on Market345
Property Features for 111 W Railroad Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
North Ave W to Oak Ave S to 111 Railroad Ave
Subdivision
Bartlett
Standard status
Active
APN
06344090030000
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
5698
Utilities
Cooling system
Central Air
Amenities
wheelchair lift
wired sound system
Building Details
Year built
1875
Floors in Building
2
Building materials
Vinyl Siding, Frame
Roof type
Composition
Listing Agency:
REMAX Legends · RE/MAX International
(630) 216-8000
Listed By:
Kelly Dyson · License #475114736
(708) 655-5000
Added: Sep 22, 2025
Changed: Aug 20
Last Checked: Sep 1 at 6:06AM
MLS# 12466563
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial property provides approximately 2,300 square feet across three levels, with a professional office configuration on the main floor. The office includes four treatment rooms, reception space, a private workstation, large windows, recessed lighting, nine-foot ceilings, wood-look flooring, oak trim, built-in shelving, and sound controls by room. The main level is fully handicap accessible and includes a dedicated wheelchair lift.
The lower level has front and rear entrances and is currently occupied by a long-term tenant. Its mechanical equipment includes a furnace, water heater, washer/dryer, and electric panel. The unfinished upper level is framed and primed for build-out as a studio apartment or live-work area. A detached 1.5-car garage includes upgraded electrical service, a dedicated furnace, and workshop or storage space. The property also provides five private parking spaces behind the garage plus reserved front spaces. It is located directly across from the Metra station and near More Brewing Company and downtown Bartlett businesses.
The lower level has front and rear entrances and is currently occupied by a long-term tenant. Its mechanical equipment includes a furnace, water heater, washer/dryer, and electric panel. The unfinished upper level is framed and primed for build-out as a studio apartment or live-work area. A detached 1.5-car garage includes upgraded electrical service, a dedicated furnace, and workshop or storage space. The property also provides five private parking spaces behind the garage plus reserved front spaces. It is located directly across from the Metra station and near More Brewing Company and downtown Bartlett businesses.
Key Highlights
- Approximately 2,300 SF across three levels
- Main‑level office includes four treatment rooms and reception area
- Fully handicap accessible with a dedicated wheelchair lift
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
$31,713
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
7.55%
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%
$634,260
$634.3K
Cap Rate 7%
$453,043
$453.0K
Cap Rate 9%
$352,367
$352.4K
Market Conditions
NOI Build-Up for 2,300 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
$56.3K $24.48/SF
− Vacancy
−$14.0K −$6.10/SF
EGI
$42.3K $18.38/SF
− OpEx
−$10.6K −$4.60/SF
NOI
$31.7K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$634,260
Cap Rate 7%
$453,043
Cap Rate 9%
$352,367
Alternative Uses
Best Use
Mixed Use
$554.5K
$485.2K – $646.9K
NOI $38,813 @ 7.0% cap · market cap 9.24%
Second Best
Office B
$453.0K
$396.4K – $528.6K
NOI $31,713 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$794.1K
$694.8K – $926.4K
NOI $55,586 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
539
Businesses Nearby
Explore this area
Business Placement
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Professional office space, a tenant-occupied lower level, and a detached garage support varied commercial use.
Where is this mixed-use property located?
The property is located at 111 W Railroad Avenue Bartlett, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Approximately 2,300 SF across three levels; Main‑level office includes four treatment rooms and reception area; Fully handicap accessible with a dedicated wheelchair lift
