Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    13341 Olde Western Ave Blue Island, IL 60406

    Sponsored
    For Sale
    $375,000

    COMMERCIAL - Blue Island, IL

    Lot size:
    0.15 Acres
    Days on Market:
    112
    Last Refresh:
    Feb 1 at 10:06 am

    Property Features for 13341 Olde Western Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    APN
    24364330030000
    Fireplace
    1
    Lot size
    0.15 Acres

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1898
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Marble, Wood, Carpet
    Building materials
    Brick
    Roof type
    Membrane

    We can help!

    Listing Contact
    Valentina Hatzelis

    Remax 10 (708) 857-1500

    Listing agent Valentina Hatzelis (708) 257-8254

    Listing date Oct 13, 2025

    MLS# 12490564

    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.

    Learn more

    Property Insight Report

    Overview

    Blue Island Mixed-Use Opportunity

    This two-story building in historic Blue Island presents a great opportunity for business owners or investors. The property includes an adjacent lot, a full basement, and a two-car garage with rear entry. The first floor is currently leased to a hair salon and spa. The updated second floor features a two-bedroom apartment with a private deck, which is also currently rented. The lot size is 0.15 acres. The property is fully fenced and zoned COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Blue Island
    County
    Cook
    State
    Illinois
    Longitude
    -87.680922
    Latitude
    41.650233

    Nearby Similar for Sale

    • $349,873

      Blue Island Three-Unit Building

      Sturdy brick three-unit building in a hot rental area.
      1917 York St, Blue Island, IL 60406
      View Details
    • New
      $314,900

      Blue Island Two-Flat Investment

      Two-unit building on a tree-lined street with modern amenities.
      2537-2539 Grove St, Blue Island, IL 60406
      View Details
    • New
      $239,900
      0.16 Acres

      Blue Island Multifamily Opportunity

      Two units in move-in condition, near transportation and shopping.
      1915 Vermont St, Blue Island, IL 60406
      View Details
    • $609,900

      Blue Island Multifamily Investment Property

      Six-unit multifamily property with recent upgrades near transportation and shopping.
      12909 Page St, Blue Island, IL 60406
      View Details
    • $460,000

      Blue Island 6-Flat Apartment Building

      Blue Island 6-unit building with value-add potential.
      2052 135Th Pl, Blue Island, IL 60406
      View Details
    • Contact for pricing

      Blue Island Commercial Space Available

      Exceptional commercial space in Blue Island, ready for your business.
      13426 Olde Western Ave, Blue Island, IL 60406
      View Details
    • $200,000
      0.09 Acres

      Blue Island Multifamily Investment Opportunity

      Two-unit property in Blue Island, ready for renovation.
      2412 High St, Blue Island, IL 60406
      View Details
    • $545,000

      Blue Island Multifamily Investment Property

      Six-unit multifamily property in a good rental area.
      12456 Fairview Ave, Blue Island, IL 60406
      View Details
    • $545,000

      Blue Island Multifamily Investment

      Six-unit multifamily property in a good rental area.
      12452 Fairview Ave, Blue Island, IL 60406
      View Details
    • Contact for pricing

      Blue Island Storefront For Sale

      Storefront property in Blue Island near dining, restaurants, and businesses.
      12606 Western Ave, Blue Island, IL 60406
      View Details
    • $97,500

      Blue Island Condo with Updates

      Move-in ready 2-bedroom condo with updated features and parking.
      1925 Canal St, Blue Island, IL 60406
      View Details
    • $500,000
      13,135 SF

      Blue Island Industrial Warehouse For Sale

      13,135 SF warehouse with bow truss ceiling and incentives.
      13210 S Olde Western Ave, Blue Island, IL 60406
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Two-story building with leased commercial space and apartment.
    Where is this mixed-use property located?
    The property is located at 13341 Olde Western Ave Blue Island, IL.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - Income-generating property with a leased hair salon/spa on the 1st floor and a rented 2-bedroom apartment on the 2nd floor.; - Includes an extra adjacent lot, increasing property value and potential.; - Two-story brick building in historic Blue Island.
    (708) 257-8254
    Request Owner's contact information
    13341 Olde Western Ave Blue Island, IL 60406
    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.
    13341 Olde Western Ave
    Blue Island, IL 60406
    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
    13341 Olde Western Ave Blue Island, IL 60406
    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

    We can help!
    Listing Contact
    Valentina Hatzelis
    Real Estate License ID: 471004666
    (708) 257-8254
    Learn more
    Google sign-in failed. Please try again or use another login method.