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    1551 Westchester Boulevard Westchester, IL 60154

    View on Map
    For Sale
    Under Contract
    $420,000

    COMMERCIAL - Westchester, IL

    Type:Retail
    Property size:
    2,400 SF
    Lot size:
    0.27 Acres
    Added:
    Oct 20, 2025
    Days on Market:
    165
    Last Refresh:
    Apr 2 at 11:06 am

    Property Features for 1551 Westchester Boulevard

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active Under Contract
    APN
    15221190160000
    Size
    2,400 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    21437

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Sealed, Concrete
    Building materials
    Brick

    We can help!

    Listing Contact
    Jovita Acevedo
    Jovita Acevedo

    Listing agent Jovita Acevedo License #471003923

    Listing office Acevedo Realty Group 4535 S Kedzie Ave, Chicago, IL

    Listing date Oct 20, 2025

    MLS# 12487092

    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.

    Overview

    Westchester Commercial Building For Sale

    This 2400 sq ft corner building presents a commercial investment opportunity. The brick building is situated on four city lots and features ample parking. Its location near Mannheim & Cermak Rd provides convenient access to expressway I-290. The property is suitable for a variety of functions, offering possibilities for owner-occupancy or investment use. Potential business uses include a restaurant, grocery store, deli, medical center, doctor's office, physical therapy center, medical supply office, veterinary office, dog groomer, small workout gym, business center, financial offices, law office, accounting office, insurance office, hair salon, nail salon, or day-care center. The roof was resurfaced in 2022. The building is equipped with a fire alarm and security system. It features both single and 3-phase electrical power, along with four automatic entry doors. The furnace and hot water heater are approximately 9 years old. The property is located in Westchester, Illinois.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Westchester
    County
    Sangamon
    State
    Illinois
    Longitude
    -89.679651
    Latitude
    39.75701

    Nearby Similar for Sale

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      Westchester Professional Arts Office Building

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    • $420,000
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      Corner Building with Ample Parking

      2400 sq ft corner building suitable for various businesses.
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      Professional Arts Office Building

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    • $1,500,000

      Westchester, IL Commercial Property

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      Commercial Building with Ample Parking

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    • $1,200,000
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      Commercial Building For Sale

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    FAQs

    What type of property is this?
    Retail space - 2400 sq ft corner building with ample parking.
    Where is this retail space located?
    The property is located at 1551 Westchester Boulevard Westchester, 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: 2400 sq ft corner building on 4 city lots with ample parking.; Excellent investment opportunity with endless possibilities for various business types.; Prime location near Mannheim & Cermak Rd with easy access to expressway (I‑290).
    (312) 719-1100
    We can help!
    Listing Contact
    Jovita Acevedo
    Jovita Acevedo
    Real Estate License ID: 471003923
    Learn More
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    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
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