Office-Configured Flex
For Sale
$550,000
1816 170th Street, Hazel Crest, IL 60429
Commercial Sale, Hazel Crest, IL
Property Size9,140 SF
Lot Size0.36 Acres
Price / SF$60.18
Days on Market216
Property Features for 1816 170th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
North/South on Dixie Highway. Turn East on 170th St. The property is on the north side of the street
Subdivision
Hazel Crest
Standard status
Active
APN
29302190340000
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
52779
Utilities
Cooling system
Central Air
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Listing Agency:
RE/MAX 10 · RE/MAX International
(708) 429-4300
Listed By:
Bruce La Ha · License #IL:475.102758
(708) 857-1500
Added: Feb 9
Changed: Aug 20
Last Checked: Sep 13 at 4:06AM
MLS# 12564740
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 flex space property includes substantial office-oriented improvements and central air. The building was previously used for physical therapy and medical purposes, providing a commercial configuration that can accommodate office or retail occupancy. The property includes 23 parking spaces, with additional on-street parking available.
Located on 170th Street in Hazel Crest, the property is near the Metra train service and the Creative Arts District, including the Creative Arts Center. The site is also close to the expressway and Wind Creek Casino. Zoning is designated COMMR, and the building dates to 1930.
Located on 170th Street in Hazel Crest, the property is near the Metra train service and the Creative Arts District, including the Creative Arts Center. The site is also close to the expressway and Wind Creek Casino. Zoning is designated COMMR, and the building dates to 1930.
Key Highlights
- Substantial office and flex space within a commercial building
- 23 on‑site parking spaces plus on‑street parking
- Central air conditioning
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
$39,345
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
7.15%
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%
$786,900
$786.9K
Cap Rate 7%
$562,071
$562.1K
Cap Rate 9%
$437,167
$437.2K
Market Conditions
NOI Build-Up for 9,140 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
$59.2K $6.48/SF
− Vacancy
−$3.0K −$0.33/SF
EGI
$56.2K $6.15/SF
− OpEx
−$16.9K −$1.84/SF
NOI
$39.3K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$786,900
Cap Rate 7%
$562,071
Cap Rate 9%
$437,167
Alternative Uses
Best Use
Office B
$1.80M
$1.58M – $2.10M
NOI $126,026 @ 7.0% cap · market cap 22.91%
Second Best
Healthcare Medical
$1.73M
$1.51M – $2.02M
NOI $121,087 @ 7.0% cap · market cap 22.02%
Theoretical Best
Office A
$3.16M
$2.76M – $3.68M
NOI $220,894 @ 7.0% cap · market cap 40.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60429, IL
14,683
Population
5,969
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
92%
High-School Grad
4.1 sq mi
ZIP Area
3,581
Density / Sq Mi
$62,231
Median Household Income
$43,120
Median Earnings
$1,440
Median Rent
$180,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Central air serves a building with substantial office and flex space.
Where is this flex space located?
The property is located at 1816 170th Street Hazel Crest, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Substantial office and flex space within a commercial building; 23 on‑site parking spaces plus on‑street parking; Central air conditioning
