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    3229 Commercial Ave South Chicago Heights, IL 60411

    For Sale
    $775,000

    Commercial Sale - South Chicago Heights, IL

    Days on Market:
    35
    Last Refresh:
    Dec 14 at 3:06 pm

    Property Features for 3229 Commercial Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    APN
    32322150190000

    Building Details

    Year built
    1969
    Number of units
    7
    Architectural style
    Other

    Honig Realty, Inc. (dba. Coldwell Banker Honig-Bell) (815) 553-2406 [email protected]

    Listing agent Charles Kirkwood (815) 553-2406 License #475142955

    Listing date Nov 10, 2025

    MLS# 12513857 Listing URL

    Copyright © 2025 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

    Fully Leased Investment Opportunity

    This fully leased seven-unit building in South Chicago Heights, Illinois, presents an investment opportunity. The property operates above an 8 cap rate at the list price. All apartments feature a two-bedroom layout with a spacious family room. Basement amenities include coin-operated laundry and storage. Recent updates include new windows, appliances, exterior lighting, and an updated fire safety system. New 10-year smoke and CO detectors have been installed. One apartment has been updated with quartz countertops, new appliances, and bathroom fixtures and was immediately rented. The property has a low to no vacancy history. The location provides convenient access to restaurants, national retailers, and a Jewel grocery store, all within walking distance. On-site parking includes seven spaces, supplemented by unrestricted on-street parking. The property offers value-add potential through rent increases to market value. The building is suitable for residential income and multifamily use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    South Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.6360113
    Latitude
    41.4798177

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit building with value-add potential in South Chicago Heights.
    Where is this apartment building located?
    The property is located at 3229 Commercial Ave South Chicago Heights, IL.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: - Fully leased 7-unit building offering immediate income.; - Over 8% capitalization rate at the list price.; - Significant value-add potential through rent increases to market rates.
    (815) 553-2406
    Request Owner's contact information
    3229 Commercial Ave South Chicago Heights, IL 60411
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    Realmo Value Estimation

    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.

    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.

    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
    3229 Commercial Ave South Chicago Heights, IL 60411
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