Auto Shop with Two
For Sale
Under Contract
$999,000
3650-3656 Oakton Street, Skokie, IL 60076
Business Opportunity, Skokie, IL
Property Size7,404 SF
Lot Size0.23 Acres
Price / SF$134.93
Days on Market436
Property Features for 3650-3656 Oakton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Oakton St. east of Crawford Ave. Oakton St. at Lawndale Ave.
Subdivision
Skokie
Standard status
Active Under Contract
APN
10233320460000
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
42242
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Building materials
Brick, Concrete
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Jun 17, 2025
Changed: Aug 20
Last Checked: Aug 26 at 6:06AM
MLS# 12395793
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 automotive property includes two buildings totaling 7,404 square feet on a 0.2296-acre lot. The operation serves auto body repair and custom wheelchair van and mobility conversions, with the business, equipment, and real estate conveyed together. Brick and concrete construction and central air are among the documented property features.
The site is positioned within Skokie’s commercial and industrial corridor, across from an Amazon fleet station. Regional access includes I-90, I-94, I-294, and Lake Shore Drive, with O’Hare Airport, Chicago, and the Northwestern Suburbs identified as nearby destinations. The property carries three PINs, and showings are scheduled after 4:30 p.m. on weekdays and after 11:00 a.m. on weekends.
The site is positioned within Skokie’s commercial and industrial corridor, across from an Amazon fleet station. Regional access includes I-90, I-94, I-294, and Lake Shore Drive, with O’Hare Airport, Chicago, and the Northwestern Suburbs identified as nearby destinations. The property carries three PINs, and showings are scheduled after 4:30 p.m. on weekdays and after 11:00 a.m. on weekends.
Key Highlights
- Two buildings totaling 7,404 square feet
- Auto body and custom wheelchair van/mobility conversion operation
- Business, equipment, and real estate included
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
$31,872
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
3.19%
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%
$637,440
$637.4K
Cap Rate 7%
$455,314
$455.3K
Cap Rate 9%
$354,133
$354.1K
Market Conditions
NOI Build-Up for 7,404 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
$48.0K $6.48/SF
− Vacancy
−$2.4K −$0.33/SF
EGI
$45.5K $6.15/SF
− OpEx
−$13.7K −$1.84/SF
NOI
$31.9K $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%
$637,440
Cap Rate 7%
$455,314
Cap Rate 9%
$354,133
Alternative Uses
Best Use
Retail
$1.47M
$1.28M – $1.71M
NOI $102,769 @ 7.0% cap · market cap 10.29%
Second Best
Industrial
$455.3K
$398.4K – $531.2K
NOI $31,872 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,938 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 94%
Shops & Services 6%
Floor & Decor
Home Improvements & Furnishings
7,790 visits/mo
0.5 miles
Public Storage
Shops & Services
462 visits/mo
0.5 miles
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive operation with equipment, business assets, and real estate included in the sale.
Where is this auto shop located?
The property is located at 3650-3656 Oakton Street Skokie, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two buildings totaling 7,404 square feet; Auto body and custom wheelchair van/mobility conversion operation; Business, equipment, and real estate included
