Two-Story Mixed-Use
For Sale
$1,050,000
421 LAKE Street, Maywood, IL 60153
COMMERCIAL - Maywood, IL
Property Size9,388 SF
Lot Size0.36 Acres
Price / SF$111.84
Days on Market47
Property Features for 421 LAKE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RTAIL
Directions
1st Ave North to Lake West to Address
Subdivision
Maywood
Standard status
Active
APN
15111250050000
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
82804
Utilities
Cooling system
Central Air
Building Details
Year built
1962
Floors in Building
2
Number of units
16
Listing Agency:
Better Homes & Gardens Real Estate Connections · Better Homes and Gardens Real Estate
(630) 789-3030
Listed By:
Noemi Trujillo · License #475199556
(708) 295-6619
Added: Jun 27
Changed: Aug 4
Last Checked: Aug 12 at 11:06AM
MLS# 12690360
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.
Located at 421 Lake Street in Maywood, this 9,388 SF mixed-use building contains two distinct levels of occupancy. The second floor has 12 renovated residential units, while the ground floor includes 4 commercial units leased to restaurant, salon, and retail tenants. Central air serves the property, which was built in 1962.
A separate rear area provides more than 1,500 SF of industrial-style space currently used as an automotive warehouse. The property sits along a thoroughfare with bus stops serving both commercial and residential sides of the corridor. Its configuration combines residential occupancy, street-level commercial space, and dedicated rear service or storage area within one building.
A separate rear area provides more than 1,500 SF of industrial-style space currently used as an automotive warehouse. The property sits along a thoroughfare with bus stops serving both commercial and residential sides of the corridor. Its configuration combines residential occupancy, street-level commercial space, and dedicated rear service or storage area within one building.
Key Highlights
- 9,388 SF two‑story mixed‑use building at 421 Lake Street, Maywood, IL 60153
- 12 fully renovated residential units on the second floor, all currently leased
- 4 leased ground‑floor commercial units with restaurant, salon, and retail tenants
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
$49,072
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
4.67%
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%
$981,440
$981.4K
Cap Rate 7%
$701,029
$701.0K
Cap Rate 9%
$545,244
$545.2K
Market Conditions
NOI Build-Up for 9,388 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
$60.8K $6.48/SF
− Vacancy
−$3.1K −$0.33/SF
EGI
$57.7K $6.15/SF
− OpEx
−$8.7K −$0.92/SF
NOI
$49.1K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$981,440
Cap Rate 7%
$701,029
Cap Rate 9%
$545,244
Alternative Uses
Best Use
Mixed Use
$2.26M
$1.98M – $2.64M
NOI $158,423 @ 7.0% cap · market cap 15.09%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,307 @ 7.0% cap · market cap 12.41%
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $226,887 @ 7.0% cap · market cap 21.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 60153, IL
23,512
Population
8,385
Households
2.8
Avg Household Size
36
Median Age
17%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
8,397
Density / Sq Mi
$66,498
Median Household Income
$40,734
Median Earnings
$1,203
Median Rent
$212,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased residential and commercial spaces occupy separate floors, with additional rear warehouse-style space for automotive use.
Where is this mixed-use property located?
The property is located at 421 LAKE Street Maywood, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 9,388 SF two‑story mixed‑use building at 421 Lake Street, Maywood, IL 60153; 12 fully renovated residential units on the second floor, all currently leased; 4 leased ground‑floor commercial units with restaurant, salon, and retail tenants
