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    450 W 34Th St Steger, IL 60475

    View on Map
    Sponsored
    For Sale
    $875,000

    COMMERCIAL - Steger, IL

    Property size:
    3,500 SF
    Lot size:
    0.80 Acres
    Days on Market:
    169
    Last Refresh:
    Mar 6 at 6:06 pm

    Property Features for 450 W 34Th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMR
    APN
    2315062010100000
    Size
    3,500 SF
    Lot size
    0.80 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Ned Malley
    Ned Malley

    Infiniti Properties Inc (708) 206-3000

    Listing agent Ned Malley (708) 296-1295

    Listing date Sep 19, 2025

    MLS# 12314300

    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.

    Learn more

    Property Insight Report

    Overview

    Steger Commercial Property For Sale

    This commercial property in unincorporated Steger, Will County, presents an opportunity for either continued operation as an auto dealership and repair shop or commercial redevelopment. The asking price includes the business, real estate, land, and all existing trade fixtures and equipment. The property benefits from a corner location with an IDOT traffic count of 8,850 cars daily on average. The building encompasses over 3,500 square feet and includes a 58x44 shop area with two 12-foot overhead doors, as well as a 28x25 waiting room with offices. The lot size is 35,000 square feet (0.8035 acres) and can accommodate over 100 cars. The zoning is COMMR, allowing for a range of commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triple A Transportation Trucking Company Steger Auto Center Auto Repair Shop

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Accounting Firm

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

    Similar Places Nearby

    Enterprise Rent-A-Car

    Location Insight

    • Map
    • Local Demand
    City
    Steger
    County
    Cook
    State
    Illinois
    Longitude
    -87.651286
    Latitude
    41.469699

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    FAQs

    What type of property is this?
    Automotive property - Profitable auto dealership, repair shop, and commercial redevelopment opportunity.
    Where is this automotive property located?
    The property is located at 450 W 34Th St Steger, IL.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: - Profitable auto dealership and repair shop business included in the sale.; - **Large 35,000 sq ft lot capable of holding over 100 cars.**; - **Prime corner location in unincorporated Steger with high traffic count (8,850 cars daily).**
    (708) 859-7846
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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
    450 W 34Th St Steger, IL 60475
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    We can help!
    Listing Contact
    Ned Malley
    Ned Malley
    Real Estate License ID: 471007341
    (708) 859-7846 (708) 296-1295 (708) 206-3000
    Learn more
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