Office Building With Private
For Sale
$425,000
6871 171st Street, Tinley Park, IL 60477
Commercial Sale, Tinley Park, IL
Property Size1,700 SF
Lot Size0.03 Acres
Price / SF$250
Days on Market30
Property Features for 6871 171st Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
HARLEM TO 171ST EAST *CORNER LOCATION* 6871
Subdivision
Tinley Park
Standard status
Active
APN
28303170070000
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10439
Utilities
Cooling system
Central Air
Amenities
4 private offices
waiting room
main office work area
lunchroom
Building Details
Year built
1974
Floors in Building
1
Number of units
1
Flooring type
Varies, Vinyl, Wood
Building materials
Brick
Listing Agency:
RE/MAX 1st Service · RE/MAX International
(708) 675-1600
Listed By:
John Schober · License #475139223
(708) 403-6000
Added: Aug 16
Changed: Sep 13
Last Checked: Sep 14 at 3:06AM
MLS# 12732704
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 1,700-square-foot brick office building offers a practical layout for professional or medical operations. Interior features include four private offices, a waiting area, a central work space, and a lunchroom. Vinyl and wood flooring are present, with finishes varying throughout the building. Furniture may be included for a buyer who wants it.
The property provides 14 parking spaces that have been resealed and striped. Central air is in place, with the furnace and A/C installed approximately 5 years ago. The hot water heater is 3 years old, and the roof dates to approximately 6 to 7 years ago. Constructed in 1974, the building is designated OFFIC.
The property provides 14 parking spaces that have been resealed and striped. Central air is in place, with the furnace and A/C installed approximately 5 years ago. The hot water heater is 3 years old, and the roof dates to approximately 6 to 7 years ago. Constructed in 1974, the building is designated OFFIC.
Key Highlights
- 1,700‑square‑foot brick office building
- Four private offices plus waiting area, central work space, and lunchroom
- 14 parking spaces, recently resealed and striped
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
$23,440
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
5.52%
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%
$468,800
$468.8K
Cap Rate 7%
$334,857
$334.9K
Cap Rate 9%
$260,444
$260.4K
Market Conditions
NOI Build-Up for 1,700 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
$41.6K $24.48/SF
− Vacancy
−$10.4K −$6.10/SF
EGI
$31.3K $18.38/SF
− OpEx
−$7.8K −$4.60/SF
NOI
$23.4K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$468,800
Cap Rate 7%
$334,857
Cap Rate 9%
$260,444
Alternative Uses
Best Use
Office B
$334.9K
$293.0K – $390.7K
NOI $23,440 @ 7.0% cap · market cap 5.52%
Second Best
Healthcare Medical
$321.7K
$281.5K – $375.4K
NOI $22,522 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$586.9K
$513.6K – $684.8K
NOI $41,085 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
918
Businesses Nearby
Explore this area
Business Placement
Demographics for 60477, IL
37,335
Population
16,261
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
2,629
Density / Sq Mi
$93,862
Median Household Income
$57,381
Median Earnings
$1,485
Median Rent
$262,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Brick professional office with dedicated parking and multiple functional work areas.
Where is this office building located?
The property is located at 6871 171st Street Tinley Park, IL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,700‑square‑foot brick office building; Four private offices plus waiting area, central work space, and lunchroom; 14 parking spaces, recently resealed and striped
