Two-Unit Auto Shop
New
For Sale
$1,699,900
1001 Irving Park Rd, Hanover Park, IL 60133
The property combines an auto repair operation with a car-rental unit along a commercial corridor.
Property Size3,800 SF
Price / SF$447.34
Days on Market3
Property Features for 1001 Irving Park Rd
General Information
Standard status
Active
Size
3,800 SF
Building Details
Year Built
2006
Listing Agency:
Area Wide Realty
(708) 656-3333
Listed By:
Michael Olszewski · License #471011979
Source:
Liveliferealty
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 7:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Area Wide Realty
Investment Insights
Based on property information with market context.
Built in 2006, this 3,800-square-foot commercial building contains two operating units: an Enterprise Car Rental location and an auto repair shop. The configuration supports separate automotive-related uses within one property and includes 32 on-site parking spaces.
The property occupies 1/2 acre at 1001 Irving Park Road in Hanover Park, Illinois. Its position along Irving Park Road provides direct exposure to the roadway, with the site organized to accommodate both building occupants and customer parking.
The property occupies 1/2 acre at 1001 Irving Park Road in Hanover Park, Illinois. Its position along Irving Park Road provides direct exposure to the roadway, with the site organized to accommodate both building occupants and customer parking.
Key Highlights
- Two‑unit building with Enterprise Car Rental and an auto repair shop
- 3,800 SF building constructed in 2006
- Situated on a 1/2‑acre lot
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
$52,745
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
3.10%
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%
$1,054,900
$1.1M
Cap Rate 7%
$753,500
$753.5K
Cap Rate 9%
$586,056
$586.1K
Market Conditions
NOI Build-Up for 3,800 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
$82.1K $21.60/SF
− Vacancy
−$6.7K −$1.77/SF
EGI
$75.3K $19.83/SF
− OpEx
−$22.6K −$5.95/SF
NOI
$52.7K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$1,054,900
Cap Rate 7%
$753,500
Cap Rate 9%
$586,056
Alternative Uses
Best Use
Retail
$753.5K
$659.3K – $879.1K
NOI $52,745 @ 7.0% cap · market cap 3.10%
Second Best
Industrial
$233.7K
$204.5K – $272.6K
NOI $16,358 @ 7.0% cap · market cap 0.96%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,838 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
69k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 37%
Home Improvements & Furnishings 2%
Popeyes Louisiana Kitchen
Dining
14,838 visits/mo
0.5 miles
Culver's
Dining
14,827 visits/mo
0.3 miles
Dollar General
Shops & Services
10,734 visits/mo
0.2 miles
Starbucks
Dining
9,080 visits/mo
0.3 miles
7-Eleven
Shops & Services
7,065 visits/mo
0.2 miles
Demographics for 60133, IL
37,494
Population
11,573
Households
3.2
Avg Household Size
35
Median Age
29%
College-Educated
84%
High-School Grad
8.4 sq mi
ZIP Area
4,464
Density / Sq Mi
$92,263
Median Household Income
$40,743
Median Earnings
$1,478
Median Rent
$260,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- SAMIR’S VOLVO TRUCK & TRAILER REPAIR MOBILE ONLY ROAD SERVICE — 1500 Spruce Ave, Hanover Park, IL 60133
- Just Tires — 1539 W Irving Park Rd, Hanover Park, IL 60133
- Midas — 1505 W Irving Park Rd, Hanover Park, IL 60133
- Kamphaus Auto Care Hybrid Repair & Emissions — 1005 Irving Park Rd, Hanover Park, IL 60133
- Federico Auto Repair — 861 W Wise Rd, Schaumburg, IL 60193
Frequently Asked Questions
What type of property is this?
Auto shop - The property combines an auto repair operation with a car-rental unit along a commercial corridor.
Where is this auto shop located?
The property is located at 1001 Irving Park Rd Hanover Park, IL.
What is the asking price?
The asking price for this property is $1,699,900.
What are key features of this property?
This property features: Two‑unit building with Enterprise Car Rental and an auto repair shop; 3,800 SF building constructed in 2006; Situated on a 1/2‑acre lot
