Freestanding Bank Branch
For Sale
Contact for pricing
10500 West Cermak Road, Westchester, IL 60154
Freestanding, single-tenant bank branch net-leased on an absolute NNN basis to BMO Bank N.A.
Property Size11,457 SF
Price / SF$288.03
Days on Market69
Property Features for 10500 West Cermak Road
General Information
Standard status
Active
Size
11,457 SF
Total Parking Spaces
70
Property subtype
Retail, Office
Zoning
B-1
Lease Type
Absolute Net
Net Operating Income
$239,334
Building Details
Year Built
1964
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
CBRE - Chicago
Listed By:
Maury Vanden Eykel · License #IL
Source:
Crexi
Added: Jun 29
Changed: Aug 22
Last Checked: Sep 4 at 2:06PM
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 CBRE - Chicago
Investment Insights
Based on property information with market context.
CBRE, as exclusive advisor, is pleased to offer the fee-simple interest in a freestanding, single-tenant retail bank branch net-leased to BMO Bank N.A. The asset is operated by BMO Financial Group’s U.S. banking arm and has operated continuously as a bank since 1964. The offering is structured as an absolute-NNN investment.
The branch is located on a signalized hard corner along Cermak Road and is positioned adjacent to a Jewel-Osco within an established retail corridor.
BMO Bank N.A. has recently reaffirmed its commitment through a lease renewal extending to November 30, 2031.
The branch is located on a signalized hard corner along Cermak Road and is positioned adjacent to a Jewel-Osco within an established retail corridor.
BMO Bank N.A. has recently reaffirmed its commitment through a lease renewal extending to November 30, 2031.
Key Highlights
- Freestanding, single‑tenant retail bank branch net‑leased to BMO Bank N.A. on an absolute NNN basis
- BMO branch has operated continuously as a bank since 1964
- Located at 10500 W Cermak Road in Westchester, Illinois on a signalized hard corner
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
$159,078
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
4.82%
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%
$3,181,560
$3.2M
Cap Rate 7%
$2,272,543
$2.3M
Cap Rate 9%
$1,767,533
$1.8M
Market Conditions
NOI Build-Up for 11,457 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
$226.8K $19.80/SF
− Vacancy
−$14.7K −$1.29/SF
EGI
$212.1K $18.51/SF
− OpEx
−$53.0K −$4.63/SF
NOI
$159.1K $13.88/SF
Area
Springfield, IL
Vacancy
6.50%
Lease Rate
$19.80 /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%
$3,181,560
Cap Rate 7%
$2,272,543
Cap Rate 9%
$1,767,533
Alternative Uses
Best Use
Specialty Retail
$2.27M
$1.99M – $2.65M
NOI $159,078 @ 7.0% cap · market cap 4.82%
Second Best
Retail
$1.90M
$1.66M – $2.21M
NOI $132,810 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,905 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
3k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 78%
Home Improvements & Furnishings 22%
BMO Harris Bank
Shops & Services
2,433 visits/mo
0.3 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
695 visits/mo
0.3 miles
Demographics for 60154, IL
16,895
Population
7,376
Households
2.3
Avg Household Size
48
Median Age
46%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
3,840
Density / Sq Mi
$103,561
Median Household Income
$60,967
Median Earnings
$1,767
Median Rent
$297,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Freestanding, single-tenant bank branch net-leased on an absolute NNN basis to BMO Bank N.A.
Where is this bank located?
The property is located at 10500 West Cermak Road Westchester, IL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Freestanding, single‑tenant retail bank branch net‑leased to BMO Bank N.A. on an absolute NNN basis; BMO branch has operated continuously as a bank since 1964; Located at 10500 W Cermak Road in Westchester, Illinois on a signalized hard corner
