Building Details

Year Built 1965

Buildings 1

Stories 2

Tenancy Multi

Listing Agency: RE/MAX Properties Northwest

Listed By: Brian Leahy Show Phone

Source: Bktchicago

Added: Oct 2 Changed: Oct 3 Last Checked: Oct 4 at 11:22AM

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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 RE/MAX Properties Northwest

Investment Insights

Based on property information with market context.

Built in 1965, this two-story mixed-use property contains 2,998 square feet. The first floor is configured for professional office use, while the upper level is a two-bedroom, two-bathroom apartment. The residence was remodeled in 2018, including its kitchen, bathrooms, windows, and flooring; it also has a fireplace and bar. The building is fully sprinklered and has on-site parking.

Separate entrances and utilities serve the office and apartment. The property offers access to O'Hare Airport, downtown Chicago, and major interstate highways.

Key Highlights

• 2,998‑square‑foot, two‑story mixed‑use property built in 1965
• Ground‑floor professional office space with a two‑bedroom, two‑bathroom apartment above
• Apartment remodeled in 2018 with updated kitchen, bathrooms, windows, and flooring

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,502

Cap Rate

6.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$790,040 $790.0K

Cap Rate 7%

$564,314 $564.3K

Cap Rate 9%

$438,911 $438.9K

Market Conditions

NOI Build-Up for 2,998 SF

Gross rent

$65.8K $21.96/SF

− Vacancy

−$13.2K −$4.39/SF

EGI

$52.7K $17.57/SF

− OpEx

−$13.2K −$4.39/SF

NOI

$39.5K $13.18/SF

Area

Springfield, IL

Vacancy

20.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$790,040

Cap Rate 7%

$564,314

Cap Rate 9%

$438,911

Alternative Uses

Best Use

Office B

$564.3K

$493.8K – $658.4K (±1% cap)

NOI $39,502 @ 7.0% cap · market cap 6.08%

Second Best

Healthcare Medical

$487.5K

$426.6K – $568.8K (±1% cap)

NOI $34,127 @ 7.0% cap · market cap 5.25%

Theoretical Best

Office A

$736.1K

$644.1K – $858.8K (±1% cap)

NOI $51,525 @ 7.0% cap · market cap 7.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Restaurant Real Estate Agency Auto Repair Shop Building Supply Big Box & Wholesale Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Multi-tenant

Tenancy

Yes

Sprinkler system

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

620

Businesses Nearby

Explore this area Business Placement

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 Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Ground-floor office space is paired with a renovated two-bedroom residence upstairs, with separate entrances and utilities.

Where is this mixed-use property located?

The property is located at 10550 W Cermak Rd Westchester, IL.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: 2,998‑square‑foot, two‑story mixed‑use property built in 1965; Ground‑floor professional office space with a two‑bedroom, two‑bathroom apartment above; Apartment remodeled in 2018 with updated kitchen, bathrooms, windows, and flooring