Commercial Building - Auto Repair
For Sale
Contact for pricing
1058 W 111th Street, Chicago, IL 60643
Brick commercial building, previously an auto repair shop, for sale.
Property Size1,200 SF
Price / SF$200
Days on Market487
Property Features for 1058 W 111th Street
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Special Purpose, Industrial, Retail
Zoning
COMMR
Building Details
Year Built
1950
Listing Agency:
RE/MAX 10 in the Park
(708) 785-0408
Listed By:
Karen Irace · License #471.015583
Source:
Crexi
Added: Apr 21, 2025
Changed: Aug 15
Last Checked: Aug 20 at 12:13AM
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 10 in the Park
Investment Insights
Based on property information with market context.
This brick commercial building, previously used as an auto repair shop, presents a business opportunity. The property is zoned C1-1 and features three oversized doors, each approximately 10 feet high. The interior layout includes an office/supply room, a reception area, and a half bath, along with lofted storage space. Upgrades include a newer roof, upgraded electric service, and newer exhaust vents. The property also features a large fenced lot, suitable for ample parking and vehicle storage. The building offers options for various uses due to its high visibility and convenient location. The property size is 1200 square feet.
Key Highlights
- Zoned C1‑1, offering a great business opportunity
- Large fenced lot provides ample parking and vehicle storage
- Three oversized doors (approx. 10' high) suitable for various commercial uses
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
$16,602
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
6.92%
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%
$332,040
$332.0K
Cap Rate 7%
$237,171
$237.2K
Cap Rate 9%
$184,467
$184.5K
Market Conditions
NOI Build-Up for 1,200 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
$25.9K $21.60/SF
− Vacancy
−$2.2K −$1.84/SF
EGI
$23.7K $19.76/SF
− OpEx
−$7.1K −$5.93/SF
NOI
$16.6K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
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%
$332,040
Cap Rate 7%
$237,171
Cap Rate 9%
$184,467
Alternative Uses
Best Use
Retail
$237.2K
$207.5K – $276.7K
NOI $16,602 @ 7.0% cap · market cap 6.92%
Second Best
Industrial
$107.5K
$94.1K – $125.4K
NOI $7,525 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$565.8K
$495.1K – $660.1K
NOI $39,606 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
23k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 36%
Electronics 2%
White Castle
Dining
14,042 visits/mo
0.3 miles
Citgo
Shops & Services
4,596 visits/mo
0.4 miles
Jiffy Lube
Shops & Services
2,889 visits/mo
0.5 miles
Car-X Auto Service
Shops & Services
651 visits/mo
0.4 miles
Boost Mobile
Electronics
463 visits/mo
0.4 miles
Demographics for 60643, IL
47,831
Population
19,541
Households
2.4
Avg Household Size
44
Median Age
39%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
6,464
Density / Sq Mi
$83,015
Median Household Income
$53,155
Median Earnings
$1,359
Median Rent
$233,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Morgan Park Auto Service, Inc. — 11200 S Halsted St, Chicago, IL 60628
- Pee Wee's Tire Repair — 1448 W 115th St, Chicago, IL 60643
- Valvoline Instant Oil Change — 11328 S Halsted St, Chicago, IL 60628
- MRFIXYOSHYT — 11550 S Halsted St, Chicago, IL 60628
- Taylor Pumps Inc — 11328 S Halsted St, Chicago, IL 60628
Frequently Asked Questions
What type of property is this?
Auto shop - Brick commercial building, previously an auto repair shop, for sale.
Where is this auto shop located?
The property is located at 1058 W 111th Street Chicago, IL.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Zoned C1‑1, offering a great business opportunity; Large fenced lot provides ample parking and vehicle storage; Three oversized doors (approx. 10' high) suitable for various commercial uses
