Downtown Bartlett Mixed-Use Commercial
For Sale
$420,000
111 W Railroad Avenue, Bartlett, IL 60103
Historic mixed-use building in downtown Bartlett with income potential.
Property Size2,300 SF
Lot Size0.12 Acres
Price / SF$182.61
Days on Market330
Property Features for 111 W Railroad Avenue
General Information
Standard status
Active
Size
2,300 SF
Lot size
0.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,698
Amenities
Central air
Central Air Cooling
Composition Roof
Building Details
Year Built
1875
Listing Agency:
REMAX LEGENDS
(630) 216-8000
Listed By:
KELLY DYSON · License #475114736
Source:
Corcoran
Added: Sep 22, 2025
Changed: Aug 17
Last Checked: Aug 17 at 6:39AM
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 REMAX LEGENDS
Investment Insights
Based on property information with market context.
Located in the heart of downtown Bartlett, this mixed-use commercial building presents a rare opportunity for owner-users and investors. Constructed circa 1892, the well-maintained building offers approximately 2,300 square feet across three levels. The property includes a separately heated 1.5-car garage/workshop, five private parking spaces behind the garage, and front-reserved spaces. The main level, configured as a high-end office space, features four treatment rooms, a reception area, and a private workstation. It is finished with solid six-panel doors, 9-foot ceilings with recessed lighting, large windows, and wood-look floors. Custom oak trim, built-in shelving, and a wired sound system are included. The main level is fully handicap accessible, with a dedicated wheelchair lift. The lower level, an English basement with separate entrances, is ideal for medical offices, retail, and boutique service businesses. It is currently occupied by a long-term tenant and includes mechanicals such as a furnace, water heater, washer/dryer, and electric panel. The upper level is framed and primed for build-out, offering potential as a residential rental, Airbnb, or live-work space. The detached 1.5-car garage has upgraded electrical, a dedicated furnace, and ample space for storage, workshop, or rental. The property is located steps from the More Brewing Company and other local businesses, within the revitalized downtown district. It is directly across from the Metra station. The property is ideal for owner-occupants needing office space with supplemental rental income.
Key Highlights
- Prime location directly across from the Metra station in downtown Bartlett, offering high visibility and easy access.
- Mixed‑use zoning and layout providing flexible income streams.
- Handicap accessible main level office space with high‑end finishes.
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
$31,713
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
7.55%
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%
$634,260
$634.3K
Cap Rate 7%
$453,043
$453.0K
Cap Rate 9%
$352,367
$352.4K
Market Conditions
NOI Build-Up for 2,300 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
$56.3K $24.48/SF
− Vacancy
−$14.0K −$6.10/SF
EGI
$42.3K $18.38/SF
− OpEx
−$10.6K −$4.60/SF
NOI
$31.7K $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%
$634,260
Cap Rate 7%
$453,043
Cap Rate 9%
$352,367
Alternative Uses
Best Use
Mixed Use
$554.5K
$485.2K – $646.9K
NOI $38,813 @ 7.0% cap · market cap 9.24%
Second Best
Office B
$453.0K
$396.4K – $528.6K
NOI $31,713 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$794.1K
$694.8K – $926.4K
NOI $55,586 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Explore this area
Business Placement
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use building in downtown Bartlett with income potential.
Where is this mixed-use property located?
The property is located at 111 W Railroad Avenue Bartlett, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Prime location directly across from the Metra station in downtown Bartlett, offering high visibility and easy access.; Mixed‑use zoning and layout providing flexible income streams.; Handicap accessible main level office space with high‑end finishes.
