Mixed-Use Office
For Sale
$420,000
111 W Railroad Avenue, Bartlett, IL 60103
COMMERCIAL - Bartlett, IL
Property Size2,300 SF
Lot Size0.12 Acres
Price / SF$182.61
Days on Market330
Property Features for 111 W Railroad Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
North Ave W to Oak Ave S to 111 Railroad Ave
Subdivision
Bartlett
Standard status
Active
APN
06344090030000
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
5698
Utilities
Cooling system
Central Air
Amenities
separately heated garage/workshop
private parking
wheelchair lift
custom oak trim
built-in shelving
wired sound system
Building Details
Year built
1875
Floors in Building
2
Building materials
Vinyl Siding, Frame
Roof type
Composition
Listing Agency:
REMAX Legends · RE/MAX International
(630) 216-8000
Listed By:
Kelly Dyson · License #475114736
(708) 655-5000
Added: Sep 22, 2025
Changed: Aug 4
Last Checked: Aug 17 at 8:06PM
MLS# 12466563
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial property contains approximately 2,300 total square feet across three levels. The main level offers approximately 1,000 SF of finished office space with four treatment rooms, reception, a workstation, 9' ceilings, recessed lighting, large windows, wood-look flooring, oak trim, built-in shelving, and a wired sound system. The space is handicap accessible and includes a wheelchair lift. An English basement has front and rear entrances and is currently occupied by a long-term tenant. The unfinished upper level is framed and primed for build-out.
A detached 1.5-car garage/workshop includes its own furnace and upgraded electrical service. Five private parking spaces are located behind the garage, with reserved spaces at the front. The property sits at Oak and Railroad Avenue in downtown Bartlett, directly across from the Metra station and near More Brewing Company and other established local businesses. Zoning is OFFIC.
A detached 1.5-car garage/workshop includes its own furnace and upgraded electrical service. Five private parking spaces are located behind the garage, with reserved spaces at the front. The property sits at Oak and Railroad Avenue in downtown Bartlett, directly across from the Metra station and near More Brewing Company and other established local businesses. Zoning is OFFIC.
Key Highlights
- Approximately 2,300 total square feet arranged across three levels
- Main level includes approximately 1,000 SF of finished office space with four treatment rooms
- English basement has separate front and rear entrances and a long‑term tenant
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
Lease Details
Yes
Paved road access
Yes
Utilities to site
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 - Three-level commercial building with office improvements, a separately heated garage, private parking, and flexible unfinished space.
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: Approximately 2,300 total square feet arranged across three levels; Main level includes approximately 1,000 SF of finished office space with four treatment rooms; English basement has separate front and rear entrances and a long‑term tenant
