Mixed-Use Office
For Sale
$420,000
111 W Railroad Avenue NW, Bartlett, IL 60103
Versatile three-level property with professional offices, an accessible lower-level suite, parking, and a detached garage/workshop.
Property Size2,300 SF
Price / SF$182.61
Days on Market22
Property Features for 111 W Railroad Avenue NW
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,698
Amenities
wheelchair lift
garage/workshop
wired sound system
Building Details
Building Size
2,300 SF
Year Built
1875
Buildings
2
Stories
2
Units
3
Listing Agency:
REMAX Legends
(630) 202-3526
Listed By:
Kelly Dyson · License #475114736
Source:
Jjillrealtygroup
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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.
This mixed-use property provides approximately 2,300 square feet across three levels, with a professional office configuration on the main floor and additional space for expansion. The approximately 1,000-square-foot main level includes four treatment rooms, reception, a private workstation, large windows, 9' ceilings, recessed lighting, wood-look flooring, oak trim, built-in shelving, storage closets, and a wired sound system. The space is fully handicap accessible and includes a wheelchair lift.
The lower level has both front and rear entrances and is currently occupied by a long-term tenant. Its mechanical features include a furnace, water heater, washer/dryer, and electric panel. The unfinished upper level is framed and primed for build-out. A detached 1.5-car garage/workshop has upgraded electrical service and a dedicated furnace. The property also includes five private rear parking spaces and reserved front spaces. Located at Oak and Railroad Avenue across from the Metra station, it is near More Brewing Company and established downtown businesses.
The lower level has both front and rear entrances and is currently occupied by a long-term tenant. Its mechanical features include a furnace, water heater, washer/dryer, and electric panel. The unfinished upper level is framed and primed for build-out. A detached 1.5-car garage/workshop has upgraded electrical service and a dedicated furnace. The property also includes five private rear parking spaces and reserved front spaces. Located at Oak and Railroad Avenue across from the Metra station, it is near More Brewing Company and established downtown businesses.
Key Highlights
- Approximately 2,300 SF across three levels
- Approximately 1,000 SF main level with four treatment rooms and reception
- Lower level 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
Location Intelligence
Trade Area within ½ mile
539
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 - Versatile three-level property with professional offices, an accessible lower-level suite, parking, and a detached garage/workshop.
Where is this mixed-use property located?
The property is located at 111 W Railroad Avenue NW 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 SF across three levels; Approximately 1,000 SF main level with four treatment rooms and reception; Lower level has separate front and rear entrances and a long‑term tenant
