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    3513-3517 Ridge Road and 18241-18259 West Street Lansing, IL 60438

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    For Sale
    $779,000

    Multi-tenant retail, office, and warehouse property in downtown Lansing.

    Type:Office
    Property size:
    15,961 SF
    Price / SF:
    $48/SF
    Added:
    Nov 21, 2025
    Days on Market:
    159
    Last Refresh:
    Apr 6 at 12:41 am

    Property Features for 3513-3517 Ridge Road and 18241-18259 West Street

    General Information

    Standard status
    Active
    Size
    15,961 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Karen Kulczycki, CCIM, SIOR

    Listing agent Karen Kulczycki, CCIM, SIOR License #IL #471020279

    Listing office

    Listing date Nov 21, 2025

    Source Svnchicago

    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 Karen Kulczycki, CCIM, SIOR

    Overview

    Lansing Retail, Office, Warehouse Property

    Located in the heart of downtown Lansing, Illinois, at 3513-3517 Ridge Road and 18241-18259 West Street, this multi-tenant property features a mix of retail, office, and warehouse spaces. The property is situated along Ridge Road, the historical Main Street, offering high visibility and convenient access. Ample parking is available at the side and rear of the building. The property comprises 16 units with tenants including Subway, Universal Martial Arts, Universal Cleaning, and The Pet Set. The total area of the property is approximately 15,961 square feet. The location provides an ideal blend of urban convenience and suburban tranquility, with a range of dining options, retail destinations, and recreational activities nearby. Popular attractions such as the Lansing Country Club, Lan-Oak Park, Park Plaza, and Fox Pointe are just minutes away. The property benefits from its strategic location on Ridge Road and proximity to Rt 83, I-294, I-80, and I-394.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Lansing Square — 17677 Torrence Ave, Lansing, IL 60438
    • Landings — 170th St Torrence Ave, Lansing, IL 60438
    • Lan Ridge Plaza — 3224 Ridge Rd, Lansing, IL 60438
    • Lansing Commons Shopping Center — 17823 Torrence Ave, Lansing, IL 60438

    Map

    City
    Lansing
    County
    Cook
    State
    Illinois
    Longitude
    -87.5518
    Latitude
    41.5664

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    FAQs

    What type of property is this?
    Shopping center - Multi-tenant retail, office, and warehouse property in downtown Lansing.
    Where is this shopping center located?
    The property is located at 3513-3517 Ridge Road and 18241-18259 West Street Lansing, IL.
    What is the asking price?
    The asking price for this property is $779,000.
    What are key features of this property?
    This property features: High‑visibility location on Ridge Road (historical Main Street) in downtown Lansing.; Multi‑tenant property with a mix of retail, office, and warehouse spaces.; 16 Units offering value‑add potential.
    (630) 330-3352
    We can help!
    Listing Contact
    Karen Kulczycki, CCIM, SIOR
    Real Estate License ID: IL #471020279
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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