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    Updated Mixed-Use Building and Land Title is generated by Realmo AI

    4039 147th Street, Midlothian, IL 60445

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    For Sale
    $459,900

    Updated mixed-use building with vacant land in Midlothian.

    Type:Commercial/Industrial
    Property size:
    2,850 SF
    Price / SF:
    $161/SF
    Added:
    Mar 24, 2026
    Days on Market:
    50
    Last Refresh:
    Feb 10 at 6:52 pm

    Property Features for 4039 147th Street

    General Information

    Standard status
    Active
    Size
    2,850 SF
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1988

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    Listing Contact
    Rima Odeh
    Rima Odeh

    Listing agent Rima Odeh License #475102798

    Listing office Better Homes & Gardens Real Estate

    Listing date Mar 24, 2026

    Source Exitrealty

    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 Better Homes & Gardens Real Estate

    HighLights

    • Fully leased, income‑producing mixed‑use building with additional income from parking.
    • Corner vacant lot with high traffic exposure on 147th Street, suitable for development (e.g., national tenant).
    • Located in the heart of the Midlothian business district.
    • Over $100,000 in recent updates, including new tuck pointing and water heaters.
    • Property is in a TIF district.
    • Includes a spacious hair salon, apartment unit, and 15 parking spaces.

    Overview

    This mixed-use commercial brick building and corner vacant land are located in the heart of the Midlothian business district. The property has been updated from A-Z. The building is fully leased and consists of a spacious hair salon with two bathrooms and an apartment unit in the back, with 15 parking spaces. The corner vacant lot has frontage of 147 feet on 147th Street and great exposure on high traffic. The lot is suitable for a national tenant, such as Starbucks or Dunkin Donuts. The salon area has the potential for a second studio apartment unit for future added income. Updates include new tuck pointing and new water heaters. The legal address is 4039-4041 & 4031-4037 W 147th Street. The property includes multiple PIN numbers: 2810403004, 2810403005, 2810403006, and 2810403007. The property has undergone over $100,000 of updates. The property generates income and offers an opportunity to build and develop the lot. An extra $300 a month is received for parking on the vacant lot. The property is in a TIF district. The property size is 2850 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Mane Event hair ... Hair Salon H&E hair and beauty ... Hair Salon Hairdot.Com Salon Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Midlothian
    County
    Cook
    State
    Illinois
    Longitude
    -87.7194221
    Latitude
    41.6252926

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    FAQs

    What type of property is this?
    Mixed-use property - Updated mixed-use building with vacant land in Midlothian.
    Where is this mixed-use property located?
    The property is located at 4039 147th Street Midlothian, IL.
    What is the asking price?
    The asking price for this property is $459,900.
    What are key features of this property?
    This property features: Fully leased, income‑producing mixed‑use building with additional income from parking.; Corner vacant lot with high traffic exposure on 147th Street, suitable for development (e.g., national tenant).; Located in the heart of the Midlothian business district.
    (708) 859-0909
    We can help!
    Listing Contact
    Rima Odeh
    Rima Odeh
    Real Estate License ID: 475102798
    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.

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