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    Homewood Strip Mall Investment Opportunity Title is generated by Realmo AI

    18660 Dixie Highway, Homewood, IL 60430

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    For Sale
    $1,690,000

    Established strip mall near Metra with income upside potential.

    Property size:
    24,634 SF
    Price / SF:
    $68/SF
    Added:
    Apr 26, 2025
    Days on Market:
    405
    Last Refresh:
    Mar 13 at 2:04 pm

    Property Features for 18660 Dixie Highway

    General Information

    Standard status
    Active
    Size
    24,634 SF

    Building Details

    Year Built
    1959

    We can help!

    Listing Contact
    Olga Kaminska
    Olga Kaminska

    Listing agent Olga Kaminska License #475170254

    Listing office Core Realty & Investments Inc.

    Listing date Apr 26, 2025

    Source Compass

    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 Core Realty & Investments Inc.

    HighLights

    • Prime location in the heart of Homewood, steps from the Metra train station and 35 minutes from downtown Chicago.
    • Strong income potential: $150,000 gross income in 2024 with upside to $200,000-$250,000 by bringing rents to market value.
    • New roof installed in 2025, minimizing future maintenance expenses.
    • Multi‑unit commercial property with 11 suites and a mix of long‑standing tenants, providing stable cash flow.
    • Three vacant units offer immediate owner‑user or rental income opportunities.
    • Over 50 parking spaces and a single‑family home converted to office use (convertible back to residential).

    Overview

    This multi-unit commercial property is a strip mall located in Homewood, steps from the Metra train station and approximately 35 minutes from downtown Chicago. The property features 11 business suites with a mix of long-standing tenants, including an auto repair shop operating for over 25 years, a former bakery operating for 50+ years (closed during COVID but still equipped), a photo salon, a dry cleaner (equipment included), and an insurance agency. The property also offers 3 vacant units. A single-family home converted to office use is also present, which can be reverted back to residential if desired. The property is zoned commercial with multiple use possibilities. The 2024 gross income is $150,000, with upside potential to $200,000-$250,000 as rents are brought to market. A new roof is planned for installation in 2025. Over 50 parking spaces are available. The property size is 24634 square feet.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Homewood
    County
    Cook
    State
    Illinois
    Longitude
    -87.6654079
    Latitude
    41.5504779

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    FAQs

    What type of property is this?
    Strip mall - Established strip mall near Metra with income upside potential.
    Where is this strip mall located?
    The property is located at 18660 Dixie Highway Homewood, IL.
    What is the asking price?
    The asking price for this property is $1,690,000.
    What are key features of this property?
    This property features: Prime location in the heart of Homewood, steps from the Metra train station and 35 minutes from downtown Chicago.; Strong income potential: $150,000 gross income in 2024 with upside to $200,000-$250,000 by bringing rents to market value.; New roof installed in 2025, minimizing future maintenance expenses.
    (312) 477-6806
    We can help!
    Listing Contact
    Olga Kaminska
    Olga Kaminska
    Real Estate License ID: 475170254
    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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    18660 Dixie Highway, Homewood, IL 60430
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