Renovated Strip Center with 6
6421 W 87th Street Oak Lawn, IL 60453
6421 W 87th Street, Oak Lawn, IL, 60453
$3,300,000
For Sale
$3,300,000
Renovated in 2025, this strip center includes 6 fully leased units in a 15,810 SF building.
Property Size15,810 SF
Lot Size1.10 Acres
Price / SF$208.73
Days on Market444
Property Features for 6421 W 87th Street
General Information
- Standard status
- Active
- Size
- 15,810 SF
- Lot size
- 1.10 Acres
- Property subtype
- General Commercial
Building Details
- Year Built
- 1968
Listing agency
Network Property Managment LLC
(708) 800-6487
Listed by
Adam Haleem · License #475191917
(708) 800-6487
Source
Xome
Added: May 5, 2025 Updated: Jul 22 at 6:42AM Checked: Jul 22 at 6:42AM
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 Network Property Managment LLC
Investment Insights
Based on property information with market context.
This renovated strip center offers a total building area of 15,810 SF and sits on approximately 1.10 acres. The property features 6 fully leased units and was renovated in 2025, with the current tenant occupancy providing immediate income potential.
The center is located at the Oak Lawn and Burbank border in the Chicago MSA, at 6417-6421 W 87th St (6421 W 87th Street, Oak Lawn, IL 60453).
The center is located at the Oak Lawn and Burbank border in the Chicago MSA, at 6417-6421 W 87th St (6421 W 87th Street, Oak Lawn, IL 60453).
Key Highlights
- Renovated in 2025
- 6 fully leased units
- 15,810 SF building on +/-48,138 SF site (~1.10 acres)
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $341.5k | $21.60 |
| − Vacancy | −$28.0k | −$1.77 |
| EGI | $313.5k | $19.83 |
| − OpEx | −$94.0k | −$5.95 |
| NOI | $219.4k | $13.88 |
15,810 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.13M
$2.74M – $3.66M
NOI $219,445 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.46M
$4.78M – $6.37M
NOI $382,093 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Strip malls
Similar For Sale Nearby
FAQs
What type of property is this?
Strip mall - Renovated in 2025, this strip center includes 6 fully leased units in a 15,810 SF building.
Where is this strip mall located?
The property is located at 6421 W 87th Street Oak Lawn, IL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Renovated in 2025; 6 fully leased units; 15,810 SF building on +/-48,138 SF site (~1.10 acres)
