Brick Flex Building with
New
For Sale
$259,000
14623 Waverly Ave, Midlothian, IL 60445
Brick commercial facility with overhead loading access, front parking, and O/I zoning.
Property Size4,000 SF
Price / SF$64.75
Days on Market2
Property Features for 14623 Waverly Ave
General Information
Standard status
Active
Size
4,000 SF
Zoning
O/I
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Drive-In Doors
3
Building Details
Year Built
1952
Buildings
1
Building Size
4,000 SF
Construction
brick
Listing Agency:
Baird & Warner
Listed By:
Michael Galvan · License #471021529
(708) 460-4900
Source:
Amyboston.realtopiare
Added: Sep 9
Last Checked: Sep 9 at 3:41PM
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 Baird & Warner
Investment Insights
Based on property information with market context.
This 4,000 SF brick flex building offers a practical footprint for warehouse, light industrial, office, or contractor-oriented operations. The property is ready for occupancy and includes three overhead doors, with heights of 12 feet and 10 feet, along with a side drive and front parking. Recent work includes electrical and natural gas service upgrades, a newer roof, glass block windows, and tuckpointing. Framing is in place for an ADA-compliant bathroom, allowing continued customization of the interior.
The property is located at 14623 Waverly Ave in Midlothian, with access to I-57, I-294, 147th Street, and Metra. It is zoned O/I - Office/Limited Industrial District, supporting office and light industrial applications subject to municipal approval. Potential uses identified for the site include mini-warehouse or distribution, vehicle repair, light manufacturing, warehouse operations, and related commercial activities.
The property is located at 14623 Waverly Ave in Midlothian, with access to I-57, I-294, 147th Street, and Metra. It is zoned O/I - Office/Limited Industrial District, supporting office and light industrial applications subject to municipal approval. Potential uses identified for the site include mini-warehouse or distribution, vehicle repair, light manufacturing, warehouse operations, and related commercial activities.
Key Highlights
- 4,000 SF brick flex building
- Three overhead doors with 12ft and 10 ft heights
- O/I - Office/Limited Industrial District zoning
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
$20,908
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
8.07%
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%
$418,160
$418.2K
Cap Rate 7%
$298,686
$298.7K
Cap Rate 9%
$232,311
$232.3K
Market Conditions
NOI Build-Up for 4,000 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
$25.9K $6.48/SF
− Vacancy
−$1.3K −$0.33/SF
EGI
$24.6K $6.15/SF
− OpEx
−$3.7K −$0.92/SF
NOI
$20.9K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$418,160
Cap Rate 7%
$298,686
Cap Rate 9%
$232,311
Alternative Uses
Best Use
Flex RnD
$601.7K
$526.5K – $702.0K
NOI $42,120 @ 7.0% cap · market cap 16.26%
Second Best
Warehouse
$298.7K
$261.4K – $348.5K
NOI $20,908 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,671 @ 7.0% cap · market cap 37.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60445, IL
14,692
Population
6,228
Households
2.4
Avg Household Size
37
Median Age
19%
College-Educated
88%
High-School Grad
4.3 sq mi
ZIP Area
3,417
Density / Sq Mi
$68,385
Median Household Income
$46,480
Median Earnings
$1,202
Median Rent
$201,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Brick commercial facility with overhead loading access, front parking, and O/I zoning.
Where is this flex space located?
The property is located at 14623 Waverly Ave Midlothian, IL.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 4,000 SF brick flex building; Three overhead doors with 12ft and 10 ft heights; O/I - Office/Limited Industrial District zoning
