Brick Flex Building with
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 Market48
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
(773) 732-8843
Source:
Amyboston.realtopiare
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 7 at 4:03PM
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
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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 / Yr
$20,908
Cap Rate
8.07%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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
