Building Details

Building Size 35,000 SF

Year Built 1990

Tenancy Single

Listing Agency: Mid-America Real Estate

Listed By: George Ghattas · License #475135588 Show Phone

Source: Midamericagrp

Added: Sep 24 Changed: Sep 26 Last Checked: Sep 26 at 5:07AM

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Investment Insights

Based on property information with market context.

This retail property at Mount Prospect Center is occupied by O’Reilly’s Auto Parts. The sale offering consists of the complete condominium interest, and the property was built in 1990. The tenant lease is structured as NN, with 13.8 years stated in the listing.

Key Highlights

• Sale includes the 100% condominium interest
• 13.8‑year NN lease with minimal landlord responsibilities
• Built in 1990

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

$485,806

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

8.12%

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%

$9,716,120 $9.7M

Cap Rate 7%

$6,940,086 $6.9M

Cap Rate 9%

$5,397,844 $5.4M

Market Conditions

NOI Build-Up for 35,000 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

$756.0K $21.60/SF

− Vacancy

−$62.0K −$1.77/SF

EGI

$694.0K $19.83/SF

− OpEx

−$208.2K −$5.95/SF

NOI

$485.8K $13.88/SF

Area

Cook County, IL

Vacancy

8.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

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%

$9,716,120

Cap Rate 7%

$6,940,086

Cap Rate 9%

$5,397,844

Alternative Uses

Best Use

Retail

$6.94M

$6.07M – $8.10M (±1% cap)

NOI $485,806 @ 7.0% cap · market cap 8.12%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$12.08M

$10.57M – $14.10M (±1% cap)

NOI $845,873 @ 7.0% cap · market cap 14.15%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

ATM Atm SEPHORA at Kohl's (Bike/Boat/Book/etc) Store Swagat Indian Grocery ... Grocery & Convenience Store Kohl's Department Store

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

804

Businesses Nearby

116k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Apparel 39% Shops & Services 35% Dining 27%

Kohl's Apparel

44,608 visits/mo 0.1 miles

BP Shops & Services

16,684 visits/mo 0.1 miles

Chase Bank Shops & Services

13,625 visits/mo 0.4 miles

Taco Bell Dining

8,542 visits/mo 0.2 miles

Burger King Dining

6,972 visits/mo 0.1 miles

Demographics for 60056, IL

57,177

Population

23,202

Households

2.5

Avg Household Size

41

Median Age

49%

College-Educated

92%

High-School Grad

10.9 sq mi

ZIP Area

5,246

Density / Sq Mi

$104,168

Median Household Income

$54,158

Median Earnings

$1,456

Median Rent

$376,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Retail space - The offering comprises the full condominium interest in a retail property leased to O’Reilly’s Auto Parts.

Where is this retail space located?

The property is located at 1500 S Elmhurst Rd Mt Prospect, IL.

What is the asking price?

The asking price for this property is $5,980,000.

What are key features of this property?

This property features: Sale includes the 100% condominium interest; 13.8‑year NN lease with minimal landlord responsibilities; Built in 1990