Leased Storefront with
For Sale
$400,000
15530 Cicero Ave, Oak Forest, IL 60452
Currently leased retail property with rear space, a two-car garage, and a deep commercial lot.
Property Size2,000 SF
Price / SF$200
Days on Market459
Property Features for 15530 Cicero Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Amenities
garage
Listing Agency:
RE/MAX 10
Listed By:
Valentina Hatzelis, CNC,CSC
Source:
Searchillinoishomesforsale
Added: Jun 1, 2025
Changed: Sep 1
Last Checked: Sep 1 at 9:05PM
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 RE/MAX 10
Investment Insights
Based on property information with market context.
This storefront property includes approximately 2,000 square feet of retail space, additional area at the rear, and a two-car garage that can support workspace or storage. The storefront is currently leased.
Located at 15530 Cicero Ave in Oak Forest, Illinois, the property occupies an oversized lot extending 283 feet deep. The site may accommodate additional parking or private events, subject to applicable requirements. The existing layout combines customer-facing retail space with rear support area and garage space.
Located at 15530 Cicero Ave in Oak Forest, Illinois, the property occupies an oversized lot extending 283 feet deep. The site may accommodate additional parking or private events, subject to applicable requirements. The existing layout combines customer-facing retail space with rear support area and garage space.
Key Highlights
- Approximately 2,000 square feet of storefront space
- Additional space located behind the storefront
- Two‑car garage for workspace or storage
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
$27,760
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
6.94%
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%
$555,200
$555.2K
Cap Rate 7%
$396,571
$396.6K
Cap Rate 9%
$308,444
$308.4K
Market Conditions
NOI Build-Up for 2,000 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
$43.2K $21.60/SF
− Vacancy
−$3.5K −$1.77/SF
EGI
$39.7K $19.83/SF
− OpEx
−$11.9K −$5.95/SF
NOI
$27.8K $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%
$555,200
Cap Rate 7%
$396,571
Cap Rate 9%
$308,444
Alternative Uses
Best Use
Retail
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,336 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 73%
Shops & Services 27%
Starbucks
Dining
15,524 visits/mo
0.4 miles
Beggars Pizza
Dining
11,202 visits/mo
0.0 miles
Dollar General
Shops & Services
6,932 visits/mo
0.3 miles
Fifth Third Bank & ATM
Shops & Services
2,772 visits/mo
0.1 miles
Demographics for 60452, IL
27,363
Population
10,557
Households
2.6
Avg Household Size
40
Median Age
30%
College-Educated
92%
High-School Grad
8.6 sq mi
ZIP Area
3,182
Density / Sq Mi
$89,167
Median Household Income
$47,519
Median Earnings
$1,287
Median Rent
$249,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Catherine's Gardens — 15146 S Cicero Ave, Oak Forest, IL 60452
Frequently Asked Questions
What type of property is this?
Storefront property - Currently leased retail property with rear space, a two-car garage, and a deep commercial lot.
Where is this storefront property located?
The property is located at 15530 Cicero Ave Oak Forest, IL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Approximately 2,000 square feet of storefront space; Additional space located behind the storefront; Two‑car garage for workspace or storage
