Freshly Renovated Restaurant
For Sale
$400,000
15929 S Harlem Avenue, Tinley Park, IL 60477
Freshly renovated restaurant space operating Middle Eastern cuisine with ample parking and plenty of seating in a shopping center.
Property Size2,000 SF
Days on Market40
Property Features for 15929 S Harlem Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business Opportunity
Taxes and HOA fees
Annual Taxes
$1,572,946
Building Details
Building Size
2,000 SF
Stories
1
Listing Agency:
SPERRY VAN NESS
(708) 267-9988
Listed By:
Derek Gonsch · License #475192105
(708) 267-9988
Source:
Evrealestate
Added: Jul 16
Changed: Aug 23
Last Checked: Aug 24 at 5:25AM
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 SPERRY VAN NESS
Investment Insights
Based on property information with market context.
This restaurant space is being offered for sale and is currently operating as a Middle Eastern cuisine restaurant. The interior has been freshly renovated from top to bottom, and a full list of included equipment is available in the brochure. The layout is designed for customer seating and convenience.
The property is located in a shopping center on the southeast corner of the 159th/Harlem intersection, with frontage on busy Harlem Ave.
As presented, this is a turn-key restaurant offering within a retail center setting, supported by ample parking for customer access and plenty of seating room for dining service.
The property is located in a shopping center on the southeast corner of the 159th/Harlem intersection, with frontage on busy Harlem Ave.
As presented, this is a turn-key restaurant offering within a retail center setting, supported by ample parking for customer access and plenty of seating room for dining service.
Key Highlights
- Freshly renovated restaurant space currently operating Middle Eastern cuisine
- Located in the shopping center at the southeast corner of 159th/Harlem intersection
- On busy Harlem Ave
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
$33,480
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
8.37%
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%
$669,600
$669.6K
Cap Rate 7%
$478,286
$478.3K
Cap Rate 9%
$372,000
$372.0K
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
$48.0K $24.00/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$44.6K $22.32/SF
− OpEx
−$11.2K −$5.58/SF
NOI
$33.5K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$669,600
Cap Rate 7%
$478,286
Cap Rate 9%
$372,000
Alternative Uses
Best Use
Specialty Retail
$478.3K
$418.5K – $558.0K
NOI $33,480 @ 7.0% cap · market cap 8.37%
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
382k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Home Improvements & Furnishings 26%
Shops & Services 16%
Groceries 16%
Menards
Home Improvements & Furnishings
58,369 visits/mo
0.3 miles
Meijer
Groceries
50,246 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
42,100 visits/mo
0.3 miles
Cooper's Hawk Winery & Restaurant
Dining
30,109 visits/mo
0.4 miles
Delta Sonic Car Wash
Shops & Services
23,978 visits/mo
0.3 miles
Demographics for 60477, IL
37,335
Population
16,261
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
2,629
Density / Sq Mi
$93,862
Median Household Income
$57,381
Median Earnings
$1,485
Median Rent
$262,400
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freshly renovated restaurant space operating Middle Eastern cuisine with ample parking and plenty of seating in a shopping center.
Where is this conventional restaurant located?
The property is located at 15929 S Harlem Avenue Tinley Park, 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: Freshly renovated restaurant space currently operating Middle Eastern cuisine; Located in the shopping center at the southeast corner of 159th/Harlem intersection; On busy Harlem Ave
