Building Details

Year Built 1952

Listing Agency: Partners 4U Realty Inc. g***@gmail.com Show Phone

Listed By: Paul Kim · License #475149169

Source: Amyboston.realtopiare

Added: Jul 28 Changed: Aug 28 Last Checked: Aug 29 at 12:10PM

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Investment Insights

Based on property information with market context.

This two-story mixed-use property, built in 1952, combines a first-floor cleaner with two one-bedroom apartments on the upper level. The cleaner is expected to vacate before closing, leaving the building configured with commercial space below and residential units above.

Located at 1650 Willow Road in Northfield, Illinois, the property carries RTAIL zoning. The combination of storefront-oriented space and two apartments provides a distinct mixed-use layout within a single building.

Key Highlights

• Two one‑bedroom apartments occupy the second floor
• First‑floor cleaner is scheduled to vacate before closing
• Mixed‑use layout combines commercial and residential space

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

$42,188

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

8.27%

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%

$843,760 $843.8K

Cap Rate 7%

$602,686 $602.7K

Cap Rate 9%

$468,756 $468.8K

Market Conditions

NOI Build-Up for 2,500 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

$75.0K $30.00/SF

− Vacancy

−$7.5K −$3.00/SF

EGI

$67.5K $27.00/SF

− OpEx

−$25.3K −$10.13/SF

NOI

$42.2K $16.88/SF

Area

Cook County, IL

Vacancy

10.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

37.50%

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%

$843,760

Cap Rate 7%

$602,686

Cap Rate 9%

$468,756

Alternative Uses

Best Use

Mixed Use

$602.7K

$527.4K – $703.1K (±1% cap)

NOI $42,188 @ 7.0% cap · market cap 8.27%

Second Best

Retail

$495.7K

$433.8K – $578.3K (±1% cap)

NOI $34,700 @ 7.0% cap · market cap 6.80%

Theoretical Best

Office A

$863.1K

$755.3K – $1.01M (±1% cap)

NOI $60,420 @ 7.0% cap · market cap 11.85%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

East Willow Cleaners (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Auto Repair Shop Bakery Grocery & Convenience Store (Bike/Boat/Book/etc) 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.

Location Intelligence

Trade Area within ½ mile

1,185

Businesses Nearby

Explore this area Business Placement

Demographics for 60093, IL

20,691

Population

7,833

Households

2.6

Avg Household Size

42

Median Age

82%

College-Educated

98%

High-School Grad

8.4 sq mi

ZIP Area

2,463

Density / Sq Mi

$230,777

Median Household Income

$90,290

Median Earnings

$1,840

Median Rent

$1,073,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Upper-level apartments complement a first-floor cleaner in this two-story commercial-residential property.

Where is this mixed-use property located?

The property is located at 1650 Willow Rd Northfield, IL.

What is the asking price?

The asking price for this property is $510,000.

What are key features of this property?

This property features: Two one‑bedroom apartments occupy the second floor; First‑floor cleaner is scheduled to vacate before closing; Mixed‑use layout combines commercial and residential space