Flex Warehouse with Restaurant
1702 S Dixie Highway Crete, IL 60417
1702 S Dixie Highway, Crete, IL, 60417
$1,050,000
For Sale
$1,050,000
Multi-building flex property with a leased bar/sandwich shop, an upstairs apartment, and warehouse space with multiple overhead doors.
Property Size7,900 SF
Lot Size2.00 Acres
Price / SF$132.91
Days on Market277
Property Features for 1702 S Dixie Highway
General Information
- Standard status
- Active
- Size
- 7,900 SF
- Lot size
- 2.00 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1849
Listing agency
Listing Leaders Northwest
(219) 291-2227
Listed by
Nick Oosting · License #475178844
(219) 291-2227
Source
Birdrealtysells
Added: Oct 18, 2025 Updated: Jul 21 at 7:17AM Checked: Jul 21 at 7:17AM
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 Listing Leaders Northwest
Investment Insights
Based on property information with market context.
Located at 1702 S Dixie Highway in Crete, IL, this flex warehouse property sits on 2 acres and includes multiple buildings with income-producing leases plus additional space for use or expansion. The front building, originally built in 1849, has been renovated and features a leased 1,400 sq. ft. bar/sandwich shop with updated electric, plumbing, and epoxy floors. The upstairs apartment adds additional income and includes two bedrooms, a spacious kitchen, and updated finishes.
The main building totals 5,300 sq. ft. with 18 ft. ceilings, insulated cement block walls, and three 12’x14’ insulated overhead doors with electric openers. Interior amenities include a 16’x50’ office/storage area and a fully finished 800 sq. ft. loft with built-in shelving. The building is fully heated and equipped with 3-phase electric, and improvements include a new roof plus gutters and downspouts.
Additional site and utility features include a poured front pad engineered for heavy trucks and equipment, a 1,200 sq. ft. metal pole building, paved driveway and parking lot, and city water, sewer, natural gas, and electric.
The main building totals 5,300 sq. ft. with 18 ft. ceilings, insulated cement block walls, and three 12’x14’ insulated overhead doors with electric openers. Interior amenities include a 16’x50’ office/storage area and a fully finished 800 sq. ft. loft with built-in shelving. The building is fully heated and equipped with 3-phase electric, and improvements include a new roof plus gutters and downspouts.
Additional site and utility features include a poured front pad engineered for heavy trucks and equipment, a 1,200 sq. ft. metal pole building, paved driveway and parking lot, and city water, sewer, natural gas, and electric.
Key Highlights
- 1849‑built front building on 2 acres with multiple income‑producing spaces and expansion room
- 1,400 sq. ft. first‑floor leased bar/sandwich shop, fully renovated with new electric, plumbing, and epoxy floors
- Upstairs 2‑bedroom apartment with spacious kitchen and updated finishes for additional rental income
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.6k | $17.04 |
| − Vacancy | −$8.8k | −$1.11 |
| EGI | $125.9k | $15.93 |
| − OpEx | −$31.5k | −$3.98 |
| NOI | $94.4k | $11.95 |
7,900 SF · lease $17.04/SF/yr · vacancy 6.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,399 @ 7.0% cap · market cap 8.99%
Second Best
Warehouse
$589.9K
$516.2K – $688.2K
NOI $41,294 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,420 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Rosewood Heating
HVAC Service
Lucky Linda's
Hotel & Motel
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Multi-building flex property with a leased bar/sandwich shop, an upstairs apartment, and warehouse space with multiple overhead doors.
Where is this flex space located?
The property is located at 1702 S Dixie Highway Crete, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1849‑built front building on 2 acres with multiple income‑producing spaces and expansion room; 1,400 sq. ft. first‑floor leased bar/sandwich shop, fully renovated with new electric, plumbing, and epoxy floors; Upstairs 2‑bedroom apartment with spacious kitchen and updated finishes for additional rental income
