All-Brick One-Story Office
For Sale
$775,000
17236 Harlem Avenue, Tinley Park, IL 60477
All-brick one-story office building with four leased suite offices and 18 parking spots.
Property Size4,746 SF
Price / SF$163.30
Days on Market226
Property Features for 17236 Harlem Avenue
General Information
Standard status
Active
Size
4,746 SF
Total Parking Spaces
18
Property subtype
Office
Occupancy
100%
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$35,476
Amenities
Central Air
3
Building Details
Year Built
1987
Stories
1
Construction
brick
Tenancy
Multi
Listing Agency:
@properties Christie's International Real Estate
(708) 971-0060
Listed By:
Jennifer Sowacke · License #475173307
(708) 828-1004
Source:
Xome
Added: Jan 22
Changed: Sep 1
Last Checked: Sep 5 at 6:04AM
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 @properties Christie's International Real Estate
Investment Insights
Based on property information with market context.
This all-brick, one-story office building offers four suite offices, all currently leased. The property includes 18 parking spots to support tenant and visitor access.
The building is located on Harlem Avenue in Tinley Park within a high-traffic shopping area. It sits centrally among multiple plazas with restaurants, retailers, and service businesses.
The existing configuration is designed as a multi-suite office asset, with the four suites providing separate leased spaces within the single-story structure.
The building is located on Harlem Avenue in Tinley Park within a high-traffic shopping area. It sits centrally among multiple plazas with restaurants, retailers, and service businesses.
The existing configuration is designed as a multi-suite office asset, with the four suites providing separate leased spaces within the single-story structure.
Key Highlights
- All‑brick, one‑story office building built in 1987
- 4 suite offices, all currently leased
- 18 parking spots for the office building
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
$65,440
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
8.44%
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%
$1,308,800
$1.3M
Cap Rate 7%
$934,857
$934.9K
Cap Rate 9%
$727,111
$727.1K
Market Conditions
NOI Build-Up for 4,746 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
$116.2K $24.48/SF
− Vacancy
−$28.9K −$6.10/SF
EGI
$87.3K $18.38/SF
− OpEx
−$21.8K −$4.60/SF
NOI
$65.4K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$1,308,800
Cap Rate 7%
$934,857
Cap Rate 9%
$727,111
Alternative Uses
Best Use
Office B
$934.9K
$818.0K – $1.09M
NOI $65,440 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,700 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
861
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - All-brick one-story office building with four leased suite offices and 18 parking spots.
Where is this office units located?
The property is located at 17236 Harlem Avenue Tinley Park, IL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: All‑brick, one‑story office building built in 1987; 4 suite offices, all currently leased; 18 parking spots for the office building
