Versatile Freestanding Brick
For Sale
Contact for pricing
17591 Paxton Ave, Lansing, IL 60438
Adaptable commercial property with warehouse and office space for sale.
Property Size7,500 SF
Price / SF$100
Days on Market1249
Property Features for 17591 Paxton Ave
General Information
Standard status
Active
Size
7,500 SF
Class
B
Property subtype
Office, Retail
Zoning
Industrial
Lease Type
Gross
Building Details
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Coldwell banker realty
(773) 837-5573
Listed By:
TANIA MIHAYLOVA · License #475.137036
Source:
Crexi
Added: Mar 21, 2023
Changed: Aug 14
Last Checked: Aug 19 at 10:29PM
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 Coldwell banker realty
Investment Insights
Based on property information with market context.
This 7,500-square-foot freestanding brick building is located in Lansing, IL. The property features two offices and a warehouse that can be transformed into three distinct areas, each with a private entrance, allowing for simultaneous use by multiple entities. The building includes two reception rooms, generously sized washrooms, a dedicated conference room, and a well-appointed kitchen area. It is equipped with two overhead doors with a dock, simplifying the movement of goods and equipment. Ample on-site parking is available. The property offers easy access to major expressways and county roads, streamlining logistics and enhancing connectivity. The building is suitable for diverse business operations and is meticulously maintained, showcasing impeccable condition both inside and out. This property is an investment opportunity with multiple avenues for revenue generation, ideal for investors or owners seeking a ready-to-use space.
Key Highlights
- 7,500 sq ft free‑standing brick building suitable for diverse business operations.
- Adaptable layout with a spacious warehouse divisible into three distinct areas, each with a private entrance.
- Strategic location with easy access to major expressways and county roads.
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
$32,285
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
4.30%
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%
$645,700
$645.7K
Cap Rate 7%
$461,214
$461.2K
Cap Rate 9%
$358,722
$358.7K
Market Conditions
NOI Build-Up for 7,500 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
$48.6K $6.48/SF
− Vacancy
−$2.5K −$0.33/SF
EGI
$46.1K $6.15/SF
− OpEx
−$13.8K −$1.84/SF
NOI
$32.3K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$645,700
Cap Rate 7%
$461,214
Cap Rate 9%
$358,722
Alternative Uses
Best Use
Flex RnD
$1.13M
$987.2K – $1.32M
NOI $78,975 @ 7.0% cap · market cap 10.53%
Second Best
Industrial
$461.2K
$403.6K – $538.1K
NOI $32,285 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$2.59M
$2.27M – $3.02M
NOI $181,259 @ 7.0% cap · market cap 24.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60438, IL
29,661
Population
12,230
Households
2.4
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
8.1 sq mi
ZIP Area
3,662
Density / Sq Mi
$72,043
Median Household Income
$44,632
Median Earnings
$1,271
Median Rent
$168,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial property with warehouse and office space for sale.
Where is this flex space located?
The property is located at 17591 Paxton Ave Lansing, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 7,500 sq ft free‑standing brick building suitable for diverse business operations.; Adaptable layout with a spacious warehouse divisible into three distinct areas, each with a private entrance.; Strategic location with easy access to major expressways and county roads.
