Mixed-Use Building Near
For Sale
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18 West Busse Avenue, Mt Prospect, IL 60056
Mixed-use property with residential units and commercial space across from a Metra station.
Property Size13,155 SF
Price / SF$146.71
Days on Market8
Property Features for 18 West Busse Avenue
General Information
Standard status
Active
Size
13,155 SF
Total Parking Spaces
7
Property subtype
Retail, Multifamily, Mixed Use
Zoning
B-5C
Occupancy
87%
Investment Type
Stabilized
Net Operating Income
$135,723
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1926
Buildings
1
Stories
2
Units
14
Tenancy
Multi
Listing Agency:
Compass
(847) 638-2659
Listed By:
Tom Wagner · License #IL 475176488
Source:
Crexi
Added: Aug 2
Changed: Aug 8
Last Checked: Aug 8 at 5:20AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1926, this 13,155-square-foot mixed-use building combines residential units with commercial space and is zoned B-5C. Recent improvements have been made to some residential units, while one commercial space remains available for leasing. The property’s occupancy averaged 94% during 2024-2025, and residential leases have included annual rent increases during renewal periods.
The building is located at 18 West Busse Avenue in Mt Prospect, at the intersection of IL-83 and Northwest Highway (US-14). Those routes generate more than 37,000 vehicles per day, while the Mount Prospect Metra Station is directly across the street. The property is also situated within the downtown district, where residential, retail, and dining projects have contributed to ongoing redevelopment activity.
The building is located at 18 West Busse Avenue in Mt Prospect, at the intersection of IL-83 and Northwest Highway (US-14). Those routes generate more than 37,000 vehicles per day, while the Mount Prospect Metra Station is directly across the street. The property is also situated within the downtown district, where residential, retail, and dining projects have contributed to ongoing redevelopment activity.
Key Highlights
- 13,155‑square‑foot mixed‑use building constructed in 1926
- B‑5C zoning with residential units and commercial space
- Occupancy averaged 94% during 2024‑2025
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
$152,609
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
7.91%
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%
$3,052,180
$3.1M
Cap Rate 7%
$2,180,129
$2.2M
Cap Rate 9%
$1,695,656
$1.7M
Market Conditions
NOI Build-Up for 13,155 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
$298.4K $22.68/SF
− Vacancy
−$20.9K −$1.59/SF
EGI
$277.5K $21.09/SF
− OpEx
−$124.9K −$9.49/SF
NOI
$152.6K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$3,052,180
Cap Rate 7%
$2,180,129
Cap Rate 9%
$1,695,656
Alternative Uses
Best Use
Mixed Use
$3.17M
$2.77M – $3.70M
NOI $221,991 @ 7.0% cap · market cap 11.50%
Second Best
Retail
$2.61M
$2.28M – $3.04M
NOI $182,594 @ 7.0% cap · market cap 9.46%
Theoretical Best
Office A
$4.54M
$3.97M – $5.30M
NOI $317,928 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 60056, IL
57,177
Population
23,202
Households
2.5
Avg Household Size
41
Median Age
49%
College-Educated
92%
High-School Grad
10.9 sq mi
ZIP Area
5,246
Density / Sq Mi
$104,168
Median Household Income
$54,158
Median Earnings
$1,456
Median Rent
$376,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with residential units and commercial space across from a Metra station.
Where is this mixed-use property located?
The property is located at 18 West Busse Avenue Mt Prospect, IL.
What is the asking price?
The asking price for this property is $1,930,000.
What are key features of this property?
This property features: 13,155‑square‑foot mixed‑use building constructed in 1926; B‑5C zoning with residential units and commercial space; Occupancy averaged 94% during 2024‑2025
