8-Unit Mixed-Use
For Sale
$999,999
18154 Martin Avenue, Homewood, IL 60430
Two-level property combines professional office suites with residential apartments in downtown Homewood.
Property Size7,200 SF
Price / SF$138.89
Days on Market162
Property Features for 18154 Martin Avenue
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
6
Office Units
2
Taxes and HOA fees
Annual Taxes
$22,932
Building Details
Year Built
1968
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Village Realty Inc
(708) 478-1212
Listed By:
Dustin Kooy · License #475191164
(708) 478-1212
Source:
Ozmentrealestate
Added: Mar 24
Changed: Aug 31
Last Checked: Aug 3 at 4:49AM
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 Village Realty Inc
Investment Insights
Based on property information with market context.
Built in 1968, this all-electric mixed-use property contains eight units arranged across two levels. The ground floor includes four 900-square-foot suites, comprising two professional offices and two residential units. Four upper-level apartments each offer two bedrooms and one-and-a-half baths, with 900 square feet per apartment. Most units have been recently updated, providing a combination of office and residential space within one building.
Located at 18154 Martin Avenue in downtown Homewood, the property is near the Metra station, shops, restaurants, and village amenities. COMMR zoning is identified for the property, and the configuration supports a mix of professional office and apartment uses.
Located at 18154 Martin Avenue in downtown Homewood, the property is near the Metra station, shops, restaurants, and village amenities. COMMR zoning is identified for the property, and the configuration supports a mix of professional office and apartment uses.
Key Highlights
- Eight‑unit mixed‑use property with four offices or residential suites on the ground floor and four upper‑level apartments
- Four ground‑floor suites measure 900 sq ft each; two are professional offices and two are residential units
- Four upper‑level apartments feature 2 bedrooms, 1.5 baths, and 900 sq ft each
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
$83,526
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
8.35%
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%
$1,670,520
$1.7M
Cap Rate 7%
$1,193,229
$1.2M
Cap Rate 9%
$928,067
$928.1K
Market Conditions
NOI Build-Up for 7,200 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
$163.3K $22.68/SF
− Vacancy
−$11.4K −$1.59/SF
EGI
$151.9K $21.09/SF
− OpEx
−$68.3K −$9.49/SF
NOI
$83.5K $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%
$1,670,520
Cap Rate 7%
$1,193,229
Cap Rate 9%
$928,067
Alternative Uses
Best Use
Mixed Use
$1.74M
$1.52M – $2.03M
NOI $121,500 @ 7.0% cap · market cap 12.15%
Second Best
Office B
$1.42M
$1.24M – $1.65M
NOI $99,276 @ 7.0% cap · market cap 9.93%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,008 @ 7.0% cap · market cap 17.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
6
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 60430, IL
20,146
Population
7,662
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
6.9 sq mi
ZIP Area
2,920
Density / Sq Mi
$91,402
Median Household Income
$48,509
Median Earnings
$1,419
Median Rent
$209,100
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?
Mixed-use property - Two-level property combines professional office suites with residential apartments in downtown Homewood.
Where is this mixed-use property located?
The property is located at 18154 Martin Avenue Homewood, IL.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Eight‑unit mixed‑use property with four offices or residential suites on the ground floor and four upper‑level apartments; Four ground‑floor suites measure 900 sq ft each; two are professional offices and two are residential units; Four upper‑level apartments feature 2 bedrooms, 1.5 baths, and 900 sq ft each
