8-Unit Mixed-Use
For Sale
$1,128,000
18154 Martin Avenue, Homewood, IL 60430
All-electric property combines professional offices with residential apartments.
Property Size7,850 SF
Price / SF$143.69
Days on Market161
Property Features for 18154 Martin Avenue
General Information
Standard status
Active
Size
7,850 SF
Zoning
COMMR
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
6
Office Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$22,932
Building Details
Year Built
1968
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Village Realty Inc
(815) 954-1346
Listed By:
Dustin Kooy · License #475191164
(815) 954-1346
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 1:14PM
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.
This 7,850-square-foot mixed-use building contains eight units across two levels. The ground floor has four 900-square-foot suites, including two professional offices and two residential units. Four upper-level apartments each offer two bedrooms and one-and-a-half baths within 900 square feet. Most units have received recent updates, and the property is served entirely by electric utilities.
Located at 18154 Martin Avenue in downtown Homewood, the building is steps from the Metra station, shops, restaurants, and village amenities. Zoning is COMMR. Tenants pay their own electric service, while ownership is responsible for water, garbage, sewer, snow removal, and lot cleaning.
Located at 18154 Martin Avenue in downtown Homewood, the building is steps from the Metra station, shops, restaurants, and village amenities. Zoning is COMMR. Tenants pay their own electric service, while ownership is responsible for water, garbage, sewer, snow removal, and lot cleaning.
Key Highlights
- 8‑unit mixed‑use building with 7,850 SF
- Four 900‑square‑foot ground‑floor suites: two offices and two residential units
- Four upper‑level apartments with 2 bedrooms and 1.5 baths 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
$91,066
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
8.07%
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%
$1,821,320
$1.8M
Cap Rate 7%
$1,300,943
$1.3M
Cap Rate 9%
$1,011,844
$1.0M
Market Conditions
NOI Build-Up for 7,850 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
$178.0K $22.68/SF
− Vacancy
−$12.5K −$1.59/SF
EGI
$165.6K $21.09/SF
− OpEx
−$74.5K −$9.49/SF
NOI
$91.1K $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%
$1,821,320
Cap Rate 7%
$1,300,943
Cap Rate 9%
$1,011,844
Alternative Uses
Best Use
Mixed Use
$1.89M
$1.66M – $2.21M
NOI $132,469 @ 7.0% cap · market cap 11.74%
Second Best
Office B
$1.55M
$1.35M – $1.80M
NOI $108,239 @ 7.0% cap · market cap 9.60%
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,717 @ 7.0% cap · market cap 16.82%
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
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 - All-electric property combines professional offices with residential apartments.
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 $1,128,000.
What are key features of this property?
This property features: 8‑unit mixed‑use building with 7,850 SF; Four 900‑square‑foot ground‑floor suites: two offices and two residential units; Four upper‑level apartments with 2 bedrooms and 1.5 baths each
