Flex Space with Office
For Sale
$550,000
1816 170th St, Hazel Crest, IL 60429
Substantial office and flex space supports a range of commercial layouts, including divisible configurations.
Property Size9,140 SF
Price / SF$60.20
Days on Market13
Property Features for 1816 170th St
General Information
Standard status
Active
Size
9,140 SF
Total Parking Spaces
23
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
1930
Buildings
1
Building Size
9,140 SF
Listing Agency:
RE/MAX 10
(708) 828-1090
Listed By:
Bruce La Ha · License #IL:475.102758
Source:
Realtopiare
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 4:16PM
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 RE/MAX 10
Investment Insights
Based on property information with market context.
This flex property includes substantial office space and was previously used for physical therapy and medical purposes. The building offers divisible configurations of 1,315, 2,061, 3,376, 5,764, and 7,825 square feet, with the largest stated configuration at 9,136 square feet. The property was built in 1930 and includes 23 parking spaces, along with additional on-street parking.
The site is near Metra train service and Hazel Crest’s Creative Arts District, an area associated with facade revitalizations, a new lawn area, local markets, and outdoor concerts. It is also close to the expressway and Wind Creek Casino. The property address is 1816 170th St, Hazel Crest, IL 60429.
The site is near Metra train service and Hazel Crest’s Creative Arts District, an area associated with facade revitalizations, a new lawn area, local markets, and outdoor concerts. It is also close to the expressway and Wind Creek Casino. The property address is 1816 170th St, Hazel Crest, IL 60429.
Key Highlights
- Divisible configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet
- Largest stated configuration is 9,136 square feet
- 23 on‑site parking spaces plus on‑street parking
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
$39,327
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
7.15%
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%
$786,540
$786.5K
Cap Rate 7%
$561,814
$561.8K
Cap Rate 9%
$436,967
$437.0K
Market Conditions
NOI Build-Up for 9,136 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
$59.2K $6.48/SF
− Vacancy
−$3.0K −$0.33/SF
EGI
$56.2K $6.15/SF
− OpEx
−$16.9K −$1.84/SF
NOI
$39.3K $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%
$786,540
Cap Rate 7%
$561,814
Cap Rate 9%
$436,967
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.10M
NOI $125,970 @ 7.0% cap · market cap 22.90%
Second Best
Healthcare Medical
$1.73M
$1.51M – $2.02M
NOI $121,034 @ 7.0% cap · market cap 22.01%
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,797 @ 7.0% cap · market cap 40.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60429, IL
14,683
Population
5,969
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
92%
High-School Grad
4.1 sq mi
ZIP Area
3,581
Density / Sq Mi
$62,231
Median Household Income
$43,120
Median Earnings
$1,440
Median Rent
$180,800
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?
Flex space - Substantial office and flex space supports a range of commercial layouts, including divisible configurations.
Where is this flex space located?
The property is located at 1816 170th St Hazel Crest, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Divisible configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet; Largest stated configuration is 9,136 square feet; 23 on‑site parking spaces plus on‑street parking
