Office-Oriented Flex
For Sale
$550,000
1816 170th Street, Hazel Crest, IL 60429
Commercially zoned flex property with divisible configurations, parking, and proximity to Metra service and the Creative Arts District.
Property Size9,136 SF
Price / SF$60.20
Days on Market190
Property Features for 1816 170th Street
General Information
Standard status
Active
Size
9,136 SF
Total Parking Spaces
23
Property subtype
Commercial
Zoning
COMMR
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$52,779
Building Details
Building Size
9,136 SF
Year Built
1930
Buildings
1
Stories
2
Units
3
Abandoned
No
Listing Agency:
RE/MAX 10
(708) 429-4300
Listed By:
Bruce La Ha · License #IL:475.102758
(708) 429-4300
Source:
Gia-sells
Added: Feb 9
Changed: Aug 16
Last Checked: Aug 17 at 10:15PM
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 commercial flex property combines substantial office capacity with adaptable space for retail or office occupancy. The building was previously used for physical therapy and medical purposes and can be configured into suites of 1,315, 2,061, 3,376, 5,764, or 7,825 square feet. Zoning is designated COMMR.
The property is positioned near Metra train service and Hazel Crest’s Creative Arts District, an area associated with facade improvements, a lawn area, local markets, and outdoor concerts. Expressway access and the Wind Creek Casino are also identified in the surrounding context. On-site parking includes 23 spaces, with additional street parking available.
The property is positioned near Metra train service and Hazel Crest’s Creative Arts District, an area associated with facade improvements, a lawn area, local markets, and outdoor concerts. Expressway access and the Wind Creek Casino are also identified in the surrounding context. On-site parking includes 23 spaces, with additional street parking available.
Key Highlights
- Flex property with substantial office space and prior physical therapy/medical occupancy
- Suite configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet
- COMMR zoning
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
Flex RnD
$1.37M
$1.20M – $1.60M
NOI $96,202 @ 7.0% cap · market cap 17.49%
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
250
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned flex property with divisible configurations, parking, and proximity to Metra service and the Creative Arts District.
Where is this flex space located?
The property is located at 1816 170th Street 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: Flex property with substantial office space and prior physical therapy/medical occupancy; Suite configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet; COMMR zoning
