Flexible Commercial
For Sale
$550,000
1816 170th Street, Hazel Crest, IL 60429
COMMERCIAL - Hazel Crest, IL
Property Size9,140 SF
Lot Size0.36 Acres
Price / SF$60.18
Days on Market181
Property Features for 1816 170th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
North/South on Dixie Highway. Turn East on 170th St. The property is on the north side of the street
Subdivision
Hazel Crest
Standard status
Active
APN
29302190340000
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
52779
Utilities
Cooling system
Central Air
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Listing Agency:
RE/MAX 10 · RE/MAX International
(708) 429-4300
Listed By:
Bruce La Ha · License #IL:475.102758
(708) 857-1500
Added: Feb 9
Changed: Aug 4
Last Checked: Aug 9 at 5:06AM
MLS# 12564740
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flexible commercial building dates to 1930 and includes substantial office and flex space with central air. The property was previously used for physical therapy and medical purposes, offering an existing commercial layout that can accommodate office or retail operations. Available configurations range from 1,315 to 7,825 square feet, with additional sizing options identified at 2,061, 3,376, and 5,764 square feet.
The site includes 23 parking spaces plus on-street parking. It is located near Metra service, the Creative Arts Center, the intersection of 170th and Dixie Highway, the expressway, and Wind Creek Casino. COMMR zoning supports the property’s commercial positioning within the surrounding business area.
The site includes 23 parking spaces plus on-street parking. It is located near Metra service, the Creative Arts Center, the intersection of 170th and Dixie Highway, the expressway, and Wind Creek Casino. COMMR zoning supports the property’s commercial positioning within the surrounding business area.
Key Highlights
- 1930 construction with central air
- Flexible configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet
- 23 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
$39,345
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%
$786,900
$786.9K
Cap Rate 7%
$562,071
$562.1K
Cap Rate 9%
$437,167
$437.2K
Market Conditions
NOI Build-Up for 9,140 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%
$786,900
Cap Rate 7%
$562,071
Cap Rate 9%
$437,167
Alternative Uses
Best Use
Retail
$1.81M
$1.59M – $2.11M
NOI $126,865 @ 7.0% cap · market cap 23.07%
Second Best
Office B
$1.80M
$1.58M – $2.10M
NOI $126,026 @ 7.0% cap · market cap 22.91%
Theoretical Best
Office A
$3.16M
$2.76M – $3.68M
NOI $220,894 @ 7.0% cap · market cap 40.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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.
Similar Off Market Nearby
- Jerk n Thangs — 16847 Bulger Ave, Hazel Crest, IL 60429
- Big Hen's Barbeque — 16600 dixie hwy, markham, il 60428
- Big Hen's Barbeque & Catering — 16600 Dixie Hwy, Markham, IL 60428
Frequently Asked Questions
What type of property is this?
Flex space - Commercial space with central air, adaptable office layouts, and proximity to Metra service and area redevelopment.
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: 1930 construction with central air; Flexible configurations include 1,315, 2,061, 3,376, 5,764, and 7,825 square feet; 23 parking spaces plus on‑street parking
