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    Multi-Tenant Retail, Office, Warehouse Property Title is generated by Realmo AI

    18241 West St, Lansing, IL 60438

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    Retail, office, and warehouse spaces in downtown Lansing, Illinois.

    Type:Retail, Office
    Property size:
    2,396 SF
    Added:
    Jun 17, 2024
    Days on Market:
    719
    Last Refresh:
    May 12 at 9:32 pm

    Property Features for 18241 West St

    General Information

    Standard status
    Active
    Size
    2,396 SF
    Property subtype
    Retail, Office

    Spaces For Lease

    at 18241 West St Contact us

    18245 $20/Mo

    Size
    1,284 SF
    Type
    Retail, Office
    Ground floor retail/office suite facing West Street.n3 Offices | Reception and Lobby
    Contact us

    3515 $14/Mo

    Size
    2,396 SF
    Type
    Retail
    2,396 SF Retail on Ridge Rd nOpen Concept | Lower Level
    Contact us

    Suite 208 $350/Mo

    Size
    175 SF
    Type
    Retail, Office
    +/- 175 SF Office with Window
    Contact us

    205 $1,600/Mo

    Size
    966 SF
    Type
    Office
    Open Concept | Windows Multiple Configurations Possible.
    Contact us

    We can help!

    Listing Contact
    Karen Kulczycki-CCIM, SIOR

    Listing agent Karen Kulczycki-CCIM, SIOR License #IL #471-020279

    Listing office SVN | Chicago Commercial

    Listing date Jun 17, 2024

    Source Crexi

    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 SVN | Chicago Commercial

    HighLights

    • High visibility location on Ridge Road (historical Main Street) in downtown Lansing.
    • Multi‑tenant property with a mix of retail, office, and warehouse spaces.
    • Units available in various sizes, ranging from ±190 SF to ±2,396 SF.
    • Ample side and rear parking available.
    • Easy access to major routes: Rt 83, I‑294, I‑80, and I‑394.
    • Proximity to local attractions such as Lansing Country Club and Fox Pointe.

    Overview

    Located in the heart of downtown Lansing, Illinois, at 3513-3517 Ridge Road and 18241-18259 West Street, this multi-tenant property offers a mix of retail, office, and warehouse spaces. Situated along Ridge Road, the historical Main Street, the property benefits from high visibility and easy access. Ample parking is available on the side and rear of the building. Unit sizes range from approximately 190 square feet for office spaces to approximately 2,396 square feet for retail spaces. Current tenants include Subway, Universal Martial Arts, Bridginglyfe, ADA Analytics, Universal Cleaning, and The Pet Set. The location provides a blend of urban convenience and suburban tranquility, with a variety of dining options, retail destinations, and recreational activities nearby. Popular attractions such as the Lansing Country Club, Lan-Oak Park, Park Plaza, and Fox Pointe are just minutes away. The property's strategic location on Ridge Road offers convenient access to Rt 83, I-294, I-80, and I-394.
    Location Intelligence

    Current Use by Public Records

    tasty delite Big Box & Wholesale Store Kerry Corporation-USA Electronics & Wireless Store Righteous Hearts Home ... Home Health Care Service Righteous Hearts CPR ... Training Center Triune Health Care ... Training Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Cook
    State
    Illinois
    Longitude
    -87.531878
    Latitude
    41.563938

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      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Retail, office, and warehouse spaces in downtown Lansing, Illinois.
    Where is this mixed-use property located?
    The property is located at 18241 West St Lansing, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: High visibility location on Ridge Road (historical Main Street) in downtown Lansing.; Multi‑tenant property with a mix of retail, office, and warehouse spaces.; Units available in various sizes, ranging from ±190 SF to ±2,396 SF.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Kulczycki-CCIM, SIOR
    Real Estate License ID: IL #471-020279
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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