Renovated Fitness
For Sale
Contact for pricing
20909-20939 S Cicero Ave, Matteson, IL 60443
Recent improvements support a new Planet Fitness space under a long-term lease.
Property Size36,646 SF
Price / SF$174.23
Days on Market308
Property Features for 20909-20939 S Cicero Ave
General Information
Standard status
Active
Size
36,646 SF
Property subtype
RETAIL
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2025
Listing Agency:
Northmarq | Chicago (East Wacker Dr)
(312) 777-2437
Listed By:
Blaise Bennett · License #471019332
(314) 301-1811
Source:
Moodyscre
Added: Oct 27, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:05PM
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 Northmarq | Chicago (East Wacker Dr)
Investment Insights
Based on property information with market context.
Located at 20909-20939 S Cicero Ave, the 36,646-square-foot fitness center features a new Planet Fitness space following renovations completed in 2025. The improvements support the property’s current fitness use and provide a recently upgraded operating environment.
The property offers immediate interstate access within a heavily traveled retail corridor. It is near a new 885,000-square-foot Amazon fulfillment center, and average household income within 1 mile is $117k+.
A new 12-year lease is in place with a Planet Fitness operator spanning 93 locations. The lease provides more than 10 years of weighted average lease term and includes rent growth.
The property offers immediate interstate access within a heavily traveled retail corridor. It is near a new 885,000-square-foot Amazon fulfillment center, and average household income within 1 mile is $117k+.
A new 12-year lease is in place with a Planet Fitness operator spanning 93 locations. The lease provides more than 10 years of weighted average lease term and includes rent growth.
Key Highlights
- 36,646‑square‑foot fitness center at 20909‑20939 S Cicero Ave
- New 12‑year lease with a Planet Fitness operator spanning 93 locations
- More than 10 years of weighted average lease term with rent growth
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
$508,652
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
7.97%
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%
$10,173,040
$10.2M
Cap Rate 7%
$7,266,457
$7.3M
Cap Rate 9%
$5,651,689
$5.7M
Market Conditions
NOI Build-Up for 36,646 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
$791.6K $21.60/SF
− Vacancy
−$64.9K −$1.77/SF
EGI
$726.6K $19.83/SF
− OpEx
−$218.0K −$5.95/SF
NOI
$508.7K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$10,173,040
Cap Rate 7%
$7,266,457
Cap Rate 9%
$5,651,689
Alternative Uses
Best Use
Retail
$7.27M
$6.36M – $8.48M
NOI $508,652 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.65M
$11.07M – $14.76M
NOI $885,653 @ 7.0% cap · market cap 13.87%
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
1,046
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60443, IL
21,309
Population
8,672
Households
2.5
Avg Household Size
43
Median Age
38%
College-Educated
93%
High-School Grad
11.3 sq mi
ZIP Area
1,886
Density / Sq Mi
$93,941
Median Household Income
$57,463
Median Earnings
$1,377
Median Rent
$229,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Fitness center & gym - Recent improvements support a new Planet Fitness space under a long-term lease.
Where is this fitness center & gym located?
The property is located at 20909-20939 S Cicero Ave Matteson, IL.
What is the asking price?
The asking price for this property is $6,385,000.
What are key features of this property?
This property features: 36,646‑square‑foot fitness center at 20909‑20939 S Cicero Ave; New 12‑year lease with a Planet Fitness operator spanning 93 locations; More than 10 years of weighted average lease term with rent growth
