Strip Mall With Development
For Sale
$2,820,000
21003 South Cicero Ave, Matteson, IL 60443
Retail property with two tenants, established anchors, and access to expressways and public transit.
Property Size13,600 SF
Days on Market148
Property Features for 21003 South Cicero Ave
General Information
Standard status
Active
Size
13,600 SF
Property subtype
Retail - Strip
Site & Location
Anchor Co-Tenants
Harbor Freight, Planet Fitness
Highway Access
Yes
Building Details
Building Size
13,600 SF
Year Built
1986
Year Renovated
2020
Units
2
Tenancy
Multi
Listing Agency:
SVN | Chicago Commercial
(630) 712-2573
Listed By:
Ronald Weissenhofer · License #475167065IL
Source:
Commercialcafe
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 7:04PM
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
Investment Insights
Based on property information with market context.
This strip mall property includes a two-tenant retail center and an additional development parcel. Built in 1986, the center is occupied by Harbor Freight and Planet Fitness, providing established retail and fitness uses within the property.
The site is located at 21003 South Cicero Ave in Matteson, Illinois, within a retail district connected to the Chicago market. It is near expressways and public transit and sits adjacent to the Lincoln Mall site redevelopment project. The property combines an existing retail operation with additional land for future development.
The site is located at 21003 South Cicero Ave in Matteson, Illinois, within a retail district connected to the Chicago market. It is near expressways and public transit and sits adjacent to the Lincoln Mall site redevelopment project. The property combines an existing retail operation with additional land for future development.
Key Highlights
- Two‑tenant retail center with an additional development parcel
- Existing tenants include Harbor Freight and Planet Fitness
- Built in 1986
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
$188,770
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
6.69%
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%
$3,775,400
$3.8M
Cap Rate 7%
$2,696,714
$2.7M
Cap Rate 9%
$2,097,444
$2.1M
Market Conditions
NOI Build-Up for 13,600 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
$293.8K $21.60/SF
− Vacancy
−$24.1K −$1.77/SF
EGI
$269.7K $19.83/SF
− OpEx
−$80.9K −$5.95/SF
NOI
$188.8K $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%
$3,775,400
Cap Rate 7%
$2,696,714
Cap Rate 9%
$2,097,444
Alternative Uses
Best Use
Retail
$2.70M
$2.36M – $3.15M
NOI $188,770 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.70M
$4.11M – $5.48M
NOI $328,682 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail property with two tenants, established anchors, and access to expressways and public transit.
Where is this strip mall located?
The property is located at 21003 South Cicero Ave Matteson, IL.
What is the asking price?
The asking price for this property is $2,820,000.
What are key features of this property?
This property features: Two‑tenant retail center with an additional development parcel; Existing tenants include Harbor Freight and Planet Fitness; Built in 1986
