Occupied Storefront
For Sale
$1,100,000
21016 S 80th Ave, Frankfort, IL 60423
Updated commercial building with ample parking and an adjacent parcel included in the sale.
Property Size8,840 SF
Price / SF$124.43
Days on Market13
Property Features for 21016 S 80th Ave
General Information
Standard status
Active
Size
8,840 SF
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1965
Buildings
1
Abandoned
No
Listing Agency:
Re/Max Premier
(630) 886-6514
Listed By:
Jennifer Fay · License #475134040
Source:
Grandviewrealtyservices
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:35PM
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 Premier
Investment Insights
Based on property information with market context.
This 8,840-square-foot storefront property was built in 1965 and is fully occupied. The building has received updates throughout and is described as well maintained, with the roof replaced in 2014 and 2015. Ample parking supports the existing commercial use.
The property at 21016 S 80th Ave is visible from Lincoln Hwy and 80th Ave in Frankfort, Illinois. An adjacent 0.7-acre lot is included in the sale, providing additional land with the building.
The property at 21016 S 80th Ave is visible from Lincoln Hwy and 80th Ave in Frankfort, Illinois. An adjacent 0.7-acre lot is included in the sale, providing additional land with the building.
Key Highlights
- 8,840‑square‑foot storefront property built in 1965
- Fully occupied building with updates throughout
- Roof replaced in 2014 and 2015
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
$83,538
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
7.59%
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%
$1,670,760
$1.7M
Cap Rate 7%
$1,193,400
$1.2M
Cap Rate 9%
$928,200
$928.2K
Market Conditions
NOI Build-Up for 8,840 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
$132.6K $15.00/SF
− Vacancy
−$13.3K −$1.50/SF
EGI
$119.3K $13.50/SF
− OpEx
−$35.8K −$4.05/SF
NOI
$83.5K $9.45/SF
Area
Will County, IL
Vacancy
10.00%
Lease Rate
$15.00 /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%
$1,670,760
Cap Rate 7%
$1,193,400
Cap Rate 9%
$928,200
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,538 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,344 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
10,301 visits/mo
0.3 miles
Circle K
Shops & Services
3,232 visits/mo
0.3 miles
Valvoline Instant Oil Change
Shops & Services
2,212 visits/mo
0.2 miles
Demographics for 60423, IL
32,784
Population
11,494
Households
2.9
Avg Household Size
42
Median Age
48%
College-Educated
97%
High-School Grad
37.9 sq mi
ZIP Area
865
Density / Sq Mi
$137,651
Median Household Income
$63,686
Median Earnings
$1,455
Median Rent
$376,500
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?
Storefront property - Updated commercial building with ample parking and an adjacent parcel included in the sale.
Where is this storefront property located?
The property is located at 21016 S 80th Ave Frankfort, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,840‑square‑foot storefront property built in 1965; Fully occupied building with updates throughout; Roof replaced in 2014 and 2015
