Historic Mixed-Use
For Sale
$885,000
211-215 W Railroad Avenue, Bartlett, IL 60103
Fully leased asset combining retail, restaurant, and residential components in downtown Bartlett.
Property Size6,015 SF
Days on Market82
Property Features for 211-215 W Railroad Avenue
General Information
Standard status
Active
Size
6,015 SF
Property subtype
Business Opportunity
Zoning
COMMR
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$10,182
Building Details
Building Size
6,015 SF
Year Built
1877
Year Renovated
2006
Stories
2
Tenancy
Multi
Listing Agency:
Keller Williams Inspire - Geneva
(630) 262-9500
Listed By:
Rudolph Johnson · License #475139695
(630) 262-9500
Source:
Ozmentrealestate
Added: Jun 10
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Keller Williams Inspire - Geneva
Investment Insights
Based on property information with market context.
This mixed-use property at 211-215 W Railroad Avenue includes a 4,025-square-foot retail building, a 1,400-square-foot apartment, and a separate 1,340-square-foot restaurant space. The apartment provides three bedrooms and two bathrooms, while the retail building contains multiple shop spaces. The restaurant operates independently as a freestanding component, creating a varied property configuration. The improvements date to 1877 and received substantial renovations during the 1990s, followed by a major renovation in 2006.
The property is fully leased and situated in downtown Bartlett, within a short walk of the Metra train station. Zoning is COMMR. The Banbury Fair business is also offered separately, providing an additional ownership option for qualified purchasers.
The property is fully leased and situated in downtown Bartlett, within a short walk of the Metra train station. Zoning is COMMR. The Banbury Fair business is also offered separately, providing an additional ownership option for qualified purchasers.
Key Highlights
- 4,025‑square‑foot main building with multiple retail spaces
- 1,400‑square‑foot apartment with 3 bedrooms and 2 bathrooms
- Separate 1,340‑square‑foot freestanding restaurant space
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
$69,779
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
7.88%
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%
$1,395,580
$1.4M
Cap Rate 7%
$996,843
$996.8K
Cap Rate 9%
$775,322
$775.3K
Market Conditions
NOI Build-Up for 6,015 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
$136.4K $22.68/SF
− Vacancy
−$9.5K −$1.59/SF
EGI
$126.9K $21.09/SF
− OpEx
−$57.1K −$9.49/SF
NOI
$69.8K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$1,395,580
Cap Rate 7%
$996,843
Cap Rate 9%
$775,322
Alternative Uses
Best Use
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,503 @ 7.0% cap · market cap 11.47%
Second Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,691 @ 7.0% cap · market cap 11.38%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,369 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
539
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 59%
Shops & Services 27%
Home Improvements & Furnishings 10%
Dining 5%
Aldi
Groceries
17,896 visits/mo
0.3 miles
Fifth Third Bank & ATM
Shops & Services
3,182 visits/mo
0.3 miles
Ziegler's Ace Hardware
Home Improvements & Furnishings
3,051 visits/mo
0.2 miles
BMO Harris Bank
Shops & Services
2,785 visits/mo
0.2 miles
Associated Bank
Shops & Services
2,253 visits/mo
0.1 miles
Demographics for 60103, IL
41,740
Population
14,995
Households
2.8
Avg Household Size
41
Median Age
48%
College-Educated
95%
High-School Grad
18.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$131,552
Median Household Income
$64,113
Median Earnings
$1,851
Median Rent
$353,300
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?
Mixed-use property - Fully leased asset combining retail, restaurant, and residential components in downtown Bartlett.
Where is this mixed-use property located?
The property is located at 211-215 W Railroad Avenue Bartlett, IL.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 4,025‑square‑foot main building with multiple retail spaces; 1,400‑square‑foot apartment with 3 bedrooms and 2 bathrooms; Separate 1,340‑square‑foot freestanding restaurant space
