Flex Space with Retail and Warehouse
For Sale
$216,900
2709 Ridgeland Ave, Berwyn, IL 60402
Front retail area pairs with rear warehouse space, drive-in access, and attached garage parking.
Property Size2,750 SF
Price / SF$78.87
Days on Market17
Property Features for 2709 Ridgeland Ave
General Information
Standard status
Active
Size
2,750 SF
Site & Location
Frontage
25 ft
Road Access
Yes
Additional Details
Drive-In Doors
1
Amenities
drive-in door
2-car attached garage
Building Details
Year Built
1952
Buildings
1
Building Size
2,750 SF
Listing Agency:
eXp Realty
(773) 931-8198
Listed By:
Taurino Morales · License #475113111
Source:
Bktchicago
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 25 at 4:08AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 2,750-square-foot flex space building combines a customer-facing retail area at the front with warehouse space toward the rear. The property also includes 1 drive-in door and a 2-car attached garage, along with parking available at the rear and on the street. Built in 1952, the building offers a practical layout for commercial operations requiring both display or office functions and storage or work space.
The property has 25' of frontage on Ridgeland Avenue in a commercial setting with nearby businesses including Quality Repair Shop, Pink Owl Cafe, Dorothy's, and V Bar. MacNeal Hospital is a 5-minute drive away, and the La Vergne Metra station is within a 7-minute walk north of the property.
The property has 25' of frontage on Ridgeland Avenue in a commercial setting with nearby businesses including Quality Repair Shop, Pink Owl Cafe, Dorothy's, and V Bar. MacNeal Hospital is a 5-minute drive away, and the La Vergne Metra station is within a 7-minute walk north of the property.
Key Highlights
- 2,750‑square‑foot flex space building
- Front retail area with rear warehouse space
- 1 drive‑in door and 2‑car attached garage
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
$14,375
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
6.63%
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%
$287,500
$287.5K
Cap Rate 7%
$205,357
$205.4K
Cap Rate 9%
$159,722
$159.7K
Market Conditions
NOI Build-Up for 2,750 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
$17.8K $6.48/SF
− Vacancy
−$909 −$0.33/SF
EGI
$16.9K $6.15/SF
− OpEx
−$2.5K −$0.92/SF
NOI
$14.4K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$287,500
Cap Rate 7%
$205,357
Cap Rate 9%
$159,722
Alternative Uses
Best Use
Retail
$545.3K
$477.1K – $636.2K
NOI $38,170 @ 7.0% cap · market cap 17.60%
Second Best
Flex RnD
$413.7K
$362.0K – $482.6K
NOI $28,958 @ 7.0% cap · market cap 13.35%
Theoretical Best
Office A
$949.4K
$830.8K – $1.11M
NOI $66,461 @ 7.0% cap · market cap 30.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,349
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60402, IL
64,706
Population
25,111
Households
2.6
Avg Household Size
37
Median Age
25%
College-Educated
85%
High-School Grad
5.7 sq mi
ZIP Area
11,352
Density / Sq Mi
$73,993
Median Household Income
$42,802
Median Earnings
$1,168
Median Rent
$277,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Front retail area pairs with rear warehouse space, drive-in access, and attached garage parking.
Where is this flex space located?
The property is located at 2709 Ridgeland Ave Berwyn, IL.
What is the asking price?
The asking price for this property is $216,900.
What are key features of this property?
This property features: 2,750‑square‑foot flex space building; Front retail area with rear warehouse space; 1 drive‑in door and 2‑car attached garage
