Flex Building with Drive-In
For Sale
$216,900
2709 Ridgeland Avenue, Berwyn, IL 60402
Commercial Sale, Berwyn, IL
Property Size2,750 SF
Lot Size0.08 Acres
Price / SF$78.87
Days on Market222
Property Features for 2709 Ridgeland Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
26th Street to Ridgeland then South to property
Subdivision
Berwyn
Standard status
Active
APN
16293080050000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
15747
Utilities
Cooling system
Central Air
Building Details
Year built
1952
Floors in Building
1
Number of units
1
Building materials
Brick, Concrete, Stone
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Taurino Morales · License #475113111
(773) 931-8198
Added: Feb 4
Changed: Aug 19
Last Checked: Sep 14 at 4:06AM
MLS# 12560983
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,750-square-foot flex building combines customer-facing retail space at the front with warehouse space toward the rear. The property includes one drive-in door, a two-car attached garage, central air conditioning, and brick, concrete, and stone construction. Built in 1952, it carries COMMR zoning and offers additional parking along the street and at the rear.
The building fronts Ridgeland Avenue with 25 feet of frontage in a commercial area containing neighboring businesses such as Quality Repair Shop, Pink Owl Cafe, Dorothy's, and V Bar. MacNeal Hospital is approximately a five-minute drive away, with 1,000 employees identified nearby. The La Vergne Metra station is a seven-minute walk north of the property.
The building fronts Ridgeland Avenue with 25 feet of frontage in a commercial area containing neighboring businesses such as Quality Repair Shop, Pink Owl Cafe, Dorothy's, and V Bar. MacNeal Hospital is approximately a five-minute drive away, with 1,000 employees identified nearby. The La Vergne Metra station is a seven-minute walk north of the property.
Key Highlights
- 2,750‑square‑foot building with front retail and rear warehouse areas
- One drive‑in door and a 2‑car attached garage
- 25 feet of frontage on Ridgeland Avenue
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed front retail and rear warehouse areas with attached garage parking and central air conditioning.
Where is this flex space located?
The property is located at 2709 Ridgeland Avenue 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 building with front retail and rear warehouse areas; One drive‑in door and a 2‑car attached garage; 25 feet of frontage on Ridgeland Avenue
