Conventional Restaurant
For Sale
$300,000
2923 Chicago Rd, South Chicago Heights, IL 60411
On-site parking supports customer and employee access.
Property Size1,078 SF
Price / SF$278.29
Days on Market88
Property Features for 2923 Chicago Rd
General Information
Standard status
Active
Size
1,078 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
HomeSmart Connect LLC
(847) 495-5000
Listed By:
Christopher Everhardt · License #475183961
Source:
Searchillinoishomesforsale
Added: Jun 4
Changed: Aug 29
Last Checked: Aug 29 at 9:40PM
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 HomeSmart Connect LLC
Investment Insights
Based on property information with market context.
This conventional restaurant property is located at 2923 Chicago Rd in South Chicago Heights, Illinois. The asset is positioned along Chicago Rd and includes on-site parking for customers and employees.
The property also offers access to major highways, supporting regional connectivity for restaurant operations and visitors.
The property also offers access to major highways, supporting regional connectivity for restaurant operations and visitors.
Key Highlights
- Conventional restaurant property
- Located at 2923 Chicago Rd, South Chicago Heights, IL 60411
- On‑site parking available for customers and employees
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
$18,046
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
6.02%
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%
$360,920
$360.9K
Cap Rate 7%
$257,800
$257.8K
Cap Rate 9%
$200,511
$200.5K
Market Conditions
NOI Build-Up for 1,078 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
$25.9K $24.00/SF
− Vacancy
−$1.8K −$1.68/SF
EGI
$24.1K $22.32/SF
− OpEx
−$6.0K −$5.58/SF
NOI
$18.0K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$360,920
Cap Rate 7%
$257,800
Cap Rate 9%
$200,511
Alternative Uses
Best Use
Specialty Retail
$257.8K
$225.6K – $300.8K
NOI $18,046 @ 7.0% cap · market cap 6.02%
Second Best
Retail
$213.8K
$187.0K – $249.4K
NOI $14,963 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$372.2K
$325.7K – $434.2K
NOI $26,053 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
5,822 visits/mo
0.4 miles
Family Dollar
Shops & Services
3,085 visits/mo
0.3 miles
Demographics for 60411, IL
53,515
Population
21,382
Households
2.5
Avg Household Size
36
Median Age
22%
College-Educated
87%
High-School Grad
30.7 sq mi
ZIP Area
1,743
Density / Sq Mi
$56,627
Median Household Income
$35,995
Median Earnings
$1,156
Median Rent
$148,200
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - On-site parking supports customer and employee access.
Where is this conventional restaurant located?
The property is located at 2923 Chicago Rd South Chicago Heights, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Conventional restaurant property; Located at 2923 Chicago Rd, South Chicago Heights, IL 60411; On‑site parking available for customers and employees
