Markham Retail Outlot For
For Sale
Contact for pricing
2941 W 159th St, Markham, IL 60428
Retail property in a high-traffic location with drive-thru availability.
Property Size2,832 SF
Price / SF$282.49
Days on Market1150
Property Features for 2941 W 159th St
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Retail
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
Ascend Real Estate Advisors
Listed By:
Vladimir Ganz · License #INNN
Source:
Crexi
Added: Jul 13, 2023
Changed: Aug 22
Last Checked: Sep 1 at 8:42AM
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 Ascend Real Estate Advisors
Investment Insights
Based on property information with market context.
The subject property is a 2,832 square foot retail space located in Markham, IL, at the hard corner intersection of Kedzie Avenue and 159th Street. This location is central to accessing neighboring communities via Interstates I-57 and I-294. Situated as an outlot in front of a 265,000 square foot shopping center, the property benefits from high visibility and is surrounded by other retail businesses. The intersection sees over 40,000 vehicles per day. The area includes residential dwellings, contributing to consistent through traffic to adjacent communities from the main highways. A drive-thru is available at this property, potentially suiting a variety of retail uses.
Key Highlights
- High‑traffic location at the main intersection of Markham (Kedzie Ave and 159th Street) with over 40,000 vehicles per day.
- Located at a hard corner, offering high visibility.
- Drive‑thru available**.
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
$39,309
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
4.91%
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%
$786,180
$786.2K
Cap Rate 7%
$561,557
$561.6K
Cap Rate 9%
$436,767
$436.8K
Market Conditions
NOI Build-Up for 2,832 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
$61.2K $21.60/SF
− Vacancy
−$5.0K −$1.77/SF
EGI
$56.2K $19.83/SF
− OpEx
−$16.8K −$5.95/SF
NOI
$39.3K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$786,180
Cap Rate 7%
$561,557
Cap Rate 9%
$436,767
Alternative Uses
Best Use
Retail
$561.6K
$491.4K – $655.2K
NOI $39,309 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$977.8K
$855.5K – $1.14M
NOI $68,443 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 60428, IL
11,351
Population
4,138
Households
2.7
Avg Household Size
36
Median Age
16%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
2,226
Density / Sq Mi
$53,059
Median Household Income
$39,861
Median Earnings
$1,686
Median Rent
$118,900
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?
Retail property - Retail property in a high-traffic location with drive-thru availability.
Where is this retail property located?
The property is located at 2941 W 159th St Markham, IL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: High‑traffic location at the main intersection of Markham (Kedzie Ave and 159th Street) with over 40,000 vehicles per day.; Located at a hard corner, offering **high visibility**.; Drive‑thru available**.
