Renovated Storefront
For Sale
$255,000
307-309 W Lake St, Maywood, IL 60153
Two leased commercial spaces feature upgraded systems, separate utility metering, and a vacant garage with independent access.
Property Size1,675 SF
Price / SF$152.24
Days on Market48
Property Features for 307-309 W Lake St
General Information
Standard status
Active
Size
1,675 SF
Property subtype
Business Opportunity
Additional Details
Utilities to Site
Yes
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Enterprises
Listed By:
Sylvana Menolascino · License #475137109
(630) 964-3000
Source:
Liveliferealty
Added: Sep 12
Changed: Oct 26
Last Checked: Oct 7 at 3:15PM
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 RE/MAX Enterprises
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This storefront property at 307-309 W Lake St includes two leased commercial spaces and a separate 925 sq. ft. garage. One 450 sq. ft. storefront is occupied by a barber shop, while the approximately 375 sq. ft. second space houses a tattoo salon. The garage is vacant, has its own electric meter, can be secured independently from the 309 storefront, and includes a heater and insulated overhead door.
Recent work includes new interior walls, insulation, drywall, electrical wiring and conduit, lighting, copper water lines, plumbing fixtures, windows, doors, high-efficiency furnaces, air conditioning, ductwork, and epoxy flooring. Storefront utilities are individually metered for electric, gas, and water. Roof maintenance included minor repairs and full-roof sealing, with additional exterior work to the garage siding, soffit, gutter, and fascia. The property is on Lake Street in Downtown Maywood, near Walgreens and McDonald's.
Recent work includes new interior walls, insulation, drywall, electrical wiring and conduit, lighting, copper water lines, plumbing fixtures, windows, doors, high-efficiency furnaces, air conditioning, ductwork, and epoxy flooring. Storefront utilities are individually metered for electric, gas, and water. Roof maintenance included minor repairs and full-roof sealing, with additional exterior work to the garage siding, soffit, gutter, and fascia. The property is on Lake Street in Downtown Maywood, near Walgreens and McDonald's.
Key Highlights
- Two leased storefronts: 450 sq. ft. barber shop and approximately 375 sq. ft. tattoo salon
- Vacant 925 sq. ft. garage with separate security and its own electric meter
- Extensive updates include electrical, plumbing, HVAC, windows, doors, lighting, and epoxy flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,249
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,980
$465.0K
Cap Rate 7%
$332,129
$332.1K
Cap Rate 9%
$258,322
$258.3K
Market Conditions
NOI Build-Up for 1,675 SF
Gross rent
$36.2K $21.60/SF
− Vacancy
−$3.0K −$1.77/SF
EGI
$33.2K $19.83/SF
− OpEx
−$10.0K −$5.95/SF
NOI
$23.2K $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 Rate 5%
$464,980
Cap Rate 7%
$332,129
Cap Rate 9%
$258,322
Alternative Uses
Best Use
Retail
$332.1K
$290.6K – $387.5K
NOI $23,249 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$578.3K
$506.0K – $674.7K
NOI $40,481 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
33k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 88%
Shops & Services 10%
Apparel 2%
McDonald's
Dining
29,111 visits/mo
0.3 miles
CubeSmart Self Storage
Shops & Services
3,302 visits/mo
0.3 miles
Clarks
Apparel
720 visits/mo
0.3 miles
Demographics for 60153, IL
23,512
Population
8,385
Households
2.8
Avg Household Size
36
Median Age
17%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
8,397
Density / Sq Mi
$66,498
Median Household Income
$40,734
Median Earnings
$1,203
Median Rent
$212,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - Two leased commercial spaces feature upgraded systems, separate utility metering, and a vacant garage with independent access.
Where is this storefront property located?
The property is located at 307-309 W Lake St Maywood, IL.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two leased storefronts: 450 sq. ft. barber shop and approximately 375 sq. ft. tattoo salon; Vacant 925 sq. ft. garage with separate security and its own electric meter; Extensive updates include electrical, plumbing, HVAC, windows, doors, lighting, and epoxy flooring
