Renovated Storefront
New
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 Market2
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) 363-6059
Source:
Liveliferealty
Added: Sep 12
Last Checked: Sep 12 at 2:26PM
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
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 = 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
$23,249
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
9.12%
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%
$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
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
$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 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%
$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.
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
Questions? Ask Rey
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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
