Building Details

Building Size 7,110 SF

Year Built 1969

Stories 2

Units 5

Listing Agency: RE/MAX Partners l***@gmail.com Show Phone

Listed By: Luis Ortiz · License #475136884 Show Phone

Source: Midwestrealestate

Added: Aug 10 Changed: Aug 21 Last Checked: Aug 21 at 4:28AM

Report an Issue

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 Partners

Investment Insights

Based on property information with market context.

Located at 307 E North Avenue in Northlake, this mixed-use property was built in 1969 and carries COMMR zoning. The first level contains retail, office, and warehouse areas arranged for flexible business use, while the upper level includes two apartments totaling approximately 2,564 sq. ft. of living space.

The property includes parking and separate utilities for each unit. Its combination of commercial space and residential accommodations supports a range of owner-user and rental configurations within one building.

Key Highlights

• Two apartments totaling approximately 2,564 sq. ft. of living space
• First‑floor retail, office, and warehouse areas
• Separate utilities serving each unit

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

$37,165

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

5.72%

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%

$743,300 $743.3K

Cap Rate 7%

$530,929 $530.9K

Cap Rate 9%

$412,944 $412.9K

Market Conditions

NOI Build-Up for 7,110 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

$46.1K $6.48/SF

− Vacancy

−$2.3K −$0.33/SF

EGI

$43.7K $6.15/SF

− OpEx

−$6.6K −$0.92/SF

NOI

$37.2K $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%

$743,300

Cap Rate 7%

$530,929

Cap Rate 9%

$412,944

Alternative Uses

Best Use

Mixed Use

$1.71M

$1.50M – $2.00M (±1% cap)

NOI $119,981 @ 7.0% cap · market cap 18.46%

Second Best

Retail

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,688 @ 7.0% cap · market cap 15.18%

Theoretical Best

Office A

$2.45M

$2.15M – $2.86M (±1% cap)

NOI $171,833 @ 7.0% cap · market cap 26.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Northlake Heating and Air ... HVAC Service $5 Haircuts Barber Shop Iggy Music Store ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Gym & Fitness Center Skin Care Clinic Parking Lot & Garage Law Firm Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

814

Businesses Nearby

Explore this area Business Placement

Demographics for 60164, IL

22,367

Population

7,513

Households

3

Avg Household Size

39

Median Age

14%

College-Educated

77%

High-School Grad

4.9 sq mi

ZIP Area

4,565

Density / Sq Mi

$76,483

Median Household Income

$40,332

Median Earnings

$1,143

Median Rent

$240,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story commercial property combines flexible business space with two residential apartments and separate utilities.

Where is this mixed-use property located?

The property is located at 307 E North Avenue Northlake, IL.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Two apartments totaling approximately 2,564 sq. ft. of living space; First‑floor retail, office, and warehouse areas; Separate utilities serving each unit