Shallow-Bay Retail
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For Sale
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3120 W North Ave, Stone Park, IL 60165
Neighborhood center offers small-shop bays and 94% occupancy.
Property Size20,254 SF
Price / SF$246.86
Days on Market5
Property Features for 3120 W North Ave
General Information
Standard status
Active
Size
20,254 SF
Property subtype
RETAIL
Occupancy
94%
Listing Agency:
Northmarq | Chicago (East Wacker Dr)
(312) 858-6725
Listed By:
Blaise Bennett · License #471019332
(314) 301-1811
Source:
Moodyscre
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 5:27PM
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 Northmarq | Chicago (East Wacker Dr)
Investment Insights
Based on property information with market context.
This 20,254-square-foot shopping center at 3120 W North Ave in Stone Park, Illinois, is configured in a shallow-bay retail format and is 94% occupied. The property is positioned for neighborhood-oriented retail use within a dense urban infill setting.
The center has exposure at a signalized intersection and is near Bridge Point Melrose Park. Its location also benefits from a strong daytime population, supporting the existing small-shop retail configuration.
The center has exposure at a signalized intersection and is near Bridge Point Melrose Park. Its location also benefits from a strong daytime population, supporting the existing small-shop retail configuration.
Key Highlights
- 20,254‑square‑foot shopping center at 3120 W North Ave, Stone Park, IL 60165
- 94% occupied neighborhood retail center
- Shallow‑bay format suited to small‑shop retail
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
$281,129
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
5.62%
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%
$5,622,580
$5.6M
Cap Rate 7%
$4,016,129
$4.0M
Cap Rate 9%
$3,123,656
$3.1M
Market Conditions
NOI Build-Up for 20,254 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
$437.5K $21.60/SF
− Vacancy
−$35.9K −$1.77/SF
EGI
$401.6K $19.83/SF
− OpEx
−$120.5K −$5.95/SF
NOI
$281.1K $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%
$5,622,580
Cap Rate 7%
$4,016,129
Cap Rate 9%
$3,123,656
Alternative Uses
Best Use
Retail
$4.02M
$3.51M – $4.69M
NOI $281,129 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,495 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
94%
Occupancy
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
74k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 43%
Dining 42%
Shops & Services 11%
Electronics 3%
Food 4 Less
Groceries
32,141 visits/mo
0.3 miles
Starbucks
Dining
16,363 visits/mo
0.2 miles
Hooters
Dining
8,141 visits/mo
0.3 miles
El Azteca
Dining
4,706 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
4,043 visits/mo
0.3 miles
Demographics for 60165, IL
4,576
Population
1,364
Households
3.4
Avg Household Size
33
Median Age
8%
College-Educated
58%
High-School Grad
0.3 sq mi
ZIP Area
15,253
Density / Sq Mi
$75,165
Median Household Income
$34,744
Median Earnings
$1,222
Median Rent
$218,300
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?
Shopping center - Neighborhood center offers small-shop bays and 94% occupancy.
Where is this shopping center located?
The property is located at 3120 W North Ave Stone Park, IL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 20,254‑square‑foot shopping center at 3120 W North Ave, Stone Park, IL 60165; 94% occupied neighborhood retail center; Shallow‑bay format suited to small‑shop retail
