Markham Shopping Center For
For Sale
$1,050,000
3200 W 159th Street, Markham, IL 60428
5,066 SF shopping center on heavily-trafficked Kedzie Avenue.
Property Size5,066 SF
Price / SF$207.26
Days on Market167
Property Features for 3200 W 159th Street
General Information
Standard status
Active
Size
5,066 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$42,643
Building Details
Building Size
5,066 SF
Year Built
1973
Stories
1
Listing Agency:
Millennium Properties RE, Inc.
Listed By:
Susan Silver · License #475136992
(312) 338-3000
Source:
Jjillrealtygroup
Added: Mar 26
Changed: Sep 8
Last Checked: Sep 8 at 4:52AM
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 Millennium Properties RE, Inc.
Investment Insights
Based on property information with market context.
A 5,066 square foot neighborhood shopping center, renovated in 2009, is available for sale. It is situated on a heavily-trafficked stretch of Kedzie Avenue and 159th Street. The tenants at the center include a currency exchange, Metro T-Mobile, JR Tobacco and GoCredit. The property includes parking for 40 vehicles and prominent pedestal signage. Its location offers close proximity to the I-57 interchange. Markham is an established community located in south suburban Cook County. The city is largely residential with a large number of retail and commercial properties concentrated along 159th between I-57 and I-294 expressways.
Key Highlights
- Heavily‑trafficked location on Kedzie Avenue and 159th Street.
- Proximity to the I‑57 interchange.
- Renovated in 2009.
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
$70,317
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
6.70%
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%
$1,406,340
$1.4M
Cap Rate 7%
$1,004,529
$1.0M
Cap Rate 9%
$781,300
$781.3K
Market Conditions
NOI Build-Up for 5,066 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
$109.4K $21.60/SF
− Vacancy
−$9.0K −$1.77/SF
EGI
$100.5K $19.83/SF
− OpEx
−$30.1K −$5.95/SF
NOI
$70.3K $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%
$1,406,340
Cap Rate 7%
$1,004,529
Cap Rate 9%
$781,300
Alternative Uses
Best Use
Retail
$1.00M
$879.0K – $1.17M
NOI $70,317 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,434 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Balanced
Demand for This Use
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?
Shopping center - 5,066 SF shopping center on heavily-trafficked Kedzie Avenue.
Where is this shopping center located?
The property is located at 3200 W 159th Street Markham, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Heavily‑trafficked location on Kedzie Avenue and 159th Street.; Proximity to the I‑57 interchange.; Renovated in 2009.
