Mixed-Use Building with
For Sale
$350,000
337 W Maple Street, New Lenox, IL 60451
Commercially zoned property combines a configured animal-care suite with an upper-level residential unit.
Property Size2,500 SF
Price / SF$140
Days on Market169
Property Features for 337 W Maple Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Business Opportunity
Zoning
COMMR
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Furnished
Yes
Average Monthly Rent
$1,350
Taxes and HOA fees
Annual Taxes
$6,411
Building Details
Building Size
2,500 SF
Buildings
1
Stories
2
Listing Agency:
Real People Realty
(815) 469-7449
Listed By:
Allen Walsh
(815) 469-7449
Source:
Perillorealestategroup
Added: Feb 21
Changed: Aug 8
Last Checked: Aug 8 at 2:57AM
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 Real People Realty
Investment Insights
Based on property information with market context.
This mixed-use property at 337 W Maple Street includes an approximately 2500-square-foot commercial area arranged for veterinary services. The main level has a waiting room with an intercom, two exam rooms, an X-ray work area, a manager’s office, and additional treatment-related rooms. Exam tables and other equipment remain in place and are described as being in good condition.
A one-bedroom apartment occupies the level above the commercial space. The property is situated on the main street in downtown New Lenox and carries COMMR zoning. Its existing layout supports the current animal-care configuration while also providing an upper-floor residential component.
A one-bedroom apartment occupies the level above the commercial space. The property is situated on the main street in downtown New Lenox and carries COMMR zoning. Its existing layout supports the current animal-care configuration while also providing an upper-floor residential component.
Key Highlights
- Approximately 2500 square feet of commercial space
- One‑bedroom apartment above the main floor
- Existing veterinary layout with two exam rooms and an X‑ray work area
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
$30,033
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
8.58%
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%
$600,660
$600.7K
Cap Rate 7%
$429,043
$429.0K
Cap Rate 9%
$333,700
$333.7K
Market Conditions
NOI Build-Up for 2,500 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
$56.4K $22.56/SF
− Vacancy
−$16.4K −$6.54/SF
EGI
$40.0K $16.02/SF
− OpEx
−$10.0K −$4.00/SF
NOI
$30.0K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$600,660
Cap Rate 7%
$429,043
Cap Rate 9%
$333,700
Alternative Uses
Best Use
Mixed Use
$542.4K
$474.6K – $632.8K
NOI $37,969 @ 7.0% cap · market cap 10.85%
Second Best
Healthcare Medical
$483.8K
$423.3K – $564.4K
NOI $33,863 @ 7.0% cap · market cap 9.68%
Theoretical Best
Office A
$567.0K
$496.1K – $661.5K
NOI $39,690 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 60451, IL
36,561
Population
12,972
Households
2.8
Avg Household Size
39
Median Age
42%
College-Educated
98%
High-School Grad
25.2 sq mi
ZIP Area
1,451
Density / Sq Mi
$132,260
Median Household Income
$63,418
Median Earnings
$1,304
Median Rent
$373,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned property combines a configured animal-care suite with an upper-level residential unit.
Where is this mixed-use property located?
The property is located at 337 W Maple Street New Lenox, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 2500 square feet of commercial space; One‑bedroom apartment above the main floor; Existing veterinary layout with two exam rooms and an X‑ray work area
