Mixed-Use Property with Medical
For Sale
$350,000
Pending
337 W Maple Street, New Lenox, IL 60451
Business Opportunity, New Lenox, IL
Property Size2,500 SF
Lot Size0.11 Acres
Days on Market204
Property Features for 337 W Maple Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Cedar Rd to route 30/Maple Street go west to 337 W Maple Street
Subdivision
New Lenox
Standard status
Pending
APN
1508164070100000
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6411
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Floors in Building
2
Building materials
Concrete
Listing Agency:
Real People Realty
(815) 469-7449
Listed By:
Allen Walsh
(708) 634-0104
Added: Feb 21
Changed: Sep 8
Last Checked: Sep 13 at 10:06AM
MLS# 12574587
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 337 W Maple Street combines a ground-floor commercial space with a one-bedroom apartment above. The approximately 2,500-square-foot main level includes a reception and waiting area, two exam rooms, an X-ray work area, a manager’s office, and additional treatment-support rooms. Existing exam tables and other equipment remain in place, while central air and concrete construction support the building’s current configuration.
Located on the main street in downtown New Lenox, the property offers visibility within the central business area. COMMR zoning and natural gas availability are also noted. The layout is currently arranged for veterinary services and includes multiple enclosed rooms that can support other professional or medical office configurations, subject to applicable requirements.
Located on the main street in downtown New Lenox, the property offers visibility within the central business area. COMMR zoning and natural gas availability are also noted. The layout is currently arranged for veterinary services and includes multiple enclosed rooms that can support other professional or medical office configurations, subject to applicable requirements.
Key Highlights
- Approximately 2,500 square feet of main‑floor commercial space
- One‑bedroom apartment located above the commercial area
- Existing layout includes 2 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
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
624
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial building with a medical-style layout, existing equipment, and a separate upper-level apartment.
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 2,500 square feet of main‑floor commercial space; One‑bedroom apartment located above the commercial area; Existing layout includes 2 exam rooms and an X‑ray work area
