Three-Store Mini Strip
For Sale
$429,000
3406 Main St, Skokie, IL 60076
Small retail strip center with three leased storefronts, including a hair salon and bakery space.
Property Size2,600 SF
Price / SF$165
Days on Market102
Property Features for 3406 Main St
General Information
Standard status
Active
Size
2,600 SF
Building Details
Year Built
1950
Listing Agency:
American International Realty
Listed By:
Rony Khezeran · License #471005867
(773) 509-9493
Source:
Liveliferealty
Added: Jun 16
Changed: Sep 23
Last Checked: Sep 24 at 12:11PM
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 American International Realty
Investment Insights
Based on property information with market context.
This mini strip center features three separate retail stores on a 50 x 125 lot with approximately 11 parking spaces. The total retail area is approximately 2,450–2,550 square feet, providing multiple spaces for a variety of neighborhood-oriented uses. Current tenants include a hair salon and a bakery space.
The property is located at 3406 Main Street in Skokie, IL, on a high-traffic street. Parking is available on-site with approximately 11 spaces, supporting customer access to the storefronts.
For investors or owner-operators seeking small-balance retail, the center is already set up with income-producing tenants. The hair salon lease expires in April 2026, and the bakery space is leased through May 2027. With multiple storefronts under one ownership, the property offers a straightforward way to acquire a compact retail asset tailored to day-to-day consumer traffic.
The property is located at 3406 Main Street in Skokie, IL, on a high-traffic street. Parking is available on-site with approximately 11 spaces, supporting customer access to the storefronts.
For investors or owner-operators seeking small-balance retail, the center is already set up with income-producing tenants. The hair salon lease expires in April 2026, and the bakery space is leased through May 2027. With multiple storefronts under one ownership, the property offers a straightforward way to acquire a compact retail asset tailored to day-to-day consumer traffic.
Key Highlights
- Mini strip center built in 1950 with 3 leased storefronts totaling approximately 2,450–2,550 SF
- 11 parking spaces on a 50' x 125' lot
- Hair salon lease at $1,450; lease expires April 2026
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
$36,088
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
8.41%
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%
$721,760
$721.8K
Cap Rate 7%
$515,543
$515.5K
Cap Rate 9%
$400,978
$401.0K
Market Conditions
NOI Build-Up for 2,600 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
$56.2K $21.60/SF
− Vacancy
−$4.6K −$1.77/SF
EGI
$51.6K $19.83/SF
− OpEx
−$15.5K −$5.95/SF
NOI
$36.1K $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%
$721,760
Cap Rate 7%
$515,543
Cap Rate 9%
$400,978
Alternative Uses
Best Use
Retail
$515.5K
$451.1K – $601.5K
NOI $36,088 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$897.7K
$785.5K – $1.05M
NOI $62,836 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,293
Businesses Nearby
254k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 54%
Apparel 15%
Groceries 14%
Shops & Services 12%
Sam's Club
Superstores
137,204 visits/mo
0.4 miles
Marshalls
Apparel
37,859 visits/mo
0.4 miles
Food 4 Less
Groceries
34,423 visits/mo
0.4 miles
Five Below
Shops & Services
15,873 visits/mo
0.4 miles
Floor & Decor
Home Improvements & Furnishings
7,790 visits/mo
0.4 miles
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
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 Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Strip mall - Small retail strip center with three leased storefronts, including a hair salon and bakery space.
Where is this strip mall located?
The property is located at 3406 Main St Skokie, IL.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Mini strip center built in 1950 with 3 leased storefronts totaling approximately 2,450–2,550 SF; 11 parking spaces on a 50' x 125' lot; Hair salon lease at $1,450; lease expires April 2026
