Three-Store Strip
For Sale
$429,000
3406 MAIN Street, Skokie, IL 60076
Commercial Sale, Skokie, IL
Property Size2,550 SF
Lot Size0.14 Acres
Price / SF$168.24
Days on Market94
Property Features for 3406 MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
MAIN ST WEST OF MCCORMICK 2 BLOCKS.
Subdivision
Skokie
Standard status
Active
APN
10232220540000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23182
Utilities
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Number of units
3
Listing Agency:
American International Realty
(773) 509-9493
Listed By:
Rony Khezeran · License #471005867
(773) 386-9939
Added: Jun 3
Changed: Aug 19
Last Checked: Sep 4 at 11:06PM
MLS# 12667085
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 strip mall at 3406 Main Street in Skokie, Illinois, includes three storefronts within approximately 2,450–2,550 total square feet. The property sits on a 0.1435-acre lot measuring 50 x 125 feet and provides 11 parking spaces. Central air is installed, and the building was constructed in 1950.
The asset is positioned along a high-traffic street in Skokie, within ZIP code 60076. Existing occupancy includes a hair salon and bakery space, with the referenced leases expiring in April 2026 and May 2027. The property is classified under COMMR zoning.
The asset is positioned along a high-traffic street in Skokie, within ZIP code 60076. Existing occupancy includes a hair salon and bakery space, with the referenced leases expiring in April 2026 and May 2027. The property is classified under COMMR zoning.
Key Highlights
- Three‑store strip mall at 3406 Main Street, Skokie, IL 60076
- Approximately 2,450–2,550 total SF across three storefronts
- 0.1435‑acre lot measuring 50 x 125 feet
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
$35,394
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
8.25%
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%
$707,880
$707.9K
Cap Rate 7%
$505,629
$505.6K
Cap Rate 9%
$393,267
$393.3K
Market Conditions
NOI Build-Up for 2,550 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
$55.1K $21.60/SF
− Vacancy
−$4.5K −$1.77/SF
EGI
$50.6K $19.83/SF
− OpEx
−$15.2K −$5.95/SF
NOI
$35.4K $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%
$707,880
Cap Rate 7%
$505,629
Cap Rate 9%
$393,267
Alternative Uses
Best Use
Retail
$505.6K
$442.4K – $589.9K
NOI $35,394 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$880.4K
$770.4K – $1.03M
NOI $61,628 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Zoned COMMR with central air and on-site parking.
Where is this strip mall located?
The property is located at 3406 MAIN Street 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: Three‑store strip mall at 3406 Main Street, Skokie, IL 60076; Approximately 2,450–2,550 total SF across three storefronts; 0.1435‑acre lot measuring 50 x 125 feet
