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    Mini Strip Center with Three Stores Title is generated by Realmo AI

    3406 MAIN Street, Skokie, IL 60076

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    Picture of Strip malls at 3406 MAIN Street, Skokie, IL
    For Sale
    $429,000

    COMMERCIAL - Skokie, IL

    Type:Retail
    Property size:
    2,550 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $168/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 3406 MAIN Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    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

    We can help!

    Listing Contact
    Rony Khezeran

    Listing agent Rony Khezeran License #471005867

    Listing office American International Realty 6138 N. Lincoln Ave., Chicago, IL

    Listing date Jun 3, 2026

    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.

    HighLights

    • Mini strip center with 3 stores on a 50 x 125 lot
    • Approximately 2,450–2,550 total SF
    • 11 parking spaces
    • Central air; building year built 1950
    • Hair salon leased for $1,450; lease expires April 2026
    • Bakey Space leased for $2,850; lease runs through May 2027

    Overview

    This for-sale mini strip center includes three retail storefronts on a 50 by 125 lot with approximately 11 parking spaces. The property totals roughly 2,450 to 2,550 square feet and is described as suitable for a variety of uses under COMMR zoning. Current tenant information provided includes a hair salon space and a separate bakery space.

    The center is located at 3406 Main Street in Skokie, Illinois, on a high-traffic street. Leasing details included with the listing indicate the hair salon lease expires in April 2026, while the bakery space lease is set to continue through May 2027.

    For prospective owners, this configuration offers a multi-tenant retail setup within a compact neighborhood center format, with two active leases providing near-term continuity based on the dates provided. For tenants seeking space in a small retail environment, the storefront layout and on-site parking support everyday customer access. The provided lease timelines can also help guide business planning around occupancy changes.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $55.1k $21.60
    − Vacancy −$4.5k −$1.77
    EGI $50.6k $19.83
    − OpEx −$15.2k −$5.95
    NOI $35.4k $13.88
    2,550 SF · lease $21.60/SF/yr · vacancy 8.20% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $505.6K
    $442.4K – $589.9K (±1% cap)
    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 (±1% cap)
    NOI $61,628 @ 7.0% cap · market cap 14.37%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Alina's Glam Salon Hair Salon

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.7138391
    Latitude
    42.0339643

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    FAQs

    What type of property is this?
    Strip mall - Three-store retail mini strip center with 11 parking spaces and existing salon and bakery leases.
    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: Mini strip center with 3 stores on a 50 x 125 lot; Approximately 2,450–2,550 total SF; 11 parking spaces
    (773) 509-9493
    We can help!
    Listing Contact
    Rony Khezeran
    Real Estate License ID: 471005867
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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