Strip Center with Medical
For Sale
Contact for pricing
3441 West 111th Street, Chicago, IL 60655
Fully leased commercial center with divisible suites, individual entrances, on-site parking, and B1 zoning.
Property Size3,000 SF
Price / SF$191.67
Days on Market10
Property Features for 3441 West 111th Street
General Information
Standard status
Active
Size
3,000 SF
Class
B
Total Parking Spaces
6
Property subtype
Retail
Zoning
B1
Occupancy
100%
Additional Details
HOA Fee
$815
Road Access
Yes
Building Details
Year Built
1968
Units
3
Tenancy
Multi
Listing Agency:
Chicago-Coldwell Banker Commercial NRT
Listed By:
Chuck Groebe · License #IL
Source:
Crexi
Added: Aug 4
Changed: Aug 13
Last Checked: Aug 13 at 3:33AM
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 Chicago-Coldwell Banker Commercial NRT
Investment Insights
Based on property information with market context.
This 3,000-square-foot strip center was built in 1968 and is fully leased. The property includes upgraded medical office space along with other established commercial occupants, and the suites have double entrances that support division into smaller spaces. Parking is available along the property and the 111th Street frontage. The building also includes separate HVAC systems for the commercial spaces.
Located on West 111th Street in Chicago’s Mt. Greenwood area near Kedzie, the property offers a neighborhood commercial setting with direct street exposure. The roof was replaced approximately 2 years ago, and 3 of the 4 sleeve A/C units were replaced in 2024-2025. Association-maintained exterior components include the roof, gutters, brickwork, landscaping, and snow removal.
Located on West 111th Street in Chicago’s Mt. Greenwood area near Kedzie, the property offers a neighborhood commercial setting with direct street exposure. The roof was replaced approximately 2 years ago, and 3 of the 4 sleeve A/C units were replaced in 2024-2025. Association-maintained exterior components include the roof, gutters, brickwork, landscaping, and snow removal.
Key Highlights
- 3,000 SF strip center on West 111th Street in Chicago
- Fully leased commercial property with established occupants
- B1 zoning and parking along the property and 111th Street
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
$41,504
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
7.22%
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%
$830,080
$830.1K
Cap Rate 7%
$592,914
$592.9K
Cap Rate 9%
$461,156
$461.2K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$5.5K −$1.84/SF
EGI
$59.3K $19.76/SF
− OpEx
−$17.8K −$5.93/SF
NOI
$41.5K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
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%
$830,080
Cap Rate 7%
$592,914
Cap Rate 9%
$461,156
Alternative Uses
Best Use
Office B
$919.5K
$804.6K – $1.07M
NOI $64,368 @ 7.0% cap · market cap 11.19%
Second Best
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $99,014 @ 7.0% cap · market cap 17.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 60655, IL
27,837
Population
11,277
Households
2.5
Avg Household Size
39
Median Age
47%
College-Educated
97%
High-School Grad
4.4 sq mi
ZIP Area
6,327
Density / Sq Mi
$114,443
Median Household Income
$72,169
Median Earnings
$1,468
Median Rent
$303,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased commercial center with divisible suites, individual entrances, on-site parking, and B1 zoning.
Where is this strip mall located?
The property is located at 3441 West 111th Street Chicago, IL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,000 SF strip center on West 111th Street in Chicago; Fully leased commercial property with established occupants; B1 zoning and parking along the property and 111th Street
