Auto Shop With Two
For Sale
Under Contract
$999,000
3650-3656 Oakton Street, Skokie, IL 60076
Business Opportunity, Skokie, IL
Property Size7,404 SF
Lot Size0.23 Acres
Price / SF$134.93
Days on Market432
Property Features for 3650-3656 Oakton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Oakton St. east of Crawford Ave. Oakton St. at Lawndale Ave.
Subdivision
Skokie
Standard status
Active Under Contract
APN
10233320460000
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
42242
Utilities
Cooling system
Central Air
Building Details
Floors in Building
1
Building materials
Brick, Concrete
Listing Agency:
Century 21 Circle · Coldwell Banker Real Estate
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Added: Jun 17, 2025
Changed: Aug 20
Last Checked: Aug 22 at 10:06AM
MLS# 12395793
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.
The offering combines an automotive service business with its equipment and the underlying real estate. Two buildings provide a combined 7,404 square feet on a 0.2296-acre parcel, with brick and concrete construction and central air. The operation performs auto body work and custom wheelchair-van and mobility conversions.
Located at 3650-3656 Oakton Street in Skokie, the property sits within a commercial industrial and business corridor. Access to I-90, I-94, I-294, and Lake Shore Drive connects the site with Chicago’s Northwestern Suburbs, O’Hare Airport, and downtown Chicago. An Amazon fleet station is located across the street.
Located at 3650-3656 Oakton Street in Skokie, the property sits within a commercial industrial and business corridor. Access to I-90, I-94, I-294, and Lake Shore Drive connects the site with Chicago’s Northwestern Suburbs, O’Hare Airport, and downtown Chicago. An Amazon fleet station is located across the street.
Key Highlights
- Two buildings totaling 7,404 square feet
- Auto body and custom wheelchair‑van mobility conversion operation included
- Business, equipment, and real estate are included in the offering
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
$31,872
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
3.19%
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%
$637,440
$637.4K
Cap Rate 7%
$455,314
$455.3K
Cap Rate 9%
$354,133
$354.1K
Market Conditions
NOI Build-Up for 7,404 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
$48.0K $6.48/SF
− Vacancy
−$2.4K −$0.33/SF
EGI
$45.5K $6.15/SF
− OpEx
−$13.7K −$1.84/SF
NOI
$31.9K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$637,440
Cap Rate 7%
$455,314
Cap Rate 9%
$354,133
Alternative Uses
Best Use
Retail
$1.47M
$1.28M – $1.71M
NOI $102,769 @ 7.0% cap · market cap 10.29%
Second Best
Industrial
$455.3K
$398.4K – $531.2K
NOI $31,872 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,938 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Mobility-conversion operation offered with its equipment and underlying real estate.
Where is this auto shop located?
The property is located at 3650-3656 Oakton Street Skokie, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two buildings totaling 7,404 square feet; Auto body and custom wheelchair‑van mobility conversion operation included; Business, equipment, and real estate are included in the offering
