Fully Leased Retail Strip
For Sale
$1,200,000
3921 W TOUHY Avenue, Lincolnwood, IL 60712
Commercial Sale, Lincolnwood, IL
Property Size4,800 SF
Lot Size1.08 Acres
Price / SF$250
Days on Market714
Property Features for 3921 W TOUHY Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Directions
TOUHY AVE. ONE BLOCK WEST OF CRAWFORD ON SOUTH SIDE OF THE STREET.
Subdivision
Lincolnwood
Standard status
Active
APN
10351000360000
Lot size
1.08 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
30992
Utilities
Cooling system
Central Air
Building Details
Year built
1970
Floors in Building
1
Number of units
3
Listing Agency:
Platinum Partners Realtors
(630) 435-3500
Listed By:
Sang Han · License #475179051
(630) 435-3500
Added: Sep 7, 2024
Changed: Aug 19
Last Checked: Aug 21 at 11:06AM
MLS# 12158047
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 fully leased strip mall at 3921 W Touhy Avenue contains approximately 4,800 square feet of leasable retail space arranged as three 1,600-square-foot units. The property is 100% occupied and includes a new roof, HVAC/AC systems, water heater, and electrical improvements. Central Air is also in place, and the building was constructed in 1970.
Set on 1.08 acres in Lincolnwood, Illinois, the property is zoned B2 and provides 15+ parking spaces for tenants and customers. District 1860, a mixed-use development at Touhy & Lincoln, is located 0.6 miles away. The surrounding trade area includes approximately 15,000 residents within 1 mile, nearly 300,000 within 3 miles, and over 800,000 within 5 miles, with average household income exceeding $100,000.
Set on 1.08 acres in Lincolnwood, Illinois, the property is zoned B2 and provides 15+ parking spaces for tenants and customers. District 1860, a mixed-use development at Touhy & Lincoln, is located 0.6 miles away. The surrounding trade area includes approximately 15,000 residents within 1 mile, nearly 300,000 within 3 miles, and over 800,000 within 5 miles, with average household income exceeding $100,000.
Key Highlights
- 100% occupied retail strip with three 1,600 SF units
- Approximately 4,800 square feet of leasable space on 1.08 acres
- B2 zoning with 15+ parking spaces
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
$46,368
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
3.86%
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%
$927,360
$927.4K
Cap Rate 7%
$662,400
$662.4K
Cap Rate 9%
$515,200
$515.2K
Market Conditions
NOI Build-Up for 4,800 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
$72.0K $15.00/SF
− Vacancy
−$5.8K −$1.20/SF
EGI
$66.2K $13.80/SF
− OpEx
−$19.9K −$4.14/SF
NOI
$46.4K $9.66/SF
Area
McLean County, IL
Vacancy
8.00%
Lease Rate
$15.00 /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%
$927,360
Cap Rate 7%
$662,400
Cap Rate 9%
$515,200
Alternative Uses
Best Use
Retail
$662.4K
$579.6K – $772.8K
NOI $46,368 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$875.5K – $1.17M
NOI $70,042 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,328
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Groceries 27%
Dining 14%
Electronics 2%
Binny's Beverage Depot
Groceries
25,707 visits/mo
0.3 miles
Mobil
Shops & Services
17,932 visits/mo
0.2 miles
BP
Shops & Services
11,741 visits/mo
0.5 miles
Starbucks
Dining
10,879 visits/mo
0.4 miles
Mobil
Shops & Services
9,417 visits/mo
0.3 miles
Demographics for 60712, IL
13,463
Population
4,987
Households
2.7
Avg Household Size
46
Median Age
57%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
4,986
Density / Sq Mi
$107,950
Median Household Income
$60,315
Median Earnings
$3,501
Median Rent
$475,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - B2-zoned retail property with three suites and updated roof, HVAC, water heater, and electrical systems.
Where is this strip mall located?
The property is located at 3921 W TOUHY Avenue Lincolnwood, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 100% occupied retail strip with three 1,600 SF units; Approximately 4,800 square feet of leasable space on 1.08 acres; B2 zoning with 15+ parking spaces
