Three-Unit 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 Market751
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
(773) 717-2227
Added: Sep 7, 2024
Changed: Sep 25
Last Checked: Sep 27 at 5:06AM
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 1970 retail strip center contains approximately 4,800 square feet of leasable area, divided into three 1,600-square-foot units. All three units are occupied by long-term tenants, and the property is zoned B2. Recent improvements include a new roof, HVAC/AC systems, water heater, and electrical components. Central air serves the building, and the site includes 15+ parking spaces on 1.08 acres.
The property is at 3921 W Touhy Avenue in Lincolnwood, 0.6 miles from the District 1860 mixed-use development at Touhy and Lincoln. The stated trade area includes approximately 15,000 residents within 1 mile, nearly 300,000 within 3 miles, and more than 800,000 within 5 miles. Average household income in the area exceeds $100,000.
The property is at 3921 W Touhy Avenue in Lincolnwood, 0.6 miles from the District 1860 mixed-use development at Touhy and Lincoln. The stated trade area includes approximately 15,000 residents within 1 mile, nearly 300,000 within 3 miles, and more than 800,000 within 5 miles. Average household income in the area exceeds $100,000.
Key Highlights
- 7.78% cap rate; all three retail units are occupied by long‑term tenants
- Approximately 4,800 square feet arranged as three 1,600‑square‑foot units
- B2 zoning on a 1.08‑acre site
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
$66,625
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
5.55%
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%
$1,332,500
$1.3M
Cap Rate 7%
$951,786
$951.8K
Cap Rate 9%
$740,278
$740.3K
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
$103.7K $21.60/SF
− Vacancy
−$8.5K −$1.77/SF
EGI
$95.2K $19.83/SF
− OpEx
−$28.6K −$5.95/SF
NOI
$66.6K $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%
$1,332,500
Cap Rate 7%
$951,786
Cap Rate 9%
$740,278
Alternative Uses
Best Use
Retail
$951.8K
$832.8K – $1.11M
NOI $66,625 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,005 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - An occupied neighborhood retail property with updated building systems and on-site customer parking.
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: 7.78% cap rate; all three retail units are occupied by long‑term tenants; Approximately 4,800 square feet arranged as three 1,600‑square‑foot units; B2 zoning on a 1.08‑acre site
