Airport Parking
For Sale
$1,000,000
3950 N Mannheim Rd, Franklin Park, IL 60131
Commercial property near O’Hare provides traveler parking, shuttle transportation, and vehicle detailing services.
Property Size2,000 SF
Price / SF$500
Days on Market36
Property Features for 3950 N Mannheim Rd
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business Opportunity
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
2
Amenities
shuttle service
24-hour access
on-site staff
security measures
Listing Agency:
Century 21 Circle
(773) 983-1553
Listed By:
Mark Ahmad · License #471007186
Source:
Amyboston.realtopiare
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 3:58AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This commercial parking facility at 3950 N Mannheim Road provides both short-term and long-term parking for O’Hare travelers. Operations include shuttle transportation to and from the airport, continuous 24/7 availability, on-site staff, and security measures. Booking options may also include luggage assistance.
The property is positioned at Mannheim Road and Seymour Avenue in Franklin Park, near O’Hare International Airport. Mannheim Road, also identified as Route 45, runs along the airport’s eastern edge. I-294, I-190, and I-90 provide access to the surrounding airport, transportation, retail, hospitality, restaurant, exhibition, logistics, and light industrial activity.
A two-bay service area supports car washing and detailing in addition to the parking operation. The property is zoned COMMR.
The property is positioned at Mannheim Road and Seymour Avenue in Franklin Park, near O’Hare International Airport. Mannheim Road, also identified as Route 45, runs along the airport’s eastern edge. I-294, I-190, and I-90 provide access to the surrounding airport, transportation, retail, hospitality, restaurant, exhibition, logistics, and light industrial activity.
A two-bay service area supports car washing and detailing in addition to the parking operation. The property is zoned COMMR.
Key Highlights
- Short- and long‑term airport parking with shuttle service to and from O’Hare
- 24/7 operation with staff on site and security measures
- Two‑bay service area for car washing and detailing
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
$33,480
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
3.35%
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%
$669,600
$669.6K
Cap Rate 7%
$478,286
$478.3K
Cap Rate 9%
$372,000
$372.0K
Market Conditions
NOI Build-Up for 2,000 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
$48.0K $24.00/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$44.6K $22.32/SF
− OpEx
−$11.2K −$5.58/SF
NOI
$33.5K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$669,600
Cap Rate 7%
$478,286
Cap Rate 9%
$372,000
Alternative Uses
Best Use
Specialty Retail
$478.3K
$418.5K – $558.0K
NOI $33,480 @ 7.0% cap · market cap 3.35%
Second Best
Retail
$396.6K
$347.0K – $462.7K
NOI $27,760 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,336 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
49k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 45%
Shops & Services 39%
Dining 16%
7-Eleven
Shops & Services
10,206 visits/mo
0.2 miles
Hampton Inn Chicago-O'Hare International Airport
Hotels & Casinos
8,095 visits/mo
0.1 miles
Mobil
Shops & Services
8,003 visits/mo
0.2 miles
Four Points by Sheraton Chicago O'Hare Airport
Hotels & Casinos
6,916 visits/mo
0.4 miles
QUALITY INN-Chicago OHare Int'l
Hotels & Casinos
6,702 visits/mo
0.3 miles
Demographics for 60131, IL
18,205
Population
6,120
Households
3
Avg Household Size
39
Median Age
19%
College-Educated
77%
High-School Grad
5.4 sq mi
ZIP Area
3,371
Density / Sq Mi
$76,404
Median Household Income
$39,117
Median Earnings
$1,092
Median Rent
$261,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Commercial property near O’Hare provides traveler parking, shuttle transportation, and vehicle detailing services.
Where is this parking lot & garage located?
The property is located at 3950 N Mannheim Rd Franklin Park, IL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Short- and long‑term airport parking with shuttle service to and from O’Hare; 24/7 operation with staff on site and security measures; Two‑bay service area for car washing and detailing
