Mixed-Use Building With Corner
For Sale
$439,900
4039 147th Street, Midlothian, IL 60445
Leased salon and apartment configuration includes two bathrooms and on-site parking.
Property Size2,850 SF
Days on Market138
Property Features for 4039 147th Street
General Information
Standard status
Active
Size
2,850 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
COMMR
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$16,135
Building Details
Building Size
2,850 SF
Year Built
1988
Buildings
1
Stories
1
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
Infiniti Properties, Inc.
(708) 206-3000
Listed By:
Rima Odeh · License #475102798
(708) 206-3000
Source:
Midwestrealestate
Added: Mar 25
Changed: Aug 7
Last Checked: Aug 8 at 12:32PM
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 Infiniti Properties, Inc.
Investment Insights
Based on property information with market context.
The property includes an updated brick mixed-use building with a hair salon, two bathrooms, and an apartment at the rear. The building was constructed in 1988 and has received recent tuck-pointing and water-heater improvements. The existing commercial and residential components are fully leased, and 15 parking spaces serve the property.
A separate vacant corner lot is included, creating an additional development component within the same offering. The combined property has 147 feet of frontage along W 147th Street in Midlothian and includes multiple PINs. The site is within a TIF district, and the legal addresses include 4039-4041 and 4031-4037 W 147th Street.
A separate vacant corner lot is included, creating an additional development component within the same offering. The combined property has 147 feet of frontage along W 147th Street in Midlothian and includes multiple PINs. The site is within a TIF district, and the legal addresses include 4039-4041 and 4031-4037 W 147th Street.
Key Highlights
- Updated brick mixed‑use building with a hair salon and rear apartment
- Salon includes two bathrooms; property has 15 parking spaces
- Separate vacant corner lot 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
$39,558
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
8.99%
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%
$791,160
$791.2K
Cap Rate 7%
$565,114
$565.1K
Cap Rate 9%
$439,533
$439.5K
Market Conditions
NOI Build-Up for 2,850 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
$61.6K $21.60/SF
− Vacancy
−$5.0K −$1.77/SF
EGI
$56.5K $19.83/SF
− OpEx
−$17.0K −$5.95/SF
NOI
$39.6K $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%
$791,160
Cap Rate 7%
$565,114
Cap Rate 9%
$439,533
Alternative Uses
Best Use
Mixed Use
$687.1K
$601.2K – $801.6K
NOI $48,094 @ 7.0% cap · market cap 10.93%
Second Best
Retail
$565.1K
$494.5K – $659.3K
NOI $39,558 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$984.0K
$861.0K – $1.15M
NOI $68,878 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 33%
Electronics 4%
Shell
Shops & Services
14,653 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,133 visits/mo
0.1 miles
Citgo
Shops & Services
4,479 visits/mo
0.1 miles
Boost Mobile
Electronics
1,361 visits/mo
0.1 miles
Captain D's
Dining
1,052 visits/mo
0.2 miles
Demographics for 60445, IL
14,692
Population
6,228
Households
2.4
Avg Household Size
37
Median Age
19%
College-Educated
88%
High-School Grad
4.3 sq mi
ZIP Area
3,417
Density / Sq Mi
$68,385
Median Household Income
$46,480
Median Earnings
$1,202
Median Rent
$201,700
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?
Mixed-use property - Leased salon and apartment configuration includes two bathrooms and on-site parking.
Where is this mixed-use property located?
The property is located at 4039 147th Street Midlothian, IL.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Updated brick mixed‑use building with a hair salon and rear apartment; Salon includes two bathrooms; property has 15 parking spaces; Separate vacant corner lot included in the offering
