Mixed-Use Building with
For Sale
$1,050,000
Pending
421 Lake Street, Maywood, IL 60153
Leased residential and commercial spaces share the building with a rear area used for automotive storage.
Property Size7,739 SF
Days on Market13
Property Features for 421 Lake Street
General Information
Standard status
Pending
Size
7,739 SF
Property subtype
Retail/Stores
Zoning
RTAIL
Site & Location
Public Transit
Yes
Mixed-Use Components
residential, commercial, industrial
Additional Details
Multifamily Units
12
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$82,804
Amenities
(773) 775-2700
110X140
7739
Building Details
Building Size
7,739 SF
Year Built
1962
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Better Homes & Gardens Real Estate Connections
(630) 833-4422
Listed By:
George & Maribel Medina · License #471005598
(630) 408-9997
Source:
Gmsrealtygroup
Added: Oct 20
Changed: Oct 28
Last Checked: Oct 31 at 5:11AM
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 Better Homes & Gardens Real Estate Connections
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Investment Insights
Based on property information with market context.
Built in 1962, the two-story property combines 12 renovated apartments on the upper floor with four commercial spaces at street level. The apartments are leased, as are the commercial units, whose tenants include a restaurant, salon, and retail businesses. A private rear area of more than 1,500 square feet is currently used for automotive storage.
The building is located along a thoroughfare with bus stops serving both its commercial and residential sides.
The building is located along a thoroughfare with bus stops serving both its commercial and residential sides.
Key Highlights
- 12 renovated, leased residential units on the second floor
- Four leased ground‑floor commercial spaces with restaurant, salon, and retail tenants
- More than 1,500 square feet of private rear space used as an automotive warehouse
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,779
Cap Rate
8.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,795,580
$1.8M
Cap Rate 7%
$1,282,557
$1.3M
Cap Rate 9%
$997,544
$997.5K
Market Conditions
NOI Build-Up for 7,739 SF
Gross rent
$175.5K $22.68/SF
− Vacancy
−$12.3K −$1.59/SF
EGI
$163.2K $21.09/SF
− OpEx
−$73.5K −$9.49/SF
NOI
$89.8K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,795,580
Cap Rate 7%
$1,282,557
Cap Rate 9%
$997,544
Alternative Uses
Best Use
Mixed Use
$1.87M
$1.63M – $2.18M
NOI $130,596 @ 7.0% cap · market cap 12.44%
Second Best
Retail
$1.53M
$1.34M – $1.79M
NOI $107,419 @ 7.0% cap · market cap 10.23%
Theoretical Best
Office A
$2.67M
$2.34M – $3.12M
NOI $187,035 @ 7.0% cap · market cap 17.81%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
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Business Placement
Demographics for 60153, IL
23,512
Population
8,385
Households
2.8
Avg Household Size
36
Median Age
17%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
8,397
Density / Sq Mi
$66,498
Median Household Income
$40,734
Median Earnings
$1,203
Median Rent
$212,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased residential and commercial spaces share the building with a rear area used for automotive storage.
Where is this mixed-use property located?
The property is located at 421 Lake Street Maywood, IL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 12 renovated, leased residential units on the second floor; Four leased ground‑floor commercial spaces with restaurant, salon, and retail tenants; More than 1,500 square feet of private rear space used as an automotive warehouse
