Two-Unit Flex Space
For Sale
$1,300,000
4215 Lawndale Avenue, Lyons, IL 60534
Masonry commercial property with warehouse, manufacturing, and business-use flexibility in Lyons, Illinois.
Property Size12,000 SF
Price / SF$108.33
Days on Market16
Property Features for 4215 Lawndale Avenue
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
12
Property subtype
Residential Income
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
3
Power
200 amps
Voltage
240 V
Three-Phase Power
Yes
Taxes and HOA fees
Annual Taxes
$40,830
Building Details
Year Built
1973
Buildings
1
Building Size
12,000 SF
Construction
masonry
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Chicago
(630) 325-7500
Listed By:
Adam Chaudhry
(630) 325-7500
Source:
Allinonerealestateco
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 11 at 3:32AM
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 Berkshire Hathaway HomeServices Chicago
Investment Insights
Based on property information with market context.
The property is a two-unit masonry flex space building at 4215 Lawndale Avenue in Lyons, Illinois. It contains approximately 12,000 square feet configured for warehouse, manufacturing, and commercial operations, with approximately 18-foot warehouse ceilings, three oversized 10-foot-by-14-foot grade-level drive-in doors, and 200-amp/240-volt three-phase electrical service. The site also provides 12 on-site parking spaces.
Capital improvements include a new roof installed in 2026, newer HVAC systems, a sealcoated asphalt parking lot, and restriped parking stalls. The two-unit arrangement can support separate business divisions or occupancy of one unit while leasing the other, subject to zoning and municipal approval. Potential operations identified for the property include light manufacturing, warehousing, contractor use, wholesale distribution, assembly, automotive-related service, showroom, event operations, e-commerce fulfillment, and equipment storage.
The location is near I-55, I-294, Midway International Airport, Chicago, and the surrounding southwest suburban workforce. The building was constructed in 1973.
Capital improvements include a new roof installed in 2026, newer HVAC systems, a sealcoated asphalt parking lot, and restriped parking stalls. The two-unit arrangement can support separate business divisions or occupancy of one unit while leasing the other, subject to zoning and municipal approval. Potential operations identified for the property include light manufacturing, warehousing, contractor use, wholesale distribution, assembly, automotive-related service, showroom, event operations, e-commerce fulfillment, and equipment storage.
The location is near I-55, I-294, Midway International Airport, Chicago, and the surrounding southwest suburban workforce. The building was constructed in 1973.
Key Highlights
- Approximately 12,000 square feet of flexible industrial and commercial space
- Two‑unit layout supports separate operations or owner occupancy with a second unit available for leasing
- Approximately 18‑foot warehouse ceiling height
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
$62,725
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
4.83%
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%
$1,254,500
$1.3M
Cap Rate 7%
$896,071
$896.1K
Cap Rate 9%
$696,944
$696.9K
Market Conditions
NOI Build-Up for 12,000 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
$77.8K $6.48/SF
− Vacancy
−$4.0K −$0.33/SF
EGI
$73.8K $6.15/SF
− OpEx
−$11.1K −$0.92/SF
NOI
$62.7K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,254,500
Cap Rate 7%
$896,071
Cap Rate 9%
$696,944
Alternative Uses
Best Use
Flex RnD
$1.81M
$1.58M – $2.11M
NOI $126,360 @ 7.0% cap · market cap 9.72%
Second Best
Warehouse
$896.1K
$784.1K – $1.05M
NOI $62,725 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$4.14M
$3.63M – $4.83M
NOI $290,014 @ 7.0% cap · market cap 22.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
3
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60534, IL
10,749
Population
4,461
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
83%
High-School Grad
1.9 sq mi
ZIP Area
5,657
Density / Sq Mi
$63,827
Median Household Income
$41,328
Median Earnings
$1,149
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Masonry commercial property with warehouse, manufacturing, and business-use flexibility in Lyons, Illinois.
Where is this flex space located?
The property is located at 4215 Lawndale Avenue Lyons, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approximately 12,000 square feet of flexible industrial and commercial space; Two‑unit layout supports separate operations or owner occupancy with a second unit available for leasing; Approximately 18‑foot warehouse ceiling height
