Auto Repair Shop with Service
For Sale
$875,000
450 W 34th St, Steger, IL 60475
Corner commercial property includes a waiting room, offices, equipment, and a large vehicle storage lot.
Property Size3,528 SF
Lot Size0.80 Acres
Price / SF$248.02
Days on Market40
Property Features for 450 W 34th St
General Information
Standard status
Active
Size
3,528 SF
Lot size
0.80 Acres
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Traffic Count
8,850 vehicles/day
Building Details
Buildings
1
Listing Agency:
Infiniti Properties, Inc.
(708) 859-7846
Listed By:
Ned Malley · License #471007341
Source:
Bktchicago
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:08AM
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.
This auto shop includes a 3,528-square-foot building with a 58-by-44-foot service area, two 12-foot overhead doors, and a 28-by-25-foot waiting room with offices. Existing trade fixtures and equipment are included with the business, real estate, and land. The site supports both automotive operations and potential commercial redevelopment.
Positioned on a corner in unincorporated Steger in Will County, the property has 35,000 square feet of land and an IDOT-reported average daily traffic count of 8,850 vehicles. The lot can accommodate over 100 cars, providing substantial on-site vehicle capacity for dealership, repair, or related commercial use.
Positioned on a corner in unincorporated Steger in Will County, the property has 35,000 square feet of land and an IDOT-reported average daily traffic count of 8,850 vehicles. The lot can accommodate over 100 cars, providing substantial on-site vehicle capacity for dealership, repair, or related commercial use.
Key Highlights
- 3,528‑square‑foot building on a 35,000‑square‑foot lot
- 58x44 shop with two 12‑foot overhead doors
- 28x25 waiting room with offices
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
$48,969
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
5.60%
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%
$979,380
$979.4K
Cap Rate 7%
$699,557
$699.6K
Cap Rate 9%
$544,100
$544.1K
Market Conditions
NOI Build-Up for 3,528 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
$76.2K $21.60/SF
− Vacancy
−$6.2K −$1.77/SF
EGI
$70.0K $19.83/SF
− OpEx
−$21.0K −$5.95/SF
NOI
$49.0K $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%
$979,380
Cap Rate 7%
$699,557
Cap Rate 9%
$544,100
Alternative Uses
Best Use
Retail
$699.6K
$612.1K – $816.2K
NOI $48,969 @ 7.0% cap · market cap 5.60%
Second Best
Industrial
$217.0K
$189.8K – $253.1K
NOI $15,187 @ 7.0% cap · market cap 1.74%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,264 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8,850 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
7k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
6,075 visits/mo
0.1 miles
Pantry
Shops & Services
734 visits/mo
0.1 miles
Demographics for 60475, IL
9,969
Population
4,790
Households
2.1
Avg Household Size
38
Median Age
16%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
2,077
Density / Sq Mi
$61,222
Median Household Income
$38,837
Median Earnings
$1,032
Median Rent
$137,200
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?
Auto shop - Corner commercial property includes a waiting room, offices, equipment, and a large vehicle storage lot.
Where is this auto shop located?
The property is located at 450 W 34th St Steger, IL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,528‑square‑foot building on a 35,000‑square‑foot lot; 58x44 shop with two 12‑foot overhead doors; 28x25 waiting room with offices
