Four-Unit Flex
New
For Sale
$2,275,000
4500 137th Street, Crestwood, IL 60418
Industrial business park property with individual mechanical systems, oversized garage doors, and a dedicated spray booth.
Property Size20,813 SF
Price / SF$267.65
Days on Market3
Property Features for 4500 137th Street
General Information
Standard status
Active
Size
20,813 SF
Property subtype
Commercial
Zoning
INDUS
Taxes and HOA fees
Annual Taxes
$60,251
Building Details
Building Size
20,813 SF
Year Built
1988
Stories
1
Units
4
Listing Agency:
RE/MAX Liberty
(630) 825-2700
Listed By:
Elizabeth Cain Waller
(630) 825-2700
Source:
Allinonerealestateco
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 12:33PM
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 RE/MAX Liberty
Investment Insights
Based on property information with market context.
Built in 1988, this four-unit flex property occupies 1.42 acres within an industrial business park at 4500 137th Street in Crestwood, IL. The building uses all-brick/CBS construction, with 20-foot interior clearance and garage doors measuring 14 by 10 feet.
Each unit has its own furnace, AC, hot water tank, and water service. The north-side unit at the end of the building includes a spraying booth. The property is zoned INDUS and offers access to the Interstate from its industrial park setting.
Each unit has its own furnace, AC, hot water tank, and water service. The north-side unit at the end of the building includes a spraying booth. The property is zoned INDUS and offers access to the Interstate from its industrial park setting.
Key Highlights
- Four units on 1.42 acres in an industrial business park
- All‑brick/CBS construction, built in 1988
- 20‑foot interior 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
$89,505
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
3.93%
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%
$1,790,100
$1.8M
Cap Rate 7%
$1,278,643
$1.3M
Cap Rate 9%
$994,500
$994.5K
Market Conditions
NOI Build-Up for 8,500 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
$153.0K $18.00/SF
− Vacancy
−$15.3K −$1.80/SF
EGI
$137.7K $16.20/SF
− OpEx
−$48.2K −$5.67/SF
NOI
$89.5K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,790,100
Cap Rate 7%
$1,278,643
Cap Rate 9%
$994,500
Alternative Uses
Best Use
Flex RnD
$1.28M
$1.12M – $1.49M
NOI $89,505 @ 7.0% cap · market cap 3.93%
Second Best
Warehouse
$634.7K
$555.4K – $740.5K
NOI $44,430 @ 7.0% cap · market cap 1.95%
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,426 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
930
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60418, IL
10,813
Population
5,331
Households
2
Avg Household Size
49
Median Age
23%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
3,604
Density / Sq Mi
$69,237
Median Household Income
$52,518
Median Earnings
$1,300
Median Rent
$187,600
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 - Industrial business park property with individual mechanical systems, oversized garage doors, and a dedicated spray booth.
Where is this flex space located?
The property is located at 4500 137th Street Crestwood, IL.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Four units on 1.42 acres in an industrial business park; All‑brick/CBS construction, built in 1988; 20‑foot interior height
