Free-Standing Building in Park
For Sale
Contact for pricing
49-59 North Street, Park Forest, IL 60466
Well-maintained building, divisible, with potential cannabis use approval.
Property Size12,600 SF
Price / SF$119.05
Days on Market738
Property Features for 49-59 North Street
General Information
Standard status
Active
Size
12,600 SF
Property subtype
Retail
Investment Type
Owner/User
Building Details
Buildings
1
Stories
1
Units
6
Listing Agency:
DarwinPW Realty
(773) 677-6472
Listed By:
Laura Perlman · License #475.186095
Source:
Crexi
Added: Aug 13, 2024
Changed: Aug 20
Last Checked: May 12 at 10:08PM
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 DarwinPW Realty
Investment Insights
Based on property information with market context.
This well-maintained, free-standing building offers 12,600 square feet of space and can be divided into six individual 2,100 square foot units. Ideally suited for a collision shop, the property features an asphalt stone roof. The parking lot was redone in 2020. All new emergency exit doors have been installed on the south side of the building. A triple catch basin is in place, and updated LED lighting has been installed. Each bay includes office and mezzanine space. The site is cannabis approved and may qualify for a Class 8 tax incentive.
Key Highlights
- Cannabis approved site
- Potential Class 8 tax incentive
- Well maintained free‑standing building divisible into six 2,100 SF units
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
$119,070
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
7.94%
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%
$2,381,400
$2.4M
Cap Rate 7%
$1,701,000
$1.7M
Cap Rate 9%
$1,323,000
$1.3M
Market Conditions
NOI Build-Up for 12,600 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
$189.0K $15.00/SF
− Vacancy
−$18.9K −$1.50/SF
EGI
$170.1K $13.50/SF
− OpEx
−$51.0K −$4.05/SF
NOI
$119.1K $9.45/SF
Area
Will County, IL
Vacancy
10.00%
Lease Rate
$15.00 /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%
$2,381,400
Cap Rate 7%
$1,701,000
Cap Rate 9%
$1,323,000
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.98M
NOI $119,070 @ 7.0% cap · market cap 7.94%
Second Best
Industrial
$774.8K
$678.0K – $904.0K
NOI $54,239 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $200,038 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Citgo
Shops & Services
8,801 visits/mo
0.3 miles
Harold's Chicken Shack
Dining
2,879 visits/mo
0.4 miles
U-Haul
Shops & Services
1,788 visits/mo
0.2 miles
Aurelio's Pizza
Dining
721 visits/mo
0.4 miles
Caliber Collision
Shops & Services
480 visits/mo
0.1 miles
Demographics for 60466, IL
21,904
Population
9,103
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
6.3 sq mi
ZIP Area
3,477
Density / Sq Mi
$63,132
Median Household Income
$40,792
Median Earnings
$1,341
Median Rent
$106,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained building, divisible, with potential cannabis use approval.
Where is this retail space located?
The property is located at 49-59 North Street Park Forest, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Cannabis approved site; Potential Class 8 tax incentive; Well maintained free‑standing building divisible into six 2,100 SF units
