Skokie Office/Retail Building For
For Sale
$825,000
Pending
5009 OAKTON Street, Skokie, IL 60077
Move-in ready office/retail building in downtown Skokie with flexible layout.
Property Size5,460 SF
Days on Market331
Property Features for 5009 OAKTON Street
General Information
Standard status
Pending
Size
5,460 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$48,531
Amenities
Central air
Central Air Cooling
Building Details
Year Built
1952
Listing Agency:
BLUESTONE ASSET MANAGEMENT LLC
(773) 478-5000
Listed By:
DAVID GOLDBERG · License #IL 471013021
Source:
Corcoran
Added: Sep 17, 2025
Changed: Aug 8
Last Checked: Aug 4 at 6:18AM
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 BLUESTONE ASSET MANAGEMENT LLC
Investment Insights
Based on property information with market context.
This is a move-in ready single-story office/retail building located in downtown Skokie. The property offers 5,460 square feet of space. The building features vaulted ceilings and skylights, providing natural light. The layout is designed to accommodate a variety of professional uses, offering flexibility for different business needs. The property is currently built out as a high-end office space, but it can also work for numerous other office or retail users. The location provides visibility and accessibility. There is free parking available around the property, and it is located a couple of blocks from the CTA yellow line station.
Key Highlights
- Move‑in ready condition
- Prime downtown Skokie location with outstanding visibility and accessibility
- 5,460 square feet of flexible space suitable for office or retail use
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
$75,786
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
9.19%
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%
$1,515,720
$1.5M
Cap Rate 7%
$1,082,657
$1.1M
Cap Rate 9%
$842,067
$842.1K
Market Conditions
NOI Build-Up for 5,460 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
$117.9K $21.60/SF
− Vacancy
−$9.7K −$1.77/SF
EGI
$108.3K $19.83/SF
− OpEx
−$32.5K −$5.95/SF
NOI
$75.8K $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%
$1,515,720
Cap Rate 7%
$1,082,657
Cap Rate 9%
$842,067
Alternative Uses
Best Use
Retail
$1.08M
$947.3K – $1.26M
NOI $75,786 @ 7.0% cap · market cap 9.19%
Second Best
Office B
$1.08M
$941.1K – $1.25M
NOI $75,284 @ 7.0% cap · market cap 9.13%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $131,956 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 60077, IL
28,856
Population
11,317
Households
2.5
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
4.2 sq mi
ZIP Area
6,870
Density / Sq Mi
$80,765
Median Household Income
$40,996
Median Earnings
$1,450
Median Rent
$327,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Move-in ready office/retail building in downtown Skokie with flexible layout.
Where is this office building located?
The property is located at 5009 OAKTON Street Skokie, IL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Move‑in ready condition; Prime downtown Skokie location with outstanding visibility and accessibility; 5,460 square feet of flexible space suitable for office or retail use
