Homewood Self Storage
For Sale
Contact for pricing
501 Ridge Rd, Homewood, IL 60430
Well-located self-storage facility in Homewood, Illinois with upside potential.
Property Size16,180 SF
Price / SF$61.74
Days on Market199
Property Features for 501 Ridge Rd
General Information
Standard status
Active
Size
16,180 SF
Property subtype
Industrial, Self Storage
Occupancy
93%
Building Details
Stories
1
Units
136
Listing Agency:
Argus Self Storage Advisors
Listed By:
Cole Carosella · License #CO 100076453
Source:
Crexi
Added: Feb 2
Changed: Aug 7
Last Checked: Aug 18 at 7:33AM
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 Argus Self Storage Advisors
Investment Insights
Based on property information with market context.
The property at 501 Ridge Road in Homewood, Illinois, is a self-storage facility. It features 136 self-storage units, totaling 16,180 rentable square feet. The facility benefits from its location in the Chicago south suburban area, providing access throughout the Homewood / Hazel Crest / Glenwood corridor. The property is situated near retail and service businesses that support consistent tenant traffic. Several national storage operators surround the site, validating consumer demand and long-term viability for self-storage in this submarket. The offering provides investors with a trailing ~9% cap rate.
Key Highlights
- Compelling ~9% trailing cap rate provides immediate and durable yield.
- Located in a dense, established south suburban Chicago area.
- Benefits from convenient access throughout the Homewood / Hazel Crest / Glenwood corridor.
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
$69,649
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
6.97%
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%
$1,392,980
$1.4M
Cap Rate 7%
$994,986
$995.0K
Cap Rate 9%
$773,878
$773.9K
Market Conditions
NOI Build-Up for 16,180 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
$104.8K $6.48/SF
− Vacancy
−$5.3K −$0.33/SF
EGI
$99.5K $6.15/SF
− OpEx
−$29.8K −$1.84/SF
NOI
$69.6K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$1,392,980
Cap Rate 7%
$994,986
Cap Rate 9%
$773,878
Alternative Uses
Best Use
Self Storage
$2.16M
$1.89M – $2.52M
NOI $151,352 @ 7.0% cap · market cap 15.15%
Second Best
Industrial
$995.0K
$870.6K – $1.16M
NOI $69,649 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$5.59M
$4.89M – $6.52M
NOI $391,035 @ 7.0% cap · market cap 39.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 60430, IL
20,146
Population
7,662
Households
2.6
Avg Household Size
42
Median Age
46%
College-Educated
96%
High-School Grad
6.9 sq mi
ZIP Area
2,920
Density / Sq Mi
$91,402
Median Household Income
$48,509
Median Earnings
$1,419
Median Rent
$209,100
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?
Self storage facility - Well-located self-storage facility in Homewood, Illinois with upside potential.
Where is this self storage facility located?
The property is located at 501 Ridge Rd Homewood, IL.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Compelling ~9% trailing cap rate provides immediate and durable yield.; Located in a dense, established south suburban Chicago area.; Benefits from convenient access throughout the Homewood / Hazel Crest / Glenwood corridor.
