8-Store Retail
For Sale
$1,650,000
503 W 153 Street, Phoenix, IL 60426
Fully leased commercial property with five tenants, parking, and prominent street presence.
Property Size9,000 SF
Price / SF$183.33
Days on Market84
Property Features for 503 W 153 Street
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Commercial
Zoning
COMMR
Occupancy
100%
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$38,000
Amenities
parking
Building Details
Building Size
9,000 SF
Year Built
2007
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Century 21 Circle
(773) 465-4200
Listed By:
Mark Ahmad · License #471007186
(773) 465-4200
Source:
Gia-sells
Added: Jun 8
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This approximately 9,000-square-foot retail plaza contains eight store units and is fully leased to five tenants. Built in 2007, the property has been maintained since construction and includes on-site parking.
The property occupies the corner of 153rd Street and Halsted Street in Phoenix, Illinois, within a commercial corridor serving retail and professional activity. It is near Vincennes Road, IL-1, and the Halsted Street and Route 6 intersection, with Interstate 57 and Chicago Midway International Airport also within short distance. Rail access is nearby, and the surrounding area includes dense suburban communities in the south Chicago metropolitan region.
The property occupies the corner of 153rd Street and Halsted Street in Phoenix, Illinois, within a commercial corridor serving retail and professional activity. It is near Vincennes Road, IL-1, and the Halsted Street and Route 6 intersection, with Interstate 57 and Chicago Midway International Airport also within short distance. Rail access is nearby, and the surrounding area includes dense suburban communities in the south Chicago metropolitan region.
Key Highlights
- 8‑store plaza with 5 tenants
- Approximately 9,000 square feet
- Fully leased commercial property
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
$124,921
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
7.57%
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%
$2,498,420
$2.5M
Cap Rate 7%
$1,784,586
$1.8M
Cap Rate 9%
$1,388,011
$1.4M
Market Conditions
NOI Build-Up for 9,000 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
$194.4K $21.60/SF
− Vacancy
−$15.9K −$1.77/SF
EGI
$178.5K $19.83/SF
− OpEx
−$53.5K −$5.95/SF
NOI
$124.9K $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%
$2,498,420
Cap Rate 7%
$1,784,586
Cap Rate 9%
$1,388,011
Alternative Uses
Best Use
Retail
$1.78M
$1.56M – $2.08M
NOI $124,921 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,510 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60426, IL
24,114
Population
10,870
Households
2.2
Avg Household Size
37
Median Age
10%
College-Educated
77%
High-School Grad
7.7 sq mi
ZIP Area
3,132
Density / Sq Mi
$40,995
Median Household Income
$29,712
Median Earnings
$987
Median Rent
$88,500
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.
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased commercial property with five tenants, parking, and prominent street presence.
Where is this shopping center located?
The property is located at 503 W 153 Street Phoenix, IL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 8‑store plaza with 5 tenants; Approximately 9,000 square feet; Fully leased commercial property
