Renovated Mixed-Use
New
For Sale
$599,999
517 S 9th Ave, Maywood, IL 60153
Combines leased residential units with renovated automotive shop space and included equipment.
Property Size7,712 SF
Price / SF$77.80
Days on Market2
Property Features for 517 S 9th Ave
General Information
Standard status
Active
Size
7,712 SF
Property subtype
Multi-Family
Building Details
Year Built
1903
Listing Agency:
Mark Allen Realty Era Powered
(312) 622-2850
Listed By:
Thomas Bezanes · License #471018395
(312) 622-2850
Source:
Highriseschicago
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 7:29PM
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 Mark Allen Realty Era Powered
Investment Insights
Based on property information with market context.
This 7,712-square-foot mixed-use property in Maywood combines a two-unit residential building with an automotive and body shop. The apartments are currently leased and include one 2 bed, 1 bath unit and one 3 bed, 1 bath unit. Residential improvements completed between 2022 and 2023 include updated framing, drywall, electrical, plumbing, HVAC, furnaces, air-conditioning units, tankless water heaters, panels, hardwood flooring, windows, doors, siding, roofing, balcony, concrete, and other exterior work. Attic storage provides additional usable space.
The automotive shop was renovated during the same period with updated HVAC, plumbing, electrical service, a new electrical panel, bathroom, kitchenette and storage area, reception desk, and security system. Sale inclusions include an automotive frame rack and frame-straightening system, along with a Clean Shop automotive paint and prep filtration station. The property was originally built in 1903.
The automotive shop was renovated during the same period with updated HVAC, plumbing, electrical service, a new electrical panel, bathroom, kitchenette and storage area, reception desk, and security system. Sale inclusions include an automotive frame rack and frame-straightening system, along with a Clean Shop automotive paint and prep filtration station. The property was originally built in 1903.
Key Highlights
- 7,712 SF mixed‑use property with residential and automotive components
- Two leased apartments: one 2 bed/1 bath and one 3 bed/1 bath
- Residential building extensively renovated between 2022‑2023
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
$33,198
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
5.53%
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%
$663,960
$664.0K
Cap Rate 7%
$474,257
$474.3K
Cap Rate 9%
$368,867
$368.9K
Market Conditions
NOI Build-Up for 7,712 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
$50.0K $6.48/SF
− Vacancy
−$2.5K −$0.33/SF
EGI
$47.4K $6.15/SF
− OpEx
−$14.2K −$1.84/SF
NOI
$33.2K $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%
$663,960
Cap Rate 7%
$474,257
Cap Rate 9%
$368,867
Alternative Uses
Best Use
Mixed Use
$1.86M
$1.63M – $2.17M
NOI $130,140 @ 7.0% cap · market cap 21.69%
Second Best
Retail
$1.53M
$1.34M – $1.78M
NOI $107,044 @ 7.0% cap · market cap 17.84%
Theoretical Best
Office A
$2.66M
$2.33M – $3.11M
NOI $186,382 @ 7.0% cap · market cap 31.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 60153, IL
23,512
Population
8,385
Households
2.8
Avg Household Size
36
Median Age
17%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
8,397
Density / Sq Mi
$66,498
Median Household Income
$40,734
Median Earnings
$1,203
Median Rent
$212,600
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Mixed-use property - Combines leased residential units with renovated automotive shop space and included equipment.
Where is this mixed-use property located?
The property is located at 517 S 9th Ave Maywood, IL.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: 7,712 SF mixed‑use property with residential and automotive components; Two leased apartments: one 2 bed/1 bath and one 3 bed/1 bath; Residential building extensively renovated between 2022‑2023
