Corner Storefront Mixed-Use
For Sale
$750,000
5801 W 16th St, Cicero, IL 60804
Residential units accompany a commercial frontage and two-car garage.
Property Size5,894 SF
Price / SF$127.25
Days on Market35
Property Features for 5801 W 16th St
General Information
Standard status
Active
Size
5,894 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Corner Location
Yes
Amenities
garage
outdoor space
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
Keller Williams ONEChicago
(773) 851-5840
Listed By:
Tommy Choi · License #471004140
Source:
Illianahomesource
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 7:41AM
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 Keller Williams ONEChicago
Investment Insights
Based on property information with market context.
This 5,894-square-foot mixed-use property, built in 1915, combines three apartments with a corner storefront and a two-car garage. The residential component includes two 3BR apartments and one 2BR apartment. The commercial space is currently used as a beauty salon, providing an established storefront configuration within the building.
The sale includes the adjacent lot at 5801 W 16th St, which is currently used as outdoor space for tenants. The combination of apartment layouts, commercial frontage, garage capacity, and adjoining outdoor area creates a property with both residential and business components.
The sale includes the adjacent lot at 5801 W 16th St, which is currently used as outdoor space for tenants. The combination of apartment layouts, commercial frontage, garage capacity, and adjoining outdoor area creates a property with both residential and business components.
Key Highlights
- Three apartments with two 3BR layouts and one 2BR layout
- Corner storefront currently used as a beauty salon
- 5,894‑square‑foot mixed‑use building
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
$68,375
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
9.12%
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%
$1,367,500
$1.4M
Cap Rate 7%
$976,786
$976.8K
Cap Rate 9%
$759,722
$759.7K
Market Conditions
NOI Build-Up for 5,894 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
$133.7K $22.68/SF
− Vacancy
−$9.4K −$1.59/SF
EGI
$124.3K $21.09/SF
− OpEx
−$55.9K −$9.49/SF
NOI
$68.4K $11.60/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
45.00%
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%
$1,367,500
Cap Rate 7%
$976,786
Cap Rate 9%
$759,722
Alternative Uses
Best Use
Mixed Use
$1.42M
$1.24M – $1.66M
NOI $99,461 @ 7.0% cap · market cap 13.26%
Second Best
Retail
$1.17M
$1.02M – $1.36M
NOI $81,810 @ 7.0% cap · market cap 10.91%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,445 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,126
Businesses Nearby
Explore this area
Business Placement
Demographics for 60804, IL
85,673
Population
26,738
Households
3.2
Avg Household Size
32
Median Age
11%
College-Educated
68%
High-School Grad
7.1 sq mi
ZIP Area
12,067
Density / Sq Mi
$68,548
Median Household Income
$36,786
Median Earnings
$1,121
Median Rent
$236,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Residential units accompany a commercial frontage and two-car garage.
Where is this mixed-use property located?
The property is located at 5801 W 16th St Cicero, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three apartments with two 3BR layouts and one 2BR layout; Corner storefront currently used as a beauty salon; 5,894‑square‑foot mixed‑use building
