Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Office Building in Niles Title is generated by Realmo AI

    5940 W Touhy Ave, Niles, IL 60714

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Three-story office building with ample parking and recent renovations.

    Type:Office
    Added:
    Jul 29, 2021
    Days on Market:
    1773
    Last Refresh:
    May 12 at 8:51 pm

    Property Features for 5940 W Touhy Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1981

    Spaces For Lease

    at 5940 W Touhy Ave Contact us

    230 $17/Mo

    Size
    1,405 SF
    Type
    Office
    Contact us

    385 $17/Mo

    Size
    1,380 SF
    Type
    Office
    Contact us

    305 $17/Mo

    Size
    1,246 SF
    Type
    Office
    Contact us

    202 $17/Mo

    Size
    1,801 SF
    Type
    Office
    Contact us

    320 $17/Mo

    Size
    1,927 SF
    Type
    Office
    Contact us

    240 $17/Mo

    Size
    1,368 SF
    Type
    Office
    Contact us

    200 $17/Mo

    Size
    3,808 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 29, 2021

    Source Crexi

    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 Imperial Realty Company

    HighLights

    • Recently renovated with new interior hallways and move‑in ready offices.
    • Ample parking for tenants and visitors.
    • Located in Niles, Illinois, voted the Best Place to Raise a Family in Illinois.
    • Walking distance from Village Crossing Shopping Center with numerous restaurants.
    • Ease of public transit with free bus service within the village.
    • Niles ranked A by Niche.com.

    Overview

    The property at 5940 Touhy is a three-story professional office building available for lease, located in Niles, Illinois. The building provides ample parking for tenants and visitors. The interior hallways have been recently renovated, and the offices are move-in ready. Niles is recognized for its ease of public transit, featuring a free bus service within the village. The area includes 20 park sites, multiple shopping centers, and a public school system. The property is located within walking distance of Village Crossing Shopping Center, which includes restaurants such as Naf Naf Grill, Graziano's, Wingstop, Brickhouse Tavern, Noodles & Co, Al's Italian Beef, Buffalo Wild Wings, Corner Bakery Café, Panda Express, Chipotle, Subway, Jersey Mike's, Bar Louie, and Red Robin.
    Property Profile Location Intelligence

    Current Use by Public Records

    O'Donoghue Builders, Inc. Construction Company Imperial Realty Company Real Estate Agency Apple On Call Inc Electronics & Wireless Store TeamLogic IT Tech Support Center AAA Engineering Engineer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Niles
    County
    Cook
    State
    Illinois
    Longitude
    -87.7744184
    Latitude
    42.0123828

    Nearby Similar for Lease

    • $22 SF/Yr
      1,013 SF

      Niles Retail or Office Space

      Retail or office space with high visibility and ample parking.
      8850 N Milwaukee Ave, Niles, IL
      View Details
    • $8 SF/Yr
      8,782 SF

      Industrial Space Near Eden’s Expressway

      8,782 SF industrial space with office near I-94.
      5631-5675 W Howard St, Niles, IL
      View Details
    • Contact for pricing
      2,440 SF

      Retail Space at Busy Intersection

      Retail space for lease at high-traffic Golf Road location.
      8480 W Golf Rd, Niles, IL 60714
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space at Golf Road

      Retail space for lease at a high-traffic intersection.
      8526 W Golf Rd, Niles, IL 60714
      View Details
    • $12 SF/Yr
      1,549 SF

      Niles Flex Space Available

      Flex space with office, warehouse, and shared loading docks.
      7111 N Austin Ave, Niles, IL
      View Details
    • Contact for pricing
      1,200 SF

      Retail Anchor Space Available

      Divisible anchor space available at a high-traffic corner location.
      7239 W Dempster St, Niles, IL 60714
      View Details
    • Contact for pricing
      32,028 SF

      Retail Anchor Space Available

      32,028 SF divisible anchor space for rent.
      7233 West Dempster Street | Niles, IL 60714
      View Details
    • Contact for pricing

      Retail Space on Golf Road

      Small shop space available for rent on Golf Road.
      8600 W Golf Rd | Niles, IL 60714
      View Details
    • $12 SF/Yr
      3,800 SF

      Industrial Units with Loading Docks

      Flex space with loading docks and high traffic exposure.
      7311 Croname Rd, Niles, IL
      View Details
    • Contact for pricing

      Commercial Property on Dempster Street

      Commercial property available for rent on Dempster Street, Niles, IL.
      8650 West Dempster Street, Niles, IL 60714
      View Details
    • Contact for pricing
      32,028 SF

      Retail Anchor Space Available

      32,028 SF divisible anchor space in Niles, Illinois.
      7255 W Dempster St, Niles, IL
      View Details
    • $10 SF/Yr
      125,000 SF

      Industrial Space with Office Component

      125,000+ SF industrial space with office component for lease.
      7840 Lehigh Ave, Niles, IL 60714
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story office building with ample parking and recent renovations.
    Where is this office building located?
    The property is located at 5940 W Touhy Ave Niles, IL.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Recently renovated with new interior hallways and move‑in ready offices.; Ample parking for tenants and visitors.; Located in Niles, Illinois, voted the Best Place to Raise a Family in Illinois.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5940 W Touhy Ave, Niles, IL 60714
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!