Renovated Six-Unit Strip
New
For Sale
$3,300,000
6417 South Ridgeland Avenue, Oak Lawn, IL 60453
Six fully leased units provide established occupancy across the retail center.
Property Size15,810 SF
Days on Market7
Property Features for 6417 South Ridgeland Avenue
General Information
Standard status
Active
Size
15,810 SF
Property subtype
Retail - Strip
Building Details
Building Size
15,810 SF
Year Built
1990
Year Renovated
2025
Listing Agency:
Network Commercial Real Estate
(708) 927-8000
Listed By:
Neil Haleem · License #471010714
Source:
Commercialcafe
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 31 at 1:48PM
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 Network Commercial Real Estate
Investment Insights
Based on property information with market context.
This strip mall contains a 15,810 SF building with six fully leased units. The property was renovated in 2025, providing updated retail space within a center originally built in 1990. Current occupancy is 100% across the six-unit configuration.
The site encompasses approximately 1.10 acres, with a reported site area of +/-48,138. The property is in Oak Lawn, Illinois, within the Chicago MSA and near the Oak Lawn and Burbank borders. Its multi-unit layout and current leasing provide a stabilized retail occupancy profile.
The site encompasses approximately 1.10 acres, with a reported site area of +/-48,138. The property is in Oak Lawn, Illinois, within the Chicago MSA and near the Oak Lawn and Burbank borders. Its multi-unit layout and current leasing provide a stabilized retail occupancy profile.
Key Highlights
- 15,810 SF strip mall building
- Six fully leased retail units
- 100% occupied
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
$219,445
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
6.65%
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%
$4,388,900
$4.4M
Cap Rate 7%
$3,134,929
$3.1M
Cap Rate 9%
$2,438,278
$2.4M
Market Conditions
NOI Build-Up for 15,810 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
$341.5K $21.60/SF
− Vacancy
−$28.0K −$1.77/SF
EGI
$313.5K $19.83/SF
− OpEx
−$94.0K −$5.95/SF
NOI
$219.4K $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%
$4,388,900
Cap Rate 7%
$3,134,929
Cap Rate 9%
$2,438,278
Alternative Uses
Best Use
Retail
$3.13M
$2.74M – $3.66M
NOI $219,445 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.46M
$4.78M – $6.37M
NOI $382,093 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
108k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Shops & Services 40%
Dining 10%
Jewel-Osco
Groceries
54,415 visits/mo
0.0 miles
Dollar Tree
Shops & Services
26,918 visits/mo
0.1 miles
Burger King
Dining
10,878 visits/mo
0.2 miles
Pet Supplies Plus
Shops & Services
9,902 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,331 visits/mo
0.5 miles
Demographics for 60453, IL
58,362
Population
23,115
Households
2.5
Avg Household Size
40
Median Age
30%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
6,866
Density / Sq Mi
$82,493
Median Household Income
$48,810
Median Earnings
$1,310
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Six fully leased units provide established occupancy across the retail center.
Where is this strip mall located?
The property is located at 6417 South Ridgeland Avenue Oak Lawn, IL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 15,810 SF strip mall building; Six fully leased retail units; 100% occupied
