Two-Story Mixed-Use
For Sale
Contact for pricing
Pending
6533 West North Avenue, Oak Park, IL 60302
Two-story mixed-use property on North Avenue with updated apartments, roof work, and long-term tenants.
Property Size3,255 SF
Lot Size0.07 Acres
Days on Market143
Property Features for 6533 West North Avenue
General Information
Standard status
Pending
Size
3,255 SF
Total Parking Spaces
3
Lot size
0.07 Acres
Property subtype
Retail, Office, Mixed Use
Zoning
NA-North Avenue
Occupancy
100%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$45,021
Additional Details
Road Access
Yes
Building Details
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Millennium Properties R/E
Listed By:
Susan Silver · License #IL 475136992
(312) 338-3000
Source:
Crexi
Added: Apr 13
Changed: Aug 19
Last Checked: Aug 31 at 3:56PM
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 Millennium Properties R/E
Investment Insights
Based on property information with market context.
This well-maintained two-story mixed-use property sits on a 3,255 square foot site and features a mix of long-term tenants with stable cash flow. The building has undergone numerous improvements, including updating three apartments, installing a new sump pump, replacing the hot water heater, and adding a new layer on the roof. Overall, the property is maintained in excellent condition.
Located at 6533 West North Avenue in Oak Park, the property benefits from strong visibility and accessibility along North Avenue. The surrounding area is described as a mix of residential density and neighborhood retail, with good access to public transportation. The remarks also note that the Village of Oak Park is a premier Chicagoland suburb with a strong residential base, historic character, and proximity to downtown Chicago.
Located at 6533 West North Avenue in Oak Park, the property benefits from strong visibility and accessibility along North Avenue. The surrounding area is described as a mix of residential density and neighborhood retail, with good access to public transportation. The remarks also note that the Village of Oak Park is a premier Chicagoland suburb with a strong residential base, historic character, and proximity to downtown Chicago.
Key Highlights
- 2‑story mixed‑use property on a 3,255 SF site along North Avenue
- Features a mix of long‑term tenants and stable cash flow
- Numerous improvements, including updating three apartments
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
$45,180
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
5.32%
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%
$903,600
$903.6K
Cap Rate 7%
$645,429
$645.4K
Cap Rate 9%
$502,000
$502.0K
Market Conditions
NOI Build-Up for 3,255 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
$70.3K $21.60/SF
− Vacancy
−$5.8K −$1.77/SF
EGI
$64.5K $19.83/SF
− OpEx
−$19.4K −$5.95/SF
NOI
$45.2K $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%
$903,600
Cap Rate 7%
$645,429
Cap Rate 9%
$502,000
Alternative Uses
Best Use
Retail
$645.4K
$564.8K – $753.0K
NOI $45,180 @ 7.0% cap · market cap 5.32%
Second Best
Office B
$641.2K
$561.0K – $748.0K
NOI $44,881 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$1.12M
$983.3K – $1.31M
NOI $78,666 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 60302, IL
33,698
Population
15,702
Households
2.1
Avg Household Size
41
Median Age
71%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
11,233
Density / Sq Mi
$97,414
Median Household Income
$69,368
Median Earnings
$1,348
Median Rent
$450,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story mixed-use property on North Avenue with updated apartments, roof work, and long-term tenants.
Where is this retail space located?
The property is located at 6533 West North Avenue Oak Park, IL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 2‑story mixed‑use property on a 3,255 SF site along North Avenue; Features a mix of long‑term tenants and stable cash flow; Numerous improvements, including updating three apartments
