Retail Investment Opportunity in Des
For Sale
$1,900,000
669-685 Graceland Avenue, Des Plaines, IL 60016
Stable 6-unit retail asset with investment potential in Des Plaines.
Property Size10,825 SF
Days on Market148
Property Features for 669-685 Graceland Avenue
General Information
Standard status
Active
Size
10,825 SF
Taxes and HOA fees
Annual Taxes
$68,938
Building Details
Building Size
10,825 SF
Year Built
1951
Stories
1
Listing Agency:
Coldwell Banker Realty | Naperville
(847) 409-0232
Listed By:
Michael Velasco
(847) 409-0232
Source:
Evrealestate
Added: Apr 6
Changed: Aug 23
Last Checked: Aug 30 at 2:54PM
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 Coldwell Banker Realty | Naperville
Investment Insights
Based on property information with market context.
A 6-unit retail asset is available for sale in the Des Plaines Business District. The property has one vacancy. Recent developments in the area and a strong surrounding client base may offer an attractive opportunity to potential tenants. This property is positioned as a passive investment for a variety of investors.
Key Highlights
- Stable 6‑unit retail asset, a great investment.
- Located in Des Plaines Business District.
- Only one vacancy, ensures consistent income.
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
$150,253
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
7.91%
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%
$3,005,060
$3.0M
Cap Rate 7%
$2,146,471
$2.1M
Cap Rate 9%
$1,669,478
$1.7M
Market Conditions
NOI Build-Up for 10,825 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
$233.8K $21.60/SF
− Vacancy
−$19.2K −$1.77/SF
EGI
$214.6K $19.83/SF
− OpEx
−$64.4K −$5.95/SF
NOI
$150.3K $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%
$3,005,060
Cap Rate 7%
$2,146,471
Cap Rate 9%
$1,669,478
Alternative Uses
Best Use
Retail
$2.15M
$1.88M – $2.50M
NOI $150,253 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,617 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,509
Businesses Nearby
2k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Public Storage
Shops & Services
1,666 visits/mo
0.4 miles
Demographics for 60016, IL
61,888
Population
25,613
Households
2.4
Avg Household Size
42
Median Age
43%
College-Educated
89%
High-School Grad
12.1 sq mi
ZIP Area
5,115
Density / Sq Mi
$84,044
Median Household Income
$50,180
Median Earnings
$1,406
Median Rent
$300,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Strip mall - Stable 6-unit retail asset with investment potential in Des Plaines.
Where is this strip mall located?
The property is located at 669-685 Graceland Avenue Des Plaines, IL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Stable 6‑unit retail asset, a great investment.; Located in Des Plaines Business District.; Only one vacancy, ensures consistent income.
