Retail Building with Drive-Thru
For Sale
$750,000
7231 W 171st Street, Tinley Park, IL 60477
Freestanding commercial building with substantial on-site parking and flexibility for retail, restaurant, medical, office, or service uses.
Property Size1,810 SF
Lot Size0.50 Acres
Price / SF$414.36
Days on Market50
Property Features for 7231 W 171st Street
General Information
Standard status
Active
Size
1,810 SF
Lot size
0.50 Acres
Property subtype
Retail - Street Retail
Building Details
Building Size
1,810 SF
Year Renovated
2025
Buildings
1
Listing Agency:
Network Commercial Real Estate
(708) 927-8000
Listed By:
Neil Haleem · License #471010714
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 1:43PM
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 freestanding storefront property includes an approximately 1,810-square-foot commercial building on an approximately 21,591-square-foot site. The expansive parcel provides parking and vehicle circulation, with site characteristics that may accommodate a drive-thru lane. The property can support a range of retail, restaurant, medical, office, and service-oriented concepts, subject to applicable approvals.
Located at 7231 W 171st Street in Tinley Park, the property sits just off the southwest corner of 171st Street and Harlem Avenue. The surrounding Downtown Tinley Park area includes national retailers, local businesses, restaurants, entertainment venues, and residential development. The Tinley Park Metra Station is nearby, adding rail access to the property's surrounding transportation network.
Located at 7231 W 171st Street in Tinley Park, the property sits just off the southwest corner of 171st Street and Harlem Avenue. The surrounding Downtown Tinley Park area includes national retailers, local businesses, restaurants, entertainment venues, and residential development. The Tinley Park Metra Station is nearby, adding rail access to the property's surrounding transportation network.
Key Highlights
- Approximately ±1,810 square feet on an approximately ±21,591 square foot site
- Freestanding storefront building with parking and vehicle circulation
- Site may accommodate a drive‑thru lane, subject to applicable approvals
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
$25,123
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
3.35%
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%
$502,460
$502.5K
Cap Rate 7%
$358,900
$358.9K
Cap Rate 9%
$279,144
$279.1K
Market Conditions
NOI Build-Up for 1,810 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
$39.1K $21.60/SF
− Vacancy
−$3.2K −$1.77/SF
EGI
$35.9K $19.83/SF
− OpEx
−$10.8K −$5.95/SF
NOI
$25.1K $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%
$502,460
Cap Rate 7%
$358,900
Cap Rate 9%
$279,144
Alternative Uses
Best Use
Retail
$358.9K
$314.0K – $418.7K
NOI $25,123 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$624.9K
$546.8K – $729.1K
NOI $43,744 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60477, IL
37,335
Population
16,261
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
2,629
Density / Sq Mi
$93,862
Median Household Income
$57,381
Median Earnings
$1,485
Median Rent
$262,400
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.
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding commercial building with substantial on-site parking and flexibility for retail, restaurant, medical, office, or service uses.
Where is this storefront property located?
The property is located at 7231 W 171st Street Tinley Park, 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: Approximately ±1,810 square feet on an approximately ±21,591 square foot site; Freestanding storefront building with parking and vehicle circulation; Site may accommodate a drive‑thru lane, subject to applicable approvals
