Office Building with Rear
7407 S WESTERN AVE, Chicago, IL 60622
For Sale
Contact for pricing
A remodeled freestanding office is complemented by a separate rear building with flexible workspace and storage utility.
Property Size1,000 SF
Lot Size0.07 Acres
Price / SF$399
Days on Market12
Property Features for 7407 S WESTERN AVE
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Site & Location
Neighborhood
Road Access
Tenancy & Operations
Currently Operating
Real Estate Included
Additional Details
Condition
Automotive Uses
Office Units
Property Use
Building Details
Buildings
Building Size
Listing Agency:
Keller Williams Preferred Realty Bourbonnais
Listed By:
Paula Boudos · License IL #475164071
(708) 548-6132
Source:
Crexi
Added: Oct 30
Changed: Nov 8
Last Checked: Nov 10 at 6:10AM
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 Keller Williams Preferred Realty Bourbonnais
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property includes a freestanding office building of approximately 1,000 square feet, remodeled for office, professional service, or small-business use. A separate outbuilding or garage at the rear adds space currently used for car detailing and can also serve for storage or workspace. The site measures approximately 3,150 square feet and has a lot footprint with capacity for approximately 30 cars.
Located on Western Avenue, the property is operated in tandem with a neighboring automobile dealership listing, though the properties may be acquired individually or together. Buyers should verify zoning, permitted uses, and any legal nonconforming use with the City of Chicago. The business name, operations, and inventory are excluded.
Located on Western Avenue, the property is operated in tandem with a neighboring automobile dealership listing, though the properties may be acquired individually or together. Buyers should verify zoning, permitted uses, and any legal nonconforming use with the City of Chicago. The business name, operations, and inventory are excluded.
Key Highlights
- Freestanding office building of approximately 1,000 square feet
- Remodeled interior with office, professional service, or small‑business use stated
- Separate rear outbuilding/garage currently used for car detailing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,456
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$429,120
$429.1K
Cap Rate 7%
$306,514
$306.5K
Cap Rate 9%
$238,400
$238.4K
Market Conditions
NOI Build-Up for 1,000 SF
Gross rent
$38.4K $38.40/SF
− Vacancy
−$9.8K −$9.79/SF
EGI
$28.6K $28.61/SF
− OpEx
−$7.2K −$7.15/SF
NOI
$21.5K $21.46/SF
Area
Chicago, IL
Vacancy
25.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$429,120
Cap Rate 7%
$306,514
Cap Rate 9%
$238,400
Alternative Uses
Best Use
Office B
$306.5K
$268.2K – $357.6K
NOI $21,456 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$471.5K
$412.6K – $550.1K
NOI $33,005 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
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Market
Properties on Market for Office buildings in Chicago
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Office building - A remodeled freestanding office is complemented by a separate rear building with flexible workspace and storage utility.
Where is this office building located?
The property is located at 7407 S WESTERN AVE Chicago, IL.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Freestanding office building of approximately 1,000 square feet; Remodeled interior with office, professional service, or small‑business use stated; Separate rear outbuilding/garage currently used for car detailing
