Freestanding Storefront
For Sale
$1,850,000
800 E 31st Street, La Grange Park, IL 60526
Corner commercial building with loading access, private parking, and adaptable interior character for retail or other commercial uses.
Property Size6,650 SF
Price / SF$278.20
Days on Market8
Property Features for 800 E 31st Street
General Information
Standard status
Active
Size
6,650 SF
Property subtype
COMMERCIAL
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$29,447
Amenities
rear loading dock
private on-site parking
exposed brick walls
soaring ceilings
concrete floors
exposed spiral ductwork
two ADA-compliant restrooms
Building Details
Building Size
6,650 SF
Year Built
1949
Buildings
1
Listing Agency:
Pearson Realty Group
(773) 325-2800
Listed By:
Thoma Socrates Panos · License #1015118
Source:
Dawnmckennagroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 10:21AM
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 Pearson Realty Group
Investment Insights
Based on property information with market context.
This freestanding commercial building occupies a corner location in La Grange Park and contains 6,650 square feet. Built in 1949, the property has exposed brick, concrete flooring, high ceilings, and visible spiral ductwork. Two ADA-compliant restrooms support a range of occupants, while a rear loading dock adds practical service access. The premises are offered AS-IS for sale and/or lease.
Private on-site parking supplements available street parking. Commercial zoning supports retail, office, showroom, creative, and service uses, providing flexibility for an owner-user, investor, or commercial operator. The existing layout and architectural finishes can accommodate a variety of storefront-oriented concepts without relying on a single use configuration.
Private on-site parking supplements available street parking. Commercial zoning supports retail, office, showroom, creative, and service uses, providing flexibility for an owner-user, investor, or commercial operator. The existing layout and architectural finishes can accommodate a variety of storefront-oriented concepts without relying on a single use configuration.
Key Highlights
- 6,650‑square‑foot freestanding commercial building built in 1949
- Corner property in La Grange Park with private on‑site and street parking
- Rear loading dock provides dedicated service access
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
$92,303
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
4.99%
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%
$1,846,060
$1.8M
Cap Rate 7%
$1,318,614
$1.3M
Cap Rate 9%
$1,025,589
$1.0M
Market Conditions
NOI Build-Up for 6,650 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
$143.6K $21.60/SF
− Vacancy
−$11.8K −$1.77/SF
EGI
$131.9K $19.83/SF
− OpEx
−$39.6K −$5.95/SF
NOI
$92.3K $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%
$1,846,060
Cap Rate 7%
$1,318,614
Cap Rate 9%
$1,025,589
Alternative Uses
Best Use
Retail
$1.32M
$1.15M – $1.54M
NOI $92,303 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,716 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60526, IL
13,810
Population
5,474
Households
2.5
Avg Household Size
43
Median Age
60%
College-Educated
96%
High-School Grad
3.9 sq mi
ZIP Area
3,541
Density / Sq Mi
$118,831
Median Household Income
$62,481
Median Earnings
$1,413
Median Rent
$427,800
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?
Storefront property - Corner commercial building with loading access, private parking, and adaptable interior character for retail or other commercial uses.
Where is this storefront property located?
The property is located at 800 E 31st Street La Grange Park, IL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 6,650‑square‑foot freestanding commercial building built in 1949; Corner property in La Grange Park with private on‑site and street parking; Rear loading dock provides dedicated service access
