Two-Unit Live-Work
For Sale
$674,300
8021 Lincoln Avenue, Skokie, IL 60077
Three-level layout with first-floor commercial/flex space and residential living above, plus direct access to three owned garage parking spots.
Property Size1,800 SF
Price / SF$374.61
Days on Market239
Property Features for 8021 Lincoln Avenue
General Information
Standard status
Active
Size
1,800 SF
Zoning
OTHER
Taxes and HOA fees
Annual Taxes
$17,914
Building Details
Year Built
1994
Stories
3
Listing Agency:
Ellen Gutiontov
Listed By:
Ellen Gutiontov · License #471010452
(312) 217-4833
Source:
Compass
Added: Jan 11
Changed: Aug 8
Last Checked: Jul 23 at 3:04PM
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 Ellen Gutiontov
Investment Insights
Based on property information with market context.
This property offers two mixed-use townhouses combined into a single three-level configuration. The first floor features double commercial/flex space with two half baths, with direct access to three owned parking spots in the attached garage. The commercial/flex area can be used as one space or separated back to accommodate two commercial spaces, depending on how a buyer plans to operate or rent it.
The second and third levels are set up for residential living, including multiple living areas, eat-in kitchens with sliding doors to a private patio and direct access to an interior courtyard, and flexible interior space. The third level includes four bedrooms, with two en-suite full bathrooms and two additional full bathrooms. Additional conveniences include two upper-level laundries and two attics for storage.
The property is offered for sale as-is. Public remarks note downtown Skokie proximity to restaurants and shops, with public transit access and easy highway access.
The second and third levels are set up for residential living, including multiple living areas, eat-in kitchens with sliding doors to a private patio and direct access to an interior courtyard, and flexible interior space. The third level includes four bedrooms, with two en-suite full bathrooms and two additional full bathrooms. Additional conveniences include two upper-level laundries and two attics for storage.
The property is offered for sale as-is. Public remarks note downtown Skokie proximity to restaurants and shops, with public transit access and easy highway access.
Key Highlights
- 1994‑built three‑level property with first‑floor commercial/flex space and residential living on the 2nd and 3rd levels
- First floor includes double commercial/flex space with 2 half baths and direct access to 3 owned parking spots in the attached garage
- Residential levels feature 4 large bedrooms, 2 en‑suite full bathrooms, and 2 additional full bathrooms
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
$30,375
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
4.50%
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%
$607,500
$607.5K
Cap Rate 7%
$433,929
$433.9K
Cap Rate 9%
$337,500
$337.5K
Market Conditions
NOI Build-Up for 1,800 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
$54.0K $30.00/SF
− Vacancy
−$5.4K −$3.00/SF
EGI
$48.6K $27.00/SF
− OpEx
−$18.2K −$10.13/SF
NOI
$30.4K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$607,500
Cap Rate 7%
$433,929
Cap Rate 9%
$337,500
Alternative Uses
Best Use
Mixed Use
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 4.50%
Second Best
Office B
$354.6K
$310.2K – $413.7K
NOI $24,819 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$621.5K
$543.8K – $725.0K
NOI $43,502 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 60077, IL
28,856
Population
11,317
Households
2.5
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
4.2 sq mi
ZIP Area
6,870
Density / Sq Mi
$80,765
Median Household Income
$40,996
Median Earnings
$1,450
Median Rent
$327,400
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?
Live-work space - Three-level layout with first-floor commercial/flex space and residential living above, plus direct access to three owned garage parking spots.
Where is this live-work space located?
The property is located at 8021 Lincoln Avenue Skokie, IL.
What is the asking price?
The asking price for this property is $674,300.
What are key features of this property?
This property features: 1994‑built three‑level property with first‑floor commercial/flex space and residential living on the 2nd and 3rd levels; First floor includes double commercial/flex space with 2 half baths and direct access to 3 owned parking spots in the attached garage; Residential levels feature 4 large bedrooms, 2 en‑suite full bathrooms, and 2 additional full bathrooms
