Mixed-Use Property with Commercial
For Sale
$379,900
8029 Lincoln Avenue, Skokie, IL 60077
Three-level live-work layout combines a private residence with a dedicated main-level business suite.
Property Size1,469 SF
Price / SF$258.61
Days on Market24
Property Features for 8029 Lincoln Avenue
General Information
Standard status
Active
Size
1,469 SF
Total Parking Spaces
2
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,356
Amenities
private balcony
in-unit laundry
storage space
attached 2-car garage
storage room
private bathroom
Building Details
Year Built
1994
Buildings
1
Stories
3
Units
2
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Claudia Goehner
Source:
Jjillrealtygroup
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 5:09PM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
Built in 1994, this three-level mixed-use property pairs a dedicated commercial area with an upper-level residence. The main floor includes a private bathroom and storage room, creating space for a small business, home office, or creative studio. The attached garage provides parking and additional storage.
The residential portion measures approximately 1,469 square feet and includes 2 bedrooms and 2.5 bathrooms. Its main living level features an open arrangement with a kitchen equipped with stainless steel appliances, an eating area, and a living room. A private balcony extends the living space, while laundry and storage support daily use. The upper residential level includes two full bathrooms, including a primary suite, plus a dedicated laundry closet.
The property is located near dining, shopping, entertainment, and public transportation in Skokie.
The residential portion measures approximately 1,469 square feet and includes 2 bedrooms and 2.5 bathrooms. Its main living level features an open arrangement with a kitchen equipped with stainless steel appliances, an eating area, and a living room. A private balcony extends the living space, while laundry and storage support daily use. The upper residential level includes two full bathrooms, including a primary suite, plus a dedicated laundry closet.
The property is located near dining, shopping, entertainment, and public transportation in Skokie.
Key Highlights
- Mixed‑use property with approximately 1,469 sq. ft. of residential space
- Main‑level commercial area includes a private bathroom and storage room
- Residential layout offers 2 bedrooms and 2.5 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
$24,789
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
6.53%
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%
$495,780
$495.8K
Cap Rate 7%
$354,129
$354.1K
Cap Rate 9%
$275,433
$275.4K
Market Conditions
NOI Build-Up for 1,469 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
$44.1K $30.00/SF
− Vacancy
−$4.4K −$3.00/SF
EGI
$39.7K $27.00/SF
− OpEx
−$14.9K −$10.13/SF
NOI
$24.8K $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%
$495,780
Cap Rate 7%
$354,129
Cap Rate 9%
$275,433
Alternative Uses
Best Use
Mixed Use
$354.1K
$309.9K – $413.2K
NOI $24,789 @ 7.0% cap · market cap 6.53%
Second Best
Office B
$289.4K
$253.2K – $337.6K
NOI $20,255 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$507.2K
$443.8K – $591.7K
NOI $35,503 @ 7.0% cap · market cap 9.35%
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?
Mixed-use property - Three-level live-work layout combines a private residence with a dedicated main-level business suite.
Where is this mixed-use property located?
The property is located at 8029 Lincoln Avenue Skokie, IL.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Mixed‑use property with approximately 1,469 sq. ft. of residential space; Main‑level commercial area includes a private bathroom and storage room; Residential layout offers 2 bedrooms and 2.5 bathrooms
