Office Condo with Private
For Sale
Contact for pricing
8041 186TH ST, Tinley Park, IL 60487
A flexible suite combines reception, private rooms, shared work area, breakroom, and two restrooms.
Property Size2,062 SF
Price / SF$190
Days on Market10
Property Features for 8041 186TH ST
General Information
Standard status
Active
Size
2,062 SF
Property subtype
Office
Building Details
Construction
brick
Listing Agency:
Olivieri Real Estate LLC
Listed By:
Jackie Montvidas · License #IL 705768
Source:
Crexi
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 24 at 2:44PM
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 Olivieri Real Estate LLC
Investment Insights
Based on property information with market context.
This 2,062-square-foot office condo has an all-brick exterior and large windows. Its layout includes a reception and waiting area, two private offices, an open office area, two restrooms, and a breakroom.
Key Highlights
- 2,062 SF office condo
- All‑brick construction with large windows
- Reception and waiting area
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
$28,432
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
7.26%
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%
$568,640
$568.6K
Cap Rate 7%
$406,171
$406.2K
Cap Rate 9%
$315,911
$315.9K
Market Conditions
NOI Build-Up for 2,062 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
$50.5K $24.48/SF
− Vacancy
−$12.6K −$6.10/SF
EGI
$37.9K $18.38/SF
− OpEx
−$9.5K −$4.60/SF
NOI
$28.4K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$568,640
Cap Rate 7%
$406,171
Cap Rate 9%
$315,911
Alternative Uses
Best Use
Office B
$406.2K
$355.4K – $473.9K
NOI $28,432 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$711.9K
$622.9K – $830.6K
NOI $49,834 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 60487, IL
26,388
Population
9,293
Households
2.8
Avg Household Size
42
Median Age
45%
College-Educated
98%
High-School Grad
7.5 sq mi
ZIP Area
3,518
Density / Sq Mi
$137,426
Median Household Income
$61,571
Median Earnings
$1,428
Median Rent
$339,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - A flexible suite combines reception, private rooms, shared work area, breakroom, and two restrooms.
Where is this office units located?
The property is located at 8041 186TH ST Tinley Park, IL.
What is the asking price?
The asking price for this property is $391,780.
What are key features of this property?
This property features: 2,062 SF office condo; All‑brick construction with large windows; Reception and waiting area
