Updated One-Story Office
New
For Sale
$1,379,000
8150 Central Park Avenue, Skokie, IL 60076
Brick office property combines flexible workspace with on-site parking and indoor storage capability.
Property Size5,761 SF
Price / SF$239.37
Days on Market4
Property Features for 8150 Central Park Avenue
General Information
Standard status
Active
Size
5,761 SF
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$35,429
Amenities
kitchenette
bathrooms equipped with showers
Building Details
Building Size
5,761 SF
Year Built
1950
Buildings
1
Stories
1
Construction
brick
Listing Agency:
Strauss Realty Ltd
Listed By:
Moshe Weinberger · License #475183341
(773) 736-3600
Source:
Dawnmckennagroup
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 11:48AM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
This 5,761-square-foot office building was built in 1950 and has been updated for contemporary use. The one-story brick structure occupies a corner lot with windows on three sides. Inside, the layout includes an open work area, reception, cubicle zones, conference rooms, private offices, a kitchenette, and bathrooms with showers.
On-site parking is reached through a curb cut on the east side, while two drive-in doors provide indoor parking or storage options. The property is located in Skokie within an established setting that includes light manufacturing and residential uses nearby. Its configuration supports office operations requiring a combination of collaborative space, private rooms, and practical storage capacity.
On-site parking is reached through a curb cut on the east side, while two drive-in doors provide indoor parking or storage options. The property is located in Skokie within an established setting that includes light manufacturing and residential uses nearby. Its configuration supports office operations requiring a combination of collaborative space, private rooms, and practical storage capacity.
Key Highlights
- 5,761 SF one‑story brick office building on a corner lot
- Updated interior with open work areas, reception, cubicles, conference rooms, and private offices
- Windows on three sides provide perimeter natural light
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
$79,435
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
5.76%
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%
$1,588,700
$1.6M
Cap Rate 7%
$1,134,786
$1.1M
Cap Rate 9%
$882,611
$882.6K
Market Conditions
NOI Build-Up for 5,761 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
$141.0K $24.48/SF
− Vacancy
−$35.1K −$6.10/SF
EGI
$105.9K $18.38/SF
− OpEx
−$26.5K −$4.60/SF
NOI
$79.4K $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%
$1,588,700
Cap Rate 7%
$1,134,786
Cap Rate 9%
$882,611
Alternative Uses
Best Use
Office B
$1.13M
$992.9K – $1.32M
NOI $79,435 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,231 @ 7.0% cap · market cap 10.10%
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
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 60076, IL
34,295
Population
11,908
Households
2.9
Avg Household Size
42
Median Age
52%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
6,725
Density / Sq Mi
$103,870
Median Household Income
$50,336
Median Earnings
$1,576
Median Rent
$381,000
Median Home Value
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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 building - Brick office property combines flexible workspace with on-site parking and indoor storage capability.
Where is this office building located?
The property is located at 8150 Central Park Avenue Skokie, IL.
What is the asking price?
The asking price for this property is $1,379,000.
What are key features of this property?
This property features: 5,761 SF one‑story brick office building on a corner lot; Updated interior with open work areas, reception, cubicles, conference rooms, and private offices; Windows on three sides provide perimeter natural light
