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    18241 West St Lansing, IL 60438

    Sponsored
    For Lease
    $21 SF/Yr

    Downtown Lansing office space, flexible sizes.

    Lot size:
    15,961 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This two-story, 15,961-square-foot office building in downtown Lansing, Illinois offers a variety of spaces to suit your business needs. Located at 18241 West Street, this Class C property underwent renovations in 2022 and features multiple tenancy options, with suites ranging from a minimum of 150 square feet to a maximum contiguous space of 1,250 square feet. The building sits on a 0.51-acre lot and is conveniently located in Cook County, zip code 60438. The property offers a blend of traditional office, executive office, and coworking spaces, making it suitable for a range of businesses. Its prime location along West Street provides high visibility and easy access, complemented by ample side and rear parking. The area boasts a variety of dining, retail, and recreational options, including proximity to the Lansing Country Club, Lan-Oak Park, Park Plaza, and Fox Pointe. Furthermore, its strategic location offers easy access to major roadways including Route 83, I-294, I-80, and I-394, ensuring convenient commutes for employees and clients. The building is situated in a thriving commercial area, alongside established businesses such as Subway, a martial arts studio, a military supply store, a cleaning service, and a pet store. This presents an excellent opportunity to establish your business in a vibrant and well-connected location.

    Property Features for 18241 West St

    General Information

    Property type
    Coworking space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,961 SF
    Class
    C
    Total Rate
    28370.68

    Building Details

    Year Renovated
    2022
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    205
    Size
    900 SF
    Rate per SF
    $21

    We can help!

    Listing Contact
    Olivia Wirth
    Olivia Wirth

    Learn more

    HighLights

    • 150‑900 SF Office Suite Available
    • Full‑Service Office Space with Open Floor Plan
    • Prime Location at Ridge Road & West Street Intersection
    • Convenient On‑Site Parking
    Property Profile Location Intelligence

    Current Use by Public Records

    tasty delite Wholesaler Kerry Corporation-USA Computer Store Righteous Hearts Home ... Home Health Care Service Righteous Hearts CPR ... Training Centre Triune Health Care ... Education Center

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Cook
    State
    Illinois
    Longitude
    -87.531930382394
    Latitude
    41.564214651846

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    FAQs

    What type of property is this?
    Coworking space - Downtown Lansing office space, flexible sizes.
    Where is this coworking space located?
    The property is located at 18241 West St Lansing, IL.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: 150-900 SF Office Suite Available; Full-Service Office Space with Open Floor Plan; Prime Location at Ridge Road & West Street Intersection
    Request Owner's contact information
    18241 West St Lansing, IL 60438
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    Lansing, IL 60438
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    18241 West St Lansing, IL 60438
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    We can help!
    Listing Contact
    Olivia Wirth
    Olivia Wirth
    Real Estate License ID: 475.161032
    Learn more
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