Mixed-Use Property with Auto
New
For Sale
$949,000
915 Oakton Street, Des Plaines, IL 60016
Commercial Sale, Des Plaines, IL
Property Size6,500 SF
Lot Size0.14 Acres
Price / SF$146
Days on Market1
Property Features for 915 Oakton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Oakton West of Lee Street and East of Wolf.
Subdivision
Des Plaines
Standard status
Active
APN
09291000050000
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5703
Utilities
Cooling system
Central Air
Amenities
automotive lift
Building Details
Year built
1940
Floors in Building
2
Number of units
3
Listing Agency:
HomeSmart Connect LLC · HomeSmart International
(847) 495-5000
Listed By:
Emilio Bartucci · License #475127821
(847) 495-5000
Added: Aug 22
Last Checked: Aug 22 at 11:06PM
MLS# 12740208
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick mixed-use building combines commercial frontage, substantial vehicle storage, and residential space within one property. The configuration includes a 7.5-car garage with an automotive lift, two storefronts, and two apartments. Central air and on-site parking are also provided, supporting a range of commercial and live-work arrangements.
Positioned on Oakton Street in Des Plaines, the property benefits from approximately 20,400 vehicles per day and convenient access. Built in 1940, it offers a distinctive combination of garage, storefront, and apartment space under one roof.
Positioned on Oakton Street in Des Plaines, the property benefits from approximately 20,400 vehicles per day and convenient access. Built in 1940, it offers a distinctive combination of garage, storefront, and apartment space under one roof.
Key Highlights
- 7.5‑car garage equipped with an automotive lift
- Two storefront commercial spaces
- Two residential apartments under one roof
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
$27,980
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
2.95%
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%
$559,600
$559.6K
Cap Rate 7%
$399,714
$399.7K
Cap Rate 9%
$310,889
$310.9K
Market Conditions
NOI Build-Up for 6,500 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
$42.1K $6.48/SF
− Vacancy
−$2.1K −$0.33/SF
EGI
$40.0K $6.15/SF
− OpEx
−$12.0K −$1.84/SF
NOI
$28.0K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$559,600
Cap Rate 7%
$399,714
Cap Rate 9%
$310,889
Alternative Uses
Best Use
Mixed Use
$1.57M
$1.37M – $1.83M
NOI $109,688 @ 7.0% cap · market cap 11.56%
Second Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,221 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $157,091 @ 7.0% cap · market cap 16.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,400 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 60016, IL
61,888
Population
25,613
Households
2.4
Avg Household Size
42
Median Age
43%
College-Educated
89%
High-School Grad
12.1 sq mi
ZIP Area
5,115
Density / Sq Mi
$84,044
Median Household Income
$50,180
Median Earnings
$1,406
Median Rent
$300,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick building combines business frontage, vehicle storage, and residential units.
Where is this mixed-use property located?
The property is located at 915 Oakton Street Des Plaines, IL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 7.5‑car garage equipped with an automotive lift; Two storefront commercial spaces; Two residential apartments under one roof
