Flex Building with
For Sale
$225,000
9311 S Kedzie Avenue, Evergreen Park, IL 60805
Brick commercial property combines a front office, restroom, rear warehouse, and drive-in access with parking on both sides.
Property Size2,500 SF
Price / SF$90
Days on Market16
Property Features for 9311 S Kedzie Avenue
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Road Access
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$15,800
Building Details
Building Size
2,500 SF
Year Built
1970
Buildings
1
Stories
1
Units
1
Construction
brick
Listing Agency:
RE/MAX 10
(708) 429-4300
Listed By:
Bruce La Ha · License #IL:475.102758
(708) 429-4300
Source:
Perillorealestategroup
Added: Jul 25
Changed: Aug 8
Last Checked: Aug 8 at 12:03PM
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 RE/MAX 10
Investment Insights
Based on property information with market context.
This 2,500-square-foot flex property is a brick and Flexicor commercial building constructed in 1970. The layout includes a front office with a bathroom and a rear warehouse with an overhead door. Parking is available at the front and rear, and the building is being offered in as-is condition. A second-story expansion is also possible.
Located at 9311 S Kedzie Avenue in Evergreen Park, the property includes a large sign on Kedzie Avenue and is described as having a high traffic count. The roof is 2 years old, and the zoning is identified as COMMR. The building was formerly used by an overhead door company.
Located at 9311 S Kedzie Avenue in Evergreen Park, the property includes a large sign on Kedzie Avenue and is described as having a high traffic count. The roof is 2 years old, and the zoning is identified as COMMR. The building was formerly used by an overhead door company.
Key Highlights
- 2,500‑square‑foot flex building with brick and Flexicor construction
- Front office includes a bathroom; rear warehouse has an overhead door
- Parking available in both the front and rear
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
$18,937
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
8.42%
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%
$378,740
$378.7K
Cap Rate 7%
$270,529
$270.5K
Cap Rate 9%
$210,411
$210.4K
Market Conditions
NOI Build-Up for 2,500 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
$23.6K $9.43/SF
− Vacancy
−$1.3K −$0.52/SF
EGI
$22.3K $8.91/SF
− OpEx
−$3.3K −$1.34/SF
NOI
$18.9K $7.57/SF
Area
Chicago, IL
Vacancy
5.50%
Lease Rate
$9.43 /SF/Yr
Expense Ratio
15.00%
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%
$378,740
Cap Rate 7%
$270,529
Cap Rate 9%
$210,411
Alternative Uses
Best Use
Office B
$766.3K
$670.5K – $894.0K
NOI $53,640 @ 7.0% cap · market cap 23.84%
Second Best
Flex RnD
$412.3K
$360.8K – $481.0K
NOI $28,860 @ 7.0% cap · market cap 12.83%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,512 @ 7.0% cap · market cap 36.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,237
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60805, IL
19,945
Population
7,707
Households
2.6
Avg Household Size
39
Median Age
43%
College-Educated
94%
High-School Grad
3.4 sq mi
ZIP Area
5,866
Density / Sq Mi
$95,738
Median Household Income
$55,760
Median Earnings
$1,425
Median Rent
$255,700
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?
Flex space - Brick commercial property combines a front office, restroom, rear warehouse, and drive-in access with parking on both sides.
Where is this flex space located?
The property is located at 9311 S Kedzie Avenue Evergreen Park, IL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,500‑square‑foot flex building with brick and Flexicor construction; Front office includes a bathroom; rear warehouse has an overhead door; Parking available in both the front and rear
