Brick Flex Building with Overhead
For Sale
$225,000
9311 S Kedzie Avenue, Evergreen Park, IL 60805
The layout pairs a front office and restroom with a rear warehouse and drive-in access.
Property Size2,500 SF
Price / SF$90
Days on Market28
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 and Flexicor
Listing Agency:
RE/MAX 10
(708) 429-4300
Listed By:
Bruce La Ha · License #IL:475.102758
(708) 429-4300
Source:
Midwestrealestate
Added: Jul 25
Changed: Aug 21
Last Checked: Aug 21 at 5:01AM
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.
Located at 9311 S Kedzie Avenue in Evergreen Park, this 1970 commercial property contains approximately 2,500 square feet under roof. The brick and Flexicor construction includes a front office with a bathroom and a separate rear warehouse area served by an overhead door. Parking is provided at both the front and rear of the building, with additional drive-in access.
The property carries COMMR zoning and has a large roadside sign along Kedzie Avenue. Its roof is approximately two years old. The building was formerly occupied by an overhead door company and is being offered in its existing, as-is condition. A second-story expansion is identified as a possible future addition.
The property carries COMMR zoning and has a large roadside sign along Kedzie Avenue. Its roof is approximately two years old. The building was formerly occupied by an overhead door company and is being offered in its existing, as-is condition. A second-story expansion is identified as a possible future addition.
Key Highlights
- Approximately 2,500 square feet under roof
- Brick and Flexicor commercial construction
- Front office with bathroom and rear warehouse
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
Property Profile
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 - The layout pairs a front office and restroom with a rear warehouse and drive-in access.
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: Approximately 2,500 square feet under roof; Brick and Flexicor commercial construction; Front office with bathroom and rear warehouse
