Multi-Tenant Retail, Office, Warehouse
For Sale
Contact for pricing
3513 Ridge Rd, Lansing, IL 60438
Multi-tenant retail, office, and warehouse property in downtown Lansing.
Property Size15,961 SF
Price / SF$48.81
Days on Market711
Property Features for 3513 Ridge Rd
General Information
Standard status
Active
Size
15,961 SF
Class
C
Property subtype
Industrial, Office, Retail
Occupancy
79%
Lease Type
Gross
Investment Type
Value Add
Building Details
Year Renovated
2022
Buildings
1
Stories
2
Units
16
Tenancy
Multi
Listing Agency:
SVN | Chicago Commercial
(312) 770-0119
Listed By:
Karen Kulczycki-CCIM, SIOR · License #IL #471-020279
Source:
Crexi
Added: Sep 9, 2024
Changed: Aug 19
Last Checked: Aug 19 at 4:21PM
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 SVN | Chicago Commercial
Investment Insights
Based on property information with market context.
Located in the heart of downtown Lansing, Illinois, this multi-tenant property at 3513-3517 Ridge Road and 18241-18259 West Street features a mix of retail, office, and warehouse spaces. Situated along Ridge Road, the historical Main Street, the property benefits from high visibility and easy access, complemented by ample side and rear parking. The 15,961 square foot property hosts 16 units with tenants including Subway, Universal Martial Arts, Universal Cleaning, and The Pet Set. The location offers proximity to dining, retail, and recreational activities, including the Lansing Country Club, Lan-Oak Park, Park Plaza, and Fox Pointe. Its strategic location provides convenient access to Route 83, I-294, I-80, and I-394.
Key Highlights
- High visibility location on Ridge Road (historical Main Street) in downtown Lansing
- Multi‑tenant property with retail, office, and warehouse spaces
- 16 Units with diverse tenant mix including Subway, Universal Martial Arts, and The Pet Set
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
$68,707
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
8.82%
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%
$1,374,140
$1.4M
Cap Rate 7%
$981,529
$981.5K
Cap Rate 9%
$763,411
$763.4K
Market Conditions
NOI Build-Up for 15,961 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
$103.4K $6.48/SF
− Vacancy
−$5.3K −$0.33/SF
EGI
$98.2K $6.15/SF
− OpEx
−$29.4K −$1.84/SF
NOI
$68.7K $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%
$1,374,140
Cap Rate 7%
$981,529
Cap Rate 9%
$763,411
Alternative Uses
Best Use
Mixed Use
$3.85M
$3.37M – $4.49M
NOI $269,342 @ 7.0% cap · market cap 34.58%
Second Best
Retail
$3.16M
$2.77M – $3.69M
NOI $221,541 @ 7.0% cap · market cap 28.44%
Theoretical Best
Office A
$5.51M
$4.82M – $6.43M
NOI $385,742 @ 7.0% cap · market cap 49.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
Explore this area
Business Placement
Demographics for 60438, IL
29,661
Population
12,230
Households
2.4
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
8.1 sq mi
ZIP Area
3,662
Density / Sq Mi
$72,043
Median Household Income
$44,632
Median Earnings
$1,271
Median Rent
$168,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant retail, office, and warehouse property in downtown Lansing.
Where is this mixed-use property located?
The property is located at 3513 Ridge Rd Lansing, IL.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: High visibility location on Ridge Road (historical Main Street) in downtown Lansing; Multi‑tenant property with retail, office, and warehouse spaces; 16 Units with diverse tenant mix including Subway, Universal Martial Arts, and The Pet Set
