Fully Leased Retail
For Sale
$2,500,000
9901-9909 S Harlem, Chicago Ridge, IL 60415
An 8,500-square-foot center accommodates two established tenants at a Chicago Ridge commercial address.
Property Size8,500 SF
Price / SF$294.12
Days on Market97
Property Features for 9901-9909 S Harlem
General Information
Standard status
Active
Size
8,500 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Asking Price
$2,600,000
Building Details
Year Built
1975
Tenancy
Multi
Listing Agency:
RE/MAX 1st Service
Listed By:
Faten Razik (630) 504-9005
(708) 675-1600
Source:
Searchillinoishomesforsale
Added: Jun 5
Changed: Sep 8
Last Checked: Sep 8 at 9:01AM
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 1st Service
Investment Insights
Based on property information with market context.
This 8,500-square-foot shopping center was built in 1975 and is fully leased to two established tenants. The property is offered for sale as an occupied retail asset with existing rental occupancy in place.
Located at 9901-9909 S Harlem in Chicago Ridge, Illinois, the center sits within an established commercial setting surrounded by residential neighborhoods, retail, dining, and other commercial properties. The site includes parking and customer access, while the tenant roster provides current occupancy for an owner evaluating a leased retail property.
Located at 9901-9909 S Harlem in Chicago Ridge, Illinois, the center sits within an established commercial setting surrounded by residential neighborhoods, retail, dining, and other commercial properties. The site includes parking and customer access, while the tenant roster provides current occupancy for an owner evaluating a leased retail property.
Key Highlights
- 8,500‑square‑foot retail center
- Fully leased to two established tenants
- Built in 1975
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
$117,981
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
4.72%
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%
$2,359,620
$2.4M
Cap Rate 7%
$1,685,443
$1.7M
Cap Rate 9%
$1,310,900
$1.3M
Market Conditions
NOI Build-Up for 8,500 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
$183.6K $21.60/SF
− Vacancy
−$15.1K −$1.77/SF
EGI
$168.5K $19.83/SF
− OpEx
−$50.6K −$5.95/SF
NOI
$118.0K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$2,359,620
Cap Rate 7%
$1,685,443
Cap Rate 9%
$1,310,900
Alternative Uses
Best Use
Retail
$1.69M
$1.47M – $1.97M
NOI $117,981 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,426 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
128k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 83%
Shops & Services 11%
Dining 6%
Walmart
Superstores
106,666 visits/mo
0.4 miles
Dollar Tree
Shops & Services
11,882 visits/mo
0.4 miles
Burger King
Dining
6,712 visits/mo
0.5 miles
Rosa's Pizza
Dining
1,237 visits/mo
0.1 miles
Public Storage
Shops & Services
945 visits/mo
0.1 miles
Demographics for 60415, IL
14,433
Population
5,840
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
91%
High-School Grad
2.3 sq mi
ZIP Area
6,275
Density / Sq Mi
$69,389
Median Household Income
$48,226
Median Earnings
$1,198
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - An 8,500-square-foot center accommodates two established tenants at a Chicago Ridge commercial address.
Where is this shopping center located?
The property is located at 9901-9909 S Harlem Chicago Ridge, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 8,500‑square‑foot retail center; Fully leased to two established tenants; Built in 1975
