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Listed by Ijlal Munirof Ijlal Munir Real Estate Service
$ 231,000
Est. payment /mo
Active
1488 Aberdeen Street Chicago Heights, IL 60411
2,516 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 2,516 sqft
Price per Sqft $91
MLS Listing ID 12188417
Year Built 1961
Tax Year 2023
Lot Dimensions 41.0 X 126.1
Property Sub-Type Office/Tech
Property Description
For small commercial/retail storefronts in Chicago Heights' B5 central business district, recent data and listings show: * Average asking rents is established per square foot annually (depending on landlord). * This building: 2,519 sq. ft. total 3 units 840 sq. ft. per unit (give or take depending on configuration). The income approach was used to set the value (price) which created the potential rent. The typical vacancy allowance was also included. The EGI income was calculated. The estimate operating was use. The operating income was used and the typical Chicago Heights cap rate (for commercial property was used The income approach created value for this property not comparison because there are none The city requires some small repairs and the buyer will have to put up a small escrow. BOTTOM LINE Market rent supports the income approach used for pricing resulting in the property being fairly priced. It is also an Exceptional property and a rare opportunity to own a brick, single-level commercial property, featuring three distinct retail units-perfect for investors, entrepreneurs, or those looking to combine business ownership with property investment. Flexible Layout for Multiple Businesses * The building offers eight rooms distributed across the three separate units, each having its own entrance and exit for maximum privacy. One unit includes a dedicated conference room, suitable for meetings, shared workspace, or communal activities-ideal for professional services, wellness centers, or retail operations. Prime Location for Community Engagement * Centrally positioned in the Chicago Heights Central Business District, with proximity to Lincoln Highway (US-30) for regional traffic and Aberdeen Street for neighborhood access. Surrounded by community anchors-public library, park district facility, and newly built affordable housing for veterans-offering a built-in customer base for retail, medical, professional, or service-oriented businesses. Chicago Heights has always been proactive about helping its businesses take advantage of the wide range of local and state financial incentives and tax abatement programs. Opportunity for Owner-Occupancy * Ideal for buyers who wish to operate their own business out of one unit while leasing the others, maximizing both investment and entrepreneurial potential-an excellent way to establish a retail hub and benefit from rental income.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Air
Flooring Carpet
Fireplace N
Exterior
View Y/N true
Roof Type Rubber
Building
Foundation Concrete Perimeter
Structure Type Brick
Others
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