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$ 231,000
Est. payment /mo
Active
1488 Aberdeen ST 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
This small commercial/retail storefront or office space, located in Chicago Heights' B5 Central Business District, is supported by recent market data and listings. Average asking rents are established annually on a per-square-foot basis, depending on the landlord. The income approach was used to determine the property's value (price), which aligns with the market-supported rental potential. About the Building This brick, single-level commercial property consists of a total of 2,519 sq. ft., divided into three units, each approximately 840 sq. ft., depending on interior configuration. A typical vacancy allowance was applied, the Effective Gross Income (EGI) was calculated, and standard operating expenses for Chicago Heights commercial property were used. A typical Chicago Heights commercial cap rate was also applied. Because there are no true comparable sales, the income approach was the appropriate and primary valuation method, and it supports the current pricing. The City of Chicago Heights requires a few minor repairs, and the buyer will need to place a small escrow to cover those items. Bottom Line Market rents fully support the income approach used for pricing, confirming that the property is fairly and accurately priced. This is an exceptional and rare opportunity to own a brick, single-level commercial property featuring three distinct retail or office units-perfect for investors, entrepreneurs, or owner-occupants. Property Highlights Flexible Layout for Multiple Businesses The building features eight rooms distributed across the three units, each with its own private entrance and exit. One unit includes a dedicated conference room suitable for meetings, co-working, or group activities-ideal for professional services, wellness providers, community services, boutique retail, or medical-related uses. Prime Location for Community Engagement The property sits in the heart of the Chicago Heights Central Business District, with quick access to Lincoln Highway (US-30) and Aberdeen Street. It is surrounded by key community anchors-including the public library, the park district facility, and newly built affordable housing for veterans-providing a built-in customer and client base for a wide range of businesses. Chicago Heights has a long-standing reputation for assisting business owners through local and state financial incentives and tax abatement programs, helping businesses thrive and expand. Opportunity for Owner-Occupancy This property is ideal for buyers who wish to occupy one unit while leasing the others, maximizing both investment returns and entrepreneurial opportunity-a strong way to establish a business presence while generating rental income.
Location
State IL
County Cook
Area Chicago Heights
Zoning COMMR
Interior
Cooling Central Air
Flooring Carpet
Fireplace N
Exterior
Roof Type Rubber
Building
Dwelling Type Office/Tech
Structure Type Brick
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Listed by Ijlal Munir of Ijlal Munir Real Estate Service
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