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Listing provided courtesy of Coldwell Banker RealtyMREDas Distributed by MLSGrid- MLS# 12484062MLS Provider

1531 Western AvenueChicago Heights, IL 60411

Commercial · 17,206 Sq. ft.
$275,000 Active

1531 Western Avenue Overview

Time on Site:
272 days
Visits:
16

**Massive Price Reduction** on this large 7-unit Commercial Space situated in a high traffic area with more than 3 (three) Acres that can be used for expansion. Many long-term tenants include Harold's Chicken, a Cell phone store and Hair businesses. The property offers 40 parking spaces, central air and great exposure for tenants. Savvy investors with vision will see the opportunities of this nicely situated high-traffic commercial space whether breaking ground on a new mixed-use development, adding an RV Park, storage, restaurants, and much more. This property offers a 15 proforma cap rate before improvements with plenty of room to grow!

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1531 Western Avenue Facts & Features

  • Type Commercial
  • Sq. ft. 17,206
  • Price/Sq.ft. $16

Details

General

Association/HOA

  • Association Fee Frequency: Not Applicable

Income/Expenses

  • Electric Expense: 1800
  • Existing Lease Type: Gross
  • Fuel Expense: 1800
  • Gross Income: 217094
  • Gross Scheduled Income: 217094
  • Insurance Expense: 4600
  • Net Operating Income: 47646
  • Operating Expense: 108388
  • Trash Expense: 2800
  • Water Sewer Expense: 3000

Building Information

  • Year Built: 1953

Business Information

  • Business Type: Retail
  • Current Use: Commercial

Location/Region

  • County Or Parish: Cook
  • MLS Area Major: Chicago Heights
  • Township: Rich

Parking Information

  • Parking Ratio: 6

Rent/Lease Information

  • Tenant Pays: Air Conditioning, Electricity, Heat

Tax Information

  • Tax Annual Amount: $125,248.00
  • Tax Year: 2024

General Information

  • Parcel Number: 32193120140000
  • Property Type: Commercial Sale
  • Zoning: COMMR

Interior

Building Interior

  • Building Area Total: 17206

General Information

  • Cooling: Central Air, Zoned
  • Electric: Circuit Breakers, Separate Meters, Service - 201 to 600 Amps, Over 600 Amps
  • Leasable Area: 6000
  • Stories: 1

Unit Information

  • Unit SqFt.: 6000

Exterior

Lot Information

  • Additional Parcels: No
  • Frontage Type: Private Road,Public Road
  • Lot Size Dimensions: 3.26
  • Lot Size Square Feet: 142005
  • Water Source: Municipal Water

Building Exterior/Construction

  • Construction Materials: Brick, Glass

General Information

  • Number Of Units Total: 7
  • Utilities: Electric to Site,Natural Gas Available,Sewer Connected

1531 Western Avenue Neighborhood

Community

60411 (SOUTH CHICAGO HEIGHTS) Demographics

35
Median Age
1,786
Population Density (per sq. mile)
26%
College Educated
$49,281
Estimated Median Income
12,258
Estimated Total Home Owners
6,738
Estimated Total Renters
65% / 35%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

1531 Western Avenue Monthly Cost

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$ %
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$
$
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

1531 Western Avenue Market Data

Based on the last 30 days in this zip code

$248,386
Average List Price
$152
Average Price per Square Foot
32
Properties Sold
95
Average Days on Market
202
Properties for Sale
Calculations provided by Reliance Network

1531 Western Avenue History

Date Event Value Agent
2/28/2026Source: MRED Status Change
Active
2/23/2026Source: MRED Price Reduction
$275,000 -60.5%
2/23/2026Source: MRED Status Change
Price Change
12/13/2025Source: MRED Status Change
Active
12/8/2025Source: MRED Price Reduction
$696,000 -0.1%
12/8/2025Source: MRED Status Change
Price Change
10/25/2025Source: MRED Status Change
Active
10/20/2025Source: MRED Price Reduction
$697,000 -0.1%
10/20/2025Source: MRED Status Change
Price Change
10/5/2025Source: MRED Status Change
Active
9/30/2025Source: MRED Added to Database
September 30, 2025