Open-Plan Storefront
For Sale
$950,000
10400 Main Street, Richmond, IL 60071
Commercial Sale, Richmond, IL
Property Size7,821 SF
Lot Size0.65 Acres
Price / SF$121.47
Days on Market36
Property Features for 10400 Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Corner of Mill and Main Street in Richmond
Subdivision
Richmond
Standard status
Active
APN
0409403001
Lot size
0.65 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9707
Utilities
Utilities
Water Available
Cooling system
Window Unit(s)
Building Details
Year built
1924
Floors in Building
1
Number of units
1
Flooring type
Concrete, Tile
Building materials
Brick, Block
Roof type
Membrane
Listing Agency:
RE/MAX Plaza · RE/MAX International
(815) 385-6770
Listed By:
Elise Livingston · License #471008028
(815) 363-2834
Added: Aug 4
Changed: Sep 2
Last Checked: Sep 8 at 2:06AM
MLS# 12723883
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,821-square-foot storefront property occupies a 0.65-acre site and features an open interior suited to the retail, food, and beverage uses identified for the building. Originally built in 1924, the structure has brick and block construction, tile and concrete flooring, a membrane roof, window-unit cooling, and water available at the property. Zoning is designated COMMR.
The building stands at the corner of Main Street and Mill Street in Richmond, with Main Street carrying US Route 12. The property overlooks Nippersink Creek, while the reported IDOT daily traffic count is 13,200. Its corner placement and open floor area provide a straightforward format for commercial occupancy.
The building stands at the corner of Main Street and Mill Street in Richmond, with Main Street carrying US Route 12. The property overlooks Nippersink Creek, while the reported IDOT daily traffic count is 13,200. Its corner placement and open floor area provide a straightforward format for commercial occupancy.
Key Highlights
- 7,821‑square‑foot open interior storefront building
- 0.65‑acre corner site at Main Street and Mill Street
- Main Street carries US Route 12; IDOT daily traffic count is 13,200
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
$75,469
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
7.94%
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%
$1,509,380
$1.5M
Cap Rate 7%
$1,078,129
$1.1M
Cap Rate 9%
$838,544
$838.5K
Market Conditions
NOI Build-Up for 7,821 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
$117.3K $15.00/SF
− Vacancy
−$9.5K −$1.22/SF
EGI
$107.8K $13.79/SF
− OpEx
−$32.3K −$4.14/SF
NOI
$75.5K $9.65/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$15.00 /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%
$1,509,380
Cap Rate 7%
$1,078,129
Cap Rate 9%
$838,544
Alternative Uses
Best Use
Retail
$1.08M
$943.4K – $1.26M
NOI $75,469 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.15M
NOI $189,016 @ 7.0% cap · market cap 19.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,200 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
41k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 90%
Shops & Services 10%
McDonald's
Dining
24,075 visits/mo
0.3 miles
Taco Bell
Dining
9,372 visits/mo
0.4 miles
BP
Shops & Services
3,903 visits/mo
0.4 miles
SUBWAY
Dining
2,147 visits/mo
0.3 miles
Papa Saverio's Pizzeria
Dining
1,376 visits/mo
0.3 miles
Demographics for 60071, IL
3,891
Population
2,161
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
97%
High-School Grad
24.8 sq mi
ZIP Area
157
Density / Sq Mi
$77,593
Median Household Income
$43,164
Median Earnings
$1,189
Median Rent
$289,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Open interior layout is identified for retail, food, and beverage use.
Where is this storefront property located?
The property is located at 10400 Main Street Richmond, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7,821‑square‑foot open interior storefront building; 0.65‑acre corner site at Main Street and Mill Street; Main Street carries US Route 12; IDOT daily traffic count is 13,200
