Flex Space with Shop
For Sale
$399,000
Pending
1139 Franklin Grove Road, Dixon, IL 61021
Commercial Sale, Dixon, IL
Property Size3,904 SF
Lot Size0.79 Acres
Days on Market192
Property Features for 1139 Franklin Grove Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
From the intersection of Illinois Rt 52 and Franklin Grove Road, Head East on Franklin Grove Road approximately .8 miles. Prop on North Side of Road.
Subdivision
Dixon
Standard status
Pending
APN
07080427700600
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
9960
Utilities
Cooling system
Central Air
Amenities
break room
handicap accessible restrooms
Building Details
Year built
2002
Floors in Building
1
Number of units
1
Flooring type
Concrete, Carpet
Building materials
Vinyl Siding, Brick
Roof type
Composition
Listing Agency:
Bird Realty
(815) 973-6768
Listed By:
Andrew Brockwell
(815) 600-8636
Added: Feb 27
Changed: Aug 19
Last Checked: Sep 7 at 8:06PM
MLS# 12579577
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.
Built in 2002, this flex property combines a front office component with a functional shop and service area. The office measures 48' x 38' and includes a reception area, two private offices, break room, parts room, and handicap-accessible restrooms. The 40' x 52' shop offers 15' ceilings, two 14' tall x 12' wide overhead doors, a utility sink, storage, a utility room, and a storage mezzanine. Building systems include 200 amp electrical service, central air, concrete and carpet flooring, vinyl siding and brick construction, and a composition roof.
The 0.79-acre property is located at 1139 Franklin Grove Road in Dixon, Illinois, on the city's east side along a high-traffic roadway. A large blacktop parking lot provides on-site parking and circulation for customers, staff, and deliveries. The current tenant's lease expires September 1st, with possession available at that time. The configuration supports office, warehouse, service, showroom, light manufacturing, distribution, and trade-oriented operations.
The 0.79-acre property is located at 1139 Franklin Grove Road in Dixon, Illinois, on the city's east side along a high-traffic roadway. A large blacktop parking lot provides on-site parking and circulation for customers, staff, and deliveries. The current tenant's lease expires September 1st, with possession available at that time. The configuration supports office, warehouse, service, showroom, light manufacturing, distribution, and trade-oriented operations.
Key Highlights
- 0.79‑acre flex property at 1139 Franklin Grove Road, Dixon, IL 61021
- Office area measures 48' x 38' with reception, two private offices, break room, parts room, and accessible restrooms
- 40' x 52' shop area with 15' ceilings and two 14' tall x 12' wide overhead doors
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
$33,031
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
8.28%
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%
$660,620
$660.6K
Cap Rate 7%
$471,871
$471.9K
Cap Rate 9%
$367,011
$367.0K
Market Conditions
NOI Build-Up for 3,904 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
$41.0K $10.50/SF
− Vacancy
−$2.1K −$0.55/SF
EGI
$38.9K $9.95/SF
− OpEx
−$5.8K −$1.49/SF
NOI
$33.0K $8.46/SF
Area
Lee County, IL
Vacancy
5.20%
Lease Rate
$10.50 /SF/Yr
Expense Ratio
15.00%
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%
$660,620
Cap Rate 7%
$471,871
Cap Rate 9%
$367,011
Alternative Uses
Best Use
Office B
$883.4K
$773.0K – $1.03M
NOI $61,839 @ 7.0% cap · market cap 15.50%
Second Best
Warehouse
$471.9K
$412.9K – $550.5K
NOI $33,031 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$1.06M
$931.1K – $1.24M
NOI $74,488 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61021, IL
22,984
Population
10,110
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
150.1 sq mi
ZIP Area
153
Density / Sq Mi
$65,719
Median Household Income
$40,805
Median Earnings
$823
Median Rent
$144,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office and service areas support customer-facing operations, storage, fabrication, and contractor uses.
Where is this flex space located?
The property is located at 1139 Franklin Grove Road Dixon, IL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 0.79‑acre flex property at 1139 Franklin Grove Road, Dixon, IL 61021; Office area measures 48' x 38' with reception, two private offices, break room, parts room, and accessible restrooms; 40' x 52' shop area with 15' ceilings and two 14' tall x 12' wide overhead doors
