Remodeled Office Building with Attached Two-Car
For Sale
$320,000
124 E Oak Knoll Drive, Hampshire, IL 60140
COMMERCIAL - Hampshire, IL
Property Size1,289 SF
Lot Size0.48 Acres
Price / SF$248.25
Days on Market130
Property Features for 124 E Oak Knoll Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMR
Directions
Oak Knoll Dr. is Route 72. Property is on the North Side of the Street. Two doors from the Chick N Dip Resturant.
Subdivision
Hampshire / Pingree Grove
Standard status
Active
APN
0127151031
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6719
Utilities
Utilities
Water Available
Cooling system
Window Unit(s)
Amenities
attached two-car garage
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Wood
Building materials
Aluminum Siding
Listing Agency:
Keller Williams Inspire - Geneva · Keller Williams Realty
(630) 262-9500
Listed By:
Alissa Roy · License #475161511
(630) 377-6200
Added: Mar 31
Changed: Aug 4
Last Checked: Aug 7 at 2:06AM
MLS# 12606670
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.
Remodeled office building set on a 0.48-acre lot with an established curb cut and convenient ingress and egress. Built in 1960, the property features aluminum siding and a simple, flexible interior with wood and vinyl flooring and window unit(s) cooling. The main level includes 1,289 square feet, plus a full 1,289-square-foot unfinished basement for additional storage, service, or future expansion. An attached two-car garage supports day-to-day operations and offers further utility for tenant or owner users.
Located along Illinois Route 72 frontage, the building is positioned for visibility with approximately 12,000 vehicles per day of traffic exposure. Zoning is listed as COMMR, providing flexibility for compatible commercial uses.
With its contemporary updates and adaptable footprint, the property supports a variety of office and customer-facing configurations while keeping the site practical for parking and ongoing use on a small-footprint commercial parcel.
Located along Illinois Route 72 frontage, the building is positioned for visibility with approximately 12,000 vehicles per day of traffic exposure. Zoning is listed as COMMR, providing flexibility for compatible commercial uses.
With its contemporary updates and adaptable footprint, the property supports a variety of office and customer-facing configurations while keeping the site practical for parking and ongoing use on a small-footprint commercial parcel.
Key Highlights
- 0.48‑acre lot with established curb cut for ingress and egress
- Approximately 12,000 vehicles per day of traffic exposure on Illinois Route 72
- 1,289 SF main level plus a full 1,289 SF unfinished basement
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
$17,911
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
5.60%
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%
$358,220
$358.2K
Cap Rate 7%
$255,871
$255.9K
Cap Rate 9%
$199,011
$199.0K
Market Conditions
NOI Build-Up for 1,289 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
$32.5K $25.20/SF
− Vacancy
−$2.6K −$2.04/SF
EGI
$29.9K $23.16/SF
− OpEx
−$11.9K −$9.26/SF
NOI
$17.9K $13.90/SF
Area
Kane County, IL
Vacancy
8.10%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$358,220
Cap Rate 7%
$255,871
Cap Rate 9%
$199,011
Alternative Uses
Best Use
Healthcare Medical
$255.9K
$223.9K – $298.5K
NOI $17,911 @ 7.0% cap · market cap 5.60%
Second Best
Office B
$253.9K
$222.2K – $296.2K
NOI $17,773 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$445.0K
$389.4K – $519.2K
NOI $31,152 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Explore this area
Business Placement
Demographics for 60140, IL
21,902
Population
7,325
Households
3
Avg Household Size
37
Median Age
38%
College-Educated
93%
High-School Grad
81.0 sq mi
ZIP Area
270
Density / Sq Mi
$114,675
Median Household Income
$58,111
Median Earnings
$1,379
Median Rent
$316,900
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?
Office building - Remodeled building on 0.48-acre lot with established curb cut, COMMR zoning, and attached two-car garage.
Where is this office building located?
The property is located at 124 E Oak Knoll Drive Hampshire, IL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 0.48‑acre lot with established curb cut for ingress and egress; Approximately 12,000 vehicles per day of traffic exposure on Illinois Route 72; 1,289 SF main level plus a full 1,289 SF unfinished basement
