Storefront Property with Outdoor
For Sale
$189,000
126 Walnut Street, Washington, IL 61571
Commercial Sale, Washington, IL
Property Size1,184 SF
Lot Size0.12 Acres
Price / SF$159.63
Days on Market270
Property Features for 126 Walnut Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
This property is in the same block as the new Tangled Roots rerstaurant located at the corner of Washington Square and Walnut Street.
Subdivision
Washington
Standard status
Active
APN
020224108020
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4333
Utilities
Cooling system
Central Air
Building Details
Year built
1917
Floors in Building
1
Listing Agency:
Brummel Properties, Inc.
(630) 551-8005
Listed By:
Laura Tomsa · License #471016446
(630) 347-3207
Added: Dec 7, 2025
Changed: Aug 19
Last Checked: Sep 3 at 2:06AM
MLS# 12529064
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.
Located at 126 Walnut Street in Washington, Illinois, this one-story storefront property contains 1,184 square feet on a 5,000-square-foot lot. The building sits toward the front corner of the parcel, leaving a substantial open area behind it. Interior updating is needed, and the HVAC system requires repair or replacement. Central air is present, and the property dates to 1917.
The parcel is adjacent to the former Knights of Columbus building at 120 Walnut Street. An earlier concept contemplated using both properties for an event center, with this site’s open area supporting outdoor special events. The property is zoned COMMR and is being sold as-is.
The parcel is adjacent to the former Knights of Columbus building at 120 Walnut Street. An earlier concept contemplated using both properties for an event center, with this site’s open area supporting outdoor special events. The property is zoned COMMR and is being sold as-is.
Key Highlights
- 1,184‑square‑foot one‑story storefront building
- 5,000‑square‑foot lot with open land area
- Central air in place; HVAC requires repair or replacement
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
$11,189
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
5.92%
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%
$223,780
$223.8K
Cap Rate 7%
$159,843
$159.8K
Cap Rate 9%
$124,322
$124.3K
Market Conditions
NOI Build-Up for 1,184 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
$17.8K $15.00/SF
− Vacancy
−$1.8K −$1.50/SF
EGI
$16.0K $13.50/SF
− OpEx
−$4.8K −$4.05/SF
NOI
$11.2K $9.45/SF
Area
Tazewell County, IL
Vacancy
10.00%
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%
$223,780
Cap Rate 7%
$159,843
Cap Rate 9%
$124,322
Alternative Uses
Best Use
Retail
$159.8K
$139.9K – $186.5K
NOI $11,189 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$463.3K
$405.4K – $540.5K
NOI $32,432 @ 7.0% cap · market cap 17.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61571, IL
24,766
Population
10,273
Households
2.4
Avg Household Size
40
Median Age
38%
College-Educated
98%
High-School Grad
53.5 sq mi
ZIP Area
463
Density / Sq Mi
$87,852
Median Household Income
$48,329
Median Earnings
$996
Median Rent
$200,300
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 - One-story storefront with open land area and central air, offered in its current condition for buyer-directed improvements.
Where is this storefront property located?
The property is located at 126 Walnut Street Washington, IL.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 1,184‑square‑foot one‑story storefront building; 5,000‑square‑foot lot with open land area; Central air in place; HVAC requires repair or replacement
