Building Details

Year built 2010

Floors in Building 1

Number of units 4

Building materials Steel Siding

Listing Agency: Meyer-Jochums Agency c***@meyerjochums.com Show Phone

Listed By: Craig Meyer · License #471005506 Show Phone

Added: Jul 10 Changed: Aug 20 Last Checked: Aug 20 at 9:06PM

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MLS# 12695309

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 climate-controlled multi-purpose commercial building includes a gaming parlor with a liquor-licensed LLC, a complete fitness center with 20+ commercial machines, nine storage units, and commercial garage space with an office. The current setup is designed for multiple on-site revenue streams, with room for additional use within the existing layout.

The property is located at 1421 Industrial Park Road in Minonk, Illinois, in a high-visibility area near IL Rt 251 and I-39. Ample parking is available, and the site sits at the edge of Minonk alongside other commercial uses.

Zoned COMMR, the building’s configuration supports a range of commercial applications, including retail, wellness, distribution/logistics, automotive-related business, or event use, depending on how the space is organized.

Key Highlights

• 2010‑built, 4,800 SF climate‑controlled multi‑purpose building with steel siding
• Currently operates as a gaming parlor with liquor‑licensed LLC and established customer base
• Includes a fitness center with 20+ commercial machines, plus space for a training studio

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

$35,068

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

8.79%

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%

$701,360 $701.4K

Cap Rate 7%

$500,971 $501.0K

Cap Rate 9%

$389,644 $389.6K

Market Conditions

NOI Build-Up for 4,800 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

$43.2K $9.00/SF

− Vacancy

−$1.9K −$0.41/SF

EGI

$41.3K $8.59/SF

− OpEx

−$6.2K −$1.29/SF

NOI

$35.1K $7.31/SF

Area

Woodford County, IL

Vacancy

4.50%

Lease Rate

$9.00 /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%

$701,360

Cap Rate 7%

$500,971

Cap Rate 9%

$389,644

Alternative Uses

Best Use

Self Storage

$529.9K

$463.7K – $618.2K (±1% cap)

NOI $37,094 @ 7.0% cap · market cap 9.30%

Second Best

Warehouse

$501.0K

$438.4K – $584.5K (±1% cap)

NOI $35,068 @ 7.0% cap · market cap 8.79%

Theoretical Best

Multifamily LT 5

$4.20M

$3.67M – $4.90M (±1% cap)

NOI $293,930 @ 7.0% cap · market cap 73.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Gold Star Solutions Hardware & Home Improvement Gold Star Home ... Home Inspector Gold Star Gaming ... Gambling House

Suggested Use

Top Pick Auto Repair Shop Parking Lot & Garage Big Box & Wholesale Store Auto Parts Store Garden Center Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Liquor license

Location Intelligence

Trade Area within ½ mile

26

Businesses Nearby

Explore this area Business Placement

Demographics for 61760, IL

2,350

Population

1,048

Households

2.2

Avg Household Size

44

Median Age

19%

College-Educated

88%

High-School Grad

69.9 sq mi

ZIP Area

34

Density / Sq Mi

$65,035

Median Household Income

$41,543

Median Earnings

$985

Median Rent

$121,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this casinos located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Casino - Climate-controlled building with a gaming parlor, fitness center, storage units, and commercial garage space.

Where is this casino located?

The property is located at 1421 Industrial Park Road Minonk, 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: 2010‑built, 4,800 SF climate‑controlled multi‑purpose building with steel siding; Currently operates as a gaming parlor with liquor‑licensed LLC and established customer base; Includes a fitness center with 20+ commercial machines, plus space for a training studio