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    20-24 Douglas Ave Elgin, IL 60120

    View on Map
    Sponsored
    For Sale
    $990,000

    COMMERCIAL - Elgin, IL

    Property size:
    14,000 SF
    Lot size:
    0.19 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 10 at 9:06 pm

    Property Features for 20-24 Douglas Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0614283019
    Size
    14,000 SF
    Lot size
    0.19 Acres

    Utilities

    Utilities
    Natural Gas Available
    Cooling system
    Central Air

    Building Details

    Year built
    1881
    Floors in Building
    2
    Number of units
    4
    Building materials
    Brick

    We can help!

    Listing Contact
    Ben Henrikson
    Ben Henrikson

    Patron, Inc (dba RE/MAX Horizon) (630) 215-6600

    Listing agent Ben Henrikson (847) 293-7900

    Listing date Mar 10, 2026

    MLS# 12588163

    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.

    Learn more

    Property Insight Report

    Overview

    Elgin Mixed-Use Investment Opportunity

    The "Hines Building" is a recognizable two-story brick structure with 14,000 square feet of space, situated on a corner lot. Currently utilized as an office building, the property offers potential for conversion into retail storefronts on the first floor and residential units on the second floor. Remodeled in the 1990s, the building has been intentionally maintained and upgraded, including new roofs installed on all buildings within the past four years, updated HVAC systems, and updated electrical wiring throughout. The property features new exterior paint and many Pella windows with 1" glass. A Generac backup generator is included. The water service has been upgraded and is set up for the addition of sprinklers. The building is designed with a main entrance at 113 E. Highland, and there are three adjoining storefront buildings along Douglas (20, 22, and 24). The address 115 E. Highland is for the former bank space. The second floor of the bank space and 24 and 22 Douglas are all office space. The second floor of 20 Douglas is unfinished vacant space. The basement is partially finished. Multiple bathrooms and kitchenette spaces are located throughout the building. Ceiling heights reach 14 to 16 feet in much of the building, with tin ceilings. The property combines original features with modernized upgrades and is located in downtown Elgin. The lot size is 0.1909 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.2842509
    Latitude
    42.0379464

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    FAQs

    What type of property is this?
    Mixed-use property - Two-story brick building with retail and office space.
    Where is this mixed-use property located?
    The property is located at 20-24 Douglas Ave Elgin, IL.
    What is the asking price?
    The asking price for this property is $990,000.
    What are key features of this property?
    This property features: - High-visibility "Hines Building" with 14,000 SF on a corner lot; - Versatile space suitable for office, retail, or residential conversion; - Recent upgrades include new roofs (past 4 years), updated HVAC, and updated electrical with copper wiring
    (847) 293-7900
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    Elgin, IL 60120
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    20-24 Douglas Ave Elgin, IL 60120
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    We can help!
    Listing Contact
    Ben Henrikson
    Ben Henrikson
    Real Estate License ID: 475091643
    (847) 293-7900 (847) 931-7500 (630) 215-6600
    Learn more
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