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    303 N Main Street Elburn, IL 60119

    View on Map
    For Sale
    $499,900

    COMMERCIAL - Elburn, IL

    Type:Retail
    Lot size:
    0.51 Acres
    Added:
    Mar 23, 2026
    Days on Market:
    10
    Last Refresh:
    Apr 1 at 12:06 pm

    Property Features for 303 N Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    1105101006
    Lot size
    0.51 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    13074

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1880
    Floors in Building
    3

    We can help!

    Listing Contact
    Charles Kirkwood

    Listing agent Charles Kirkwood License #475142955

    Listing office Coldwell Banker Real Estate Group 230 E State St., Joliet, IL

    Listing date Mar 23, 2026

    MLS# 12597265

    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.

    Overview

    Elburn Commercial Property on Main

    Located in downtown Elburn, this commercial property is suitable for a variety of uses under the B2 zoning. Historically used as an office building, the current use is retail. The property retains much of its original charm and character, including hardwood floors and parquet flooring with inlays, stained glass, antique door hardware, built-ins, and casing and crown molding. Windows provide natural light, and there is a kitchen area on the main floor. Recent updates include new roofs and gutters on all three buildings in 2022, stucco in 2022, a new front sidewalk, hurricane windows in the side porch, fire safety equipment, and a new fire escape. A new furnace and air conditioner were installed in 2026. In addition to the first and second floors, there is a walk-up attic that is decked and useful for storage, as well as a full basement. The property includes over 20 parking spaces and is professionally landscaped on a lot of over 0.5 acres. There are also two outbuildings: a 20' x 16' heated workshop and an oversized two-car garage with loft storage. Approximately 10,000 cars pass by on Main Street (Route 47) every day.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    William R. Thomas Law Firm Sadie's On Main Home Decor Store Ottosen Dinolfo Hasenbalg ... Law Firm Brian J. O'Connor Law Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Similar Places Nearby

    • Wild Orchid Custom Floral Designs — 107 Valley Dr, Elburn, IL 60119

    Location Insight

    • Map
    • Local Demand
    City
    Elburn
    County
    Kane
    State
    Illinois
    Longitude
    -88.4720673
    Latitude
    41.8944549

    FAQs

    What type of property is this?
    Storefront property - Commercial property in downtown Elburn suitable for retail or office.
    Where is this storefront property located?
    The property is located at 303 N Main Street Elburn, IL.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: Prime downtown Elburn location with high visibility (almost 10k cars passing daily) and B2 zoning suitable for various uses.; Substantial updates including **new furnace and A/C (2026), roofs and gutters (2022), stucco (2022), and hurricane windows**.; **Ample parking (20+ spaces)** on a professionally landscaped over 1/2 acre lot with two outbuildings: a heated workshop and an oversized two‑car garage with loft storage.
    (815) 553-2411
    We can help!
    Listing Contact
    Charles Kirkwood
    Real Estate License ID: 475142955
    Learn More
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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
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