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    412 Spring St Galena, IL 61036

    View on Map
    Sponsored
    For Sale
    $850,000

    Mixed Use - GALENA, IL

    Type:Mixed Use
    Days on Market:
    192
    Last Refresh:
    Mar 26 at 3:06 am

    Property Features for 412 Spring St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    APN
    2210068700

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Building materials
    Brick, Stone
    Roof type
    Rubber, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    GINGER EISBACH

    Choice Realty

    Listing agent GINGER EISBACH License #475102866

    Listing date Sep 16, 2025

    MLS# 201773 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. 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

    Turn Key Galena Inn

    The property, located in Galena, IL, is a turn-key inn known as "Abe's Spring Street Guest House." The sale includes the website and booking system, furnishings, and some artwork by the seller. Zoned downtown commercial and residential, the property offers unlimited possibilities. It comprises The Annex at 412 Spring St. and Abe's Guest House at 414 Spring St., being sold as one property. The inn features six deluxe suites and a private sauna room. The Annex, designed as an artist complex studio, includes a small commercial kitchen, in-floor heat, an upper office of 396 sq. ft, ample storage space, and three guest units, with retail or manufacturing space totaling approximately 7530 sq. ft. Built in 2000 on the foundation of "THE CITY BREWERY" of the 1800s, The Annex features two rock vaulted rooms once used for cooling beer kegs. Abe's Guest House, with a total of 2712 sq. ft., includes three guest units and was originally an ice house. The total square footage for both The Annex and Abe's Guest House is 10,342 sq. ft. The seller, a renowned artist, has incorporated original details into the buildings. All six units could be utilized for long-term rentals, and each unit is separately metered for electricity. WiFi is available in all units. The top unit of Abe's Guest House has been recently remodeled into a small two-bedroom apartment. Both buildings could be converted into private residential homes. The property is within walking distance of downtown Galena's shops and restaurants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Artist Annex Art Gallery Genband Media, LLC Media Distribution Artisan Pizza Restaurant

    Suggested Use

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

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

    Similar Places Nearby

    Farmers Guest House, The Steamboat House Bed and Breakfast, Linen&Stone Inn, The Federal House, Greenbriar Country Inn & Suites

    Location Insight

    • Map
    • Local Demand
    City
    Galena
    County
    Jo Daviess
    State
    Illinois
    Longitude
    -90.434579423279
    Latitude
    42.413171314557

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    FAQs

    What type of property is this?
    Bed & breakfast - Mixed-use property with unlimited possibilities in downtown Galena, Illinois.
    Where is this bed & breakfast located?
    The property is located at 412 Spring St Galena, IL.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: - Turn-key Galena Inn (Abe's Spring Street Guest House) with 6 deluxe suites, website, booking system, furnishings, and some artwork included.; - Zoned Downtown Commercial & Residential offering unlimited business and residential possibilities.; - Two historical properties (The Annex and Abe's Guest House) being sold as one, totaling 10,342 sq ft.
    (815) 238-2939
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    412 Spring St Galena, IL 61036
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    Galena, IL 61036
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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
    412 Spring St Galena, IL 61036
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    Listing Contact
    GINGER EISBACH
    Real Estate License ID: 475102866
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