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    508 N Kankakee Street Wilmington, IL 60481

    View on Map
    For Sale
    $899,000

    COMMERCIAL - Wilmington, IL

    Property size:
    17,000 SF
    Lot size:
    0.85 Acres
    Added:
    Sep 2, 2025
    Days on Market:
    212
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 508 N Kankakee Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    0317253290120000
    Size
    17,000 SF
    Lot size
    0.85 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    3468

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    2

    We can help!

    Listing Contact
    Kelli Brach

    Listing agent Kelli Brach License #475195585

    Listing office Village Realty, Inc. 20950 S. Frankfort Sq Rd # C, Frankfort, IL

    Listing date Sep 2, 2025

    MLS# 12458780

    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

    Established Business with Storage Units

    This commercial property in Wilmington, Illinois, presents an opportunity to own an established business. The property features a 17,000 sq ft building that houses over 50 vendor booths, creating a regional destination for antiques, collectibles, vintage decor, and unique items. The marketplace benefits from a loyal customer base and consistent visitor traffic throughout the year. In addition to the retail space, the property includes 39 outdoor storage units, all currently occupied by paying tenants, generating reliable monthly rental income. Situated on a 0.85-acre lot, this dual-income property offers a turnkey business with growth potential due to its vendor community, consistent rental income, and expansive building in a prime location. The property's zoning is COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    Will
    State
    Illinois
    Longitude
    -88.1431036
    Latitude
    41.3048733

    Nearby Similar for Sale

    • $849,750

      Wilmington Restaurant with Apartment

      Bank-owned restaurant with apartment near Route 66.
      403 N Main Street, Wilmington, IL 60481
      View Details
    • $2,995,000

      Wilmington Commercial Property with Carwash

      Commercial building with car wash and leaseback opportunity.
      1135 S Water Street, Wilmington, IL 60481
      View Details
    • $784,500

      Multi-Tenant Warehouse with Outdoor Storage

      Warehouse with outdoor storage and income potential in Wilmington, IL.
      27942 S Kelly Rd, Wilmington, IL
      View Details

    FAQs

    What type of property is this?
    Retail property - Profitable business featuring retail vendor space and storage rental.
    Where is this retail property located?
    The property is located at 508 N Kankakee Street Wilmington, IL.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: Dual‑income stream: Retail vendor space and 39 fully occupied outdoor storage units.; Established, profitable business with a loyal customer base.; Spacious 17,000 sq ft building with 50+ vendor booths.
    (708) 478-1212
    We can help!
    Listing Contact
    Kelli Brach
    Real Estate License ID: 475195585
    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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