Office
For Sale
$300,000
7314 Hancock Drive, Wonder Lake, IL 60097
Commercial Sale, Wonder Lake, IL
Property Size4,500 SF
Lot Size0.35 Acres
Price / SF$66.67
Days on Market1552
Property Features for 7314 Hancock Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
Rt 120 to Wonder Lake Rd, right to Hancock Dr. Building is on the corner of Hancock & East Wonder Lake Rd
Subdivision
Wonder Lake
Standard status
Active
APN
0907459016
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10281
Utilities
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Concrete, Wood, Aluminum Siding
Roof type
Composition
Listing Agency:
RE/MAX Plaza · RE/MAX International
(847) 596-6100
Listed By:
Christopher Hoelz · License #471004104
(847) 596-6150
Added: Jul 7, 2022
Changed: Oct 5
Last Checked: Oct 5 at 11:06AM
MLS# 11457645
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.
The office building at 7314 Hancock Drive contains approximately 4,500 square feet of rental space. Built in 1955, it has central air conditioning and concrete flooring. The property is zoned COMMR.
The office parcel has its own city water and sewer connections and may be sold separately from 7312 Hancock Drive, a corner parcel with a former gas station. The two properties together comprise 28,750 square feet of land.
The office parcel has its own city water and sewer connections and may be sold separately from 7312 Hancock Drive, a corner parcel with a former gas station. The two properties together comprise 28,750 square feet of land.
Key Highlights
- Approximately 4,500 square feet of rental office space at 7314 Hancock Drive
- Separate city water and sewer service for the office parcel
- Built in 1955; central air conditioning and concrete flooring
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
$19,371
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
6.46%
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%
$387,420
$387.4K
Cap Rate 7%
$276,729
$276.7K
Cap Rate 9%
$215,233
$215.2K
Market Conditions
NOI Build-Up for 4,500 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
$29.2K $6.48/SF
− Vacancy
−$1.5K −$0.33/SF
EGI
$27.7K $6.15/SF
− OpEx
−$8.3K −$1.84/SF
NOI
$19.4K $4.30/SF
Area
McHenry County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$387,420
Cap Rate 7%
$276,729
Cap Rate 9%
$215,233
Alternative Uses
Best Use
Office B
$886.4K
$775.6K – $1.03M
NOI $62,048 @ 7.0% cap · market cap 20.68%
Second Best
Specialty Retail
$754.9K
$660.6K – $880.7K
NOI $52,844 @ 7.0% cap · market cap 17.61%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,755 @ 7.0% cap · market cap 36.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
Explore this area
Business Placement
Demographics for 60097, IL
10,849
Population
4,446
Households
2.4
Avg Household Size
40
Median Age
17%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
678
Density / Sq Mi
$90,865
Median Household Income
$48,168
Median Earnings
$1,369
Median Rent
$215,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - The office property has its own city water and sewer service and may be purchased separately from the adjoining parcel.
Where is this office building located?
The property is located at 7314 Hancock Drive Wonder Lake, IL.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Approximately 4,500 square feet of rental office space at 7314 Hancock Drive; Separate city water and sewer service for the office parcel; Built in 1955; central air conditioning and concrete flooring
