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    Downtown Elgin Office Suites Available Title is generated by Realmo AI

    77 S Riverside Drive, Elgin, IL 60120

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    COMMERCIAL - Elgin, IL

    Type:Office
    Property size:
    1,130 SF
    Added:
    Oct 8, 2025
    Days on Market:
    221
    Last Refresh:
    May 16 at 3:06 pm

    Property Features for 77 S Riverside Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Size
    1,130 SF

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    18
    Flooring type
    Sealed

    We can help!

    Listing Contact
    Ben Henrikson
    Ben Henrikson

    Listing agent Ben Henrikson License #475091643

    Listing office RE/MAX Horizon 374 N McLean, Elgin, IL

    Listing date Oct 8, 2025

    MLS# 12491063

    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.

    HighLights

    • Prime Downtown Elgin location facing the Fox River and Riverwalk.
    • All utilities and internet access included in monthly rent.
    • Access to common kitchenette and 2 baths.
    • Elevator building with ample parking in adjacent free City parking lots.
    • Variety of office suites available to choose from.
    • New ownership for the building.

    Overview

    Office suites are available in a landmark building in Downtown Elgin, facing the Fox River and the Riverwalk. The building has new ownership. The available spaces include one and two-room office suites. All offices have access to a common kitchenette and two bathrooms. The building has an elevator. Parking is available in two adjacent free city parking lots. Spaces available include units with monthly rents of $448, $434, and $737. A larger office space is also available for $1508 per month, offering 1130 square feet. Additional one-room offices are located in the portion of the building facing 80 S. Grove, with eight units available ranging from $600 to $1300. All utilities and internet access are included in the monthly rent.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Holding Hope Services Counselor Light Lounge at Vern's Hotel & Motel Eastern Groove Belly ... Training Center Shari Matthews Huizar Physician The Kryder Law Group, ... Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.2834468
    Latitude
    42.035227

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    FAQs

    What type of property is this?
    Serviced office - Office suites in downtown Elgin with utilities and internet included.
    Where is this serviced office located?
    The property is located at 77 S Riverside Drive Elgin, IL.
    What are key features of this property?
    This property features: Prime Downtown Elgin location facing the Fox River and Riverwalk.; All utilities and internet access included in monthly rent.; Access to common kitchenette and 2 baths.
    (630) 215-6600
    We can help!
    Listing Contact
    Ben Henrikson
    Ben Henrikson
    Real Estate License ID: 475091643
    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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