Leased Flex-Retail Investment
For Sale
Contact for pricing
1 South Liberty Street, Elgin, IL 60120
A fully leased flex/retail building with recent improvements and four tenants.
Property Size5,523 SF
Price / SF$126.56
Days on Market130
Property Features for 1 South Liberty Street
General Information
Standard status
Active
Size
5,523 SF
Total Parking Spaces
14
Property subtype
Retail, Office, Industrial
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
Entre Commercial Realty LLC
Listed By:
Sam Deihs · License #IL 475. 182116
Source:
Crexi
Added: May 1
Changed: Aug 14
Last Checked: Sep 5 at 10:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Entre Commercial Realty LLC
Investment Insights
Based on property information with market context.
This well-maintained flex/retail building totals 5,523 square feet and is fully leased to a diversified group of four tenants. Recent improvements have been completed throughout the property, supporting continued day-to-day occupancy.
The building offers prime frontage on the corner of Liberty/Chicago St in Elgin, Illinois, positioning it for convenient access and strong street presence.
The current tenant configuration provides an income-producing setup for buyers seeking a stabilized flex/retail asset.
The building offers prime frontage on the corner of Liberty/Chicago St in Elgin, Illinois, positioning it for convenient access and strong street presence.
The current tenant configuration provides an income-producing setup for buyers seeking a stabilized flex/retail asset.
Key Highlights
- 5,523 sq ft flex/retail building fully leased to 4 tenants
- Fully leased with income from a diversified tenant base of four
- Recent improvements completed throughout the building
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
$58,157
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
8.32%
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%
$1,163,140
$1.2M
Cap Rate 7%
$830,814
$830.8K
Cap Rate 9%
$646,189
$646.2K
Market Conditions
NOI Build-Up for 5,523 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
$99.4K $18.00/SF
− Vacancy
−$9.9K −$1.80/SF
EGI
$89.5K $16.20/SF
− OpEx
−$31.3K −$5.67/SF
NOI
$58.2K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,163,140
Cap Rate 7%
$830,814
Cap Rate 9%
$646,189
Alternative Uses
Best Use
Retail
$1.10M
$958.3K – $1.28M
NOI $76,660 @ 7.0% cap · market cap 10.97%
Second Best
Flex RnD
$830.8K
$727.0K – $969.3K
NOI $58,157 @ 7.0% cap · market cap 8.32%
Theoretical Best
Office A
$1.91M
$1.67M – $2.22M
NOI $133,479 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60120, IL
50,799
Population
17,112
Households
3
Avg Household Size
35
Median Age
19%
College-Educated
74%
High-School Grad
17.4 sq mi
ZIP Area
2,919
Density / Sq Mi
$80,305
Median Household Income
$37,495
Median Earnings
$1,250
Median Rent
$227,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - A fully leased flex/retail building with recent improvements and four tenants.
Where is this flex space located?
The property is located at 1 South Liberty Street Elgin, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5,523 sq ft flex/retail building fully leased to 4 tenants; Fully leased with income from a diversified tenant base of four; Recent improvements completed throughout the building
