Flex Facility with Office
For Sale
$1,200,000
1 South Street, Danville, IL 61832
Commercial Sale, Danville, IL
Property Size15,904 SF
Lot Size1.91 Acres
Price / SF$75.45
Days on Market48
Property Features for 1 South Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
From Georgetown Rd, Head East on Southgate Dr. Continue North on S Hodge St and building will be located on the East side of the Road
Subdivision
Confidential Commercial Listings
Standard status
Active
APN
23-20-201-023
Lot size
1.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8238
Building Details
Year built
2017
Floors in Building
1
Listing Agency:
KELLER WILLIAMS-TREC · Keller Williams Realty
(217) 356-6100
Listed By:
Clayton Maddox · License #475189441
(217) 356-6100
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 24 at 1:06PM
MLS# 12698474
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.
Built in 2017, this flex facility provides 15,904 square feet across two shop areas, a connecting breezeway, and dedicated office space. The larger shop measures approximately 96 by 88 feet, while the second measures approximately 60 by 88 feet. The office area measures approximately 32 by 50 feet, and the breezeway adds approximately 24 by 24 feet. Interior clearance reaches 16 feet, with 14-foot overhead door height.
The property occupies 1.9054 acres and is zoned COMMR. Its location offers access to I-74, and the site is within an Enterprise Zone and Tilton's TIF District #3. The configuration supports a range of commercial and operational layouts within a single facility.
The property occupies 1.9054 acres and is zoned COMMR. Its location offers access to I-74, and the site is within an Enterprise Zone and Tilton's TIF District #3. The configuration supports a range of commercial and operational layouts within a single facility.
Key Highlights
- 15,904 sqft +/- total building area
- Two shop areas measuring 96'x88' and 60'x88'
- Office area measures 32'x50'; breezeway measures 24'x24'
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
$97,858
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
8.15%
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%
$1,957,160
$2.0M
Cap Rate 7%
$1,397,971
$1.4M
Cap Rate 9%
$1,087,311
$1.1M
Market Conditions
NOI Build-Up for 15,904 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
$126.0K $7.92/SF
− Vacancy
−$10.8K −$0.68/SF
EGI
$115.1K $7.24/SF
− OpEx
−$17.3K −$1.09/SF
NOI
$97.9K $6.15/SF
Area
Vermilion County, IL
Vacancy
8.60%
Lease Rate
$7.92 /SF/Yr
Expense Ratio
15.00%
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%
$1,957,160
Cap Rate 7%
$1,397,971
Cap Rate 9%
$1,087,311
Alternative Uses
Best Use
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,858 @ 7.0% cap · market cap 8.15%
Second Best
Industrial
$1.15M
$1.01M – $1.34M
NOI $80,589 @ 7.0% cap · market cap 6.72%
Theoretical Best
Specialty Retail
$3.10M
$2.71M – $3.61M
NOI $216,883 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61832, IL
32,878
Population
16,390
Households
2
Avg Household Size
40
Median Age
17%
College-Educated
90%
High-School Grad
27.3 sq mi
ZIP Area
1,204
Density / Sq Mi
$45,264
Median Household Income
$37,288
Median Earnings
$805
Median Rent
$78,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 2017 flex facility combining substantial shop space, office area, and access to I-74.
Where is this flex space located?
The property is located at 1 South Street Danville, IL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 15,904 sqft +/- total building area; Two shop areas measuring 96'x88' and 60'x88'; Office area measures 32'x50'; breezeway measures 24'x24'
