Brick Office Building with Drive-Through
For Sale
$750,000
101 N Hilgert Drive, Grant Park, IL 60940
Corner-lot commercial property with nearly completed renovations, commercial zoning, prominent signage, and adjacent Casey’s and Dollar General locations.
Property Size6,200 SF
Days on Market155
Property Features for 101 N Hilgert Drive
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$10,306
Building Details
Building Size
6,200 SF
Year Built
1997
Stories
2
Units
1
Listing Agency:
McColly Bennett Real Estate
(815) 929-9381
Listed By:
Buck Tamblyn · License #475131086
(815) 929-9381
Source:
Midwestrealestate
Added: Mar 19
Changed: Aug 19
Last Checked: Aug 19 at 2:27PM
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 McColly Bennett Real Estate
Investment Insights
Based on property information with market context.
Located at 101 N Hilgert Drive in Grant Park, this 6,200-square-foot office building offers an all-brick exterior and renovations reported as 99% complete. The property includes potential for drive-through service and is suited to commercial, office, medical, or retail occupancy based on the stated zoning and property characteristics.
The building occupies a 1.6-acre corner parcel with landscaping and prominent signage. It is positioned next to Casey’s and Dollar General and lies within a TIF Zone. Constructed in 1997, the property combines a substantial building footprint with a visible commercial setting and multiple documented use possibilities.
The building occupies a 1.6-acre corner parcel with landscaping and prominent signage. It is positioned next to Casey’s and Dollar General and lies within a TIF Zone. Constructed in 1997, the property combines a substantial building footprint with a visible commercial setting and multiple documented use possibilities.
Key Highlights
- 6,200‑square‑foot all‑brick commercial building
- 99% of renovations complete from top to bottom
- 1.6‑acre corner lot with landscaping and signage
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
$68,143
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
9.09%
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%
$1,362,860
$1.4M
Cap Rate 7%
$973,471
$973.5K
Cap Rate 9%
$757,144
$757.1K
Market Conditions
NOI Build-Up for 6,200 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
$105.6K $17.04/SF
− Vacancy
−$14.8K −$2.39/SF
EGI
$90.9K $14.65/SF
− OpEx
−$22.7K −$3.66/SF
NOI
$68.1K $10.99/SF
Area
Kankakee County, IL
Vacancy
14.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,362,860
Cap Rate 7%
$973,471
Cap Rate 9%
$757,144
Alternative Uses
Best Use
Office B
$973.5K
$851.8K – $1.14M
NOI $68,143 @ 7.0% cap · market cap 9.09%
Second Best
Retail
$669.6K
$585.9K – $781.2K
NOI $46,872 @ 7.0% cap · market cap 6.25%
Theoretical Best
Multifamily LT 5
$5.00M
$4.38M – $5.84M
NOI $350,122 @ 7.0% cap · market cap 46.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 60940, IL
3,246
Population
1,173
Households
2.8
Avg Household Size
44
Median Age
19%
College-Educated
94%
High-School Grad
76.7 sq mi
ZIP Area
42
Density / Sq Mi
$97,778
Median Household Income
$50,493
Median Earnings
$1,201
Median Rent
$244,800
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Corner-lot commercial property with nearly completed renovations, commercial zoning, prominent signage, and adjacent Casey’s and Dollar General locations.
Where is this office building located?
The property is located at 101 N Hilgert Drive Grant Park, IL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 6,200‑square‑foot all‑brick commercial building; 99% of renovations complete from top to bottom; 1.6‑acre corner lot with landscaping and signage
