Storefront Retail Building with
For Sale
$275,000
1018 Laurel Street, Highland, IL 62249
Commercial Sale, Highland, IL
Property Size3,000 SF
Lot Size0.17 Acres
Price / SF$91.67
Days on Market121
Property Features for 1018 Laurel Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
City/Hlnd
Directions
Highland Town Square (West Side)
Standard status
Active
APN
01-2-24-05-06-104-037
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5143
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
full basement
dedicated parking
large glass windows
seating area
half bath
Building Details
Year built
1955
Floors in Building
1
Building materials
Brick
Listing Agency:
Equity Realty Group, LLC
(618) 654-5575
Listed By:
Kim Johnson · License #475130541
(618) 654-5575
Added: Apr 27
Changed: Aug 24
Last Checked: Aug 25 at 6:06AM
MLS# 26013108
Copyright © 2026 Mid America Regional Information Systems, Inc. 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.
This brick storefront at 1018 Laurel Street in Highland includes approximately 3000 sq. ft. of finished space, a retail area with large glass windows, customer seating, and a half bath. The existing commercial baking setup includes an oven, workspace, and sink, while a full unfinished basement provides additional storage for inventory and supplies.
The property is positioned on Highland’s square and includes dedicated parking behind the building. Built in 1955, the building has forced-air heating, central air, and public water. Its storefront configuration combines customer-facing retail space with food-preparation improvements and supporting storage areas.
The property is positioned on Highland’s square and includes dedicated parking behind the building. Built in 1955, the building has forced-air heating, central air, and public water. Its storefront configuration combines customer-facing retail space with food-preparation improvements and supporting storage areas.
Key Highlights
- Approximately 3000 sq. ft. of finished space
- Commercial baking setup with oven, workspace, and sink
- Large glass storefront windows facing Highland’s square
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
$12,395
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
4.51%
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%
$247,900
$247.9K
Cap Rate 7%
$177,071
$177.1K
Cap Rate 9%
$137,722
$137.7K
Market Conditions
NOI Build-Up for 3,000 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
$18.2K $6.06/SF
− Vacancy
−$473 −$0.16/SF
EGI
$17.7K $5.90/SF
− OpEx
−$5.3K −$1.77/SF
NOI
$12.4K $4.13/SF
Area
Madison County, IL
Vacancy
2.60%
Lease Rate
$6.06 /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%
$247,900
Cap Rate 7%
$177,071
Cap Rate 9%
$137,722
Alternative Uses
Best Use
Retail
$526.0K
$460.2K – $613.6K
NOI $36,817 @ 7.0% cap · market cap 13.39%
Second Best
Specialty Retail
$508.3K
$444.8K – $593.0K
NOI $35,580 @ 7.0% cap · market cap 12.94%
Theoretical Best
Office A
$817.7K
$715.5K – $954.0K
NOI $57,240 @ 7.0% cap · market cap 20.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
37k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Casey's General Store
Shops & Services
9,328 visits/mo
0.4 miles
MotoMart
Shops & Services
9,120 visits/mo
0.2 miles
U.S. Bank
Shops & Services
6,680 visits/mo
0.2 miles
Dollar General
Shops & Services
5,663 visits/mo
0.3 miles
Conoco
Shops & Services
4,700 visits/mo
0.4 miles
Demographics for 62249, IL
16,052
Population
7,317
Households
2.2
Avg Household Size
42
Median Age
36%
College-Educated
96%
High-School Grad
88.7 sq mi
ZIP Area
181
Density / Sq Mi
$88,986
Median Household Income
$53,122
Median Earnings
$779
Median Rent
$220,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- A Special Touch — 914 Broadway, Highland, IL 62249
Frequently Asked Questions
What type of property is this?
Storefront property - Brick retail building with a customer seating area, commercial baking improvements, rear parking, and basement storage.
Where is this storefront property located?
The property is located at 1018 Laurel Street Highland, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Approximately 3000 sq. ft. of finished space; Commercial baking setup with oven, workspace, and sink; Large glass storefront windows facing Highland’s square
