Building Details

Year Built 1898

Buildings 1

Stories 2

Listing Agency: Adam Merrick Real Estate

Listed By: Adam Merrick (homes@adammerrick.com)

Source: Searchillinoishomesforsale

Added: Aug 30 Changed: Sep 9 Last Checked: Sep 13 at 11:21AM

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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 Adam Merrick Real Estate

Investment Insights

Based on property information with market context.

This two-story duplex contains 1,600 square feet and was built in 1898. Recent improvements include new siding, replacement windows, and a new roof, providing meaningful updates to the property’s exterior and weather protection.

Located at 102 S Main St in Deer Creek, the property offers two residential units with flexibility for an owner to occupy one while renting the other. The existing duplex configuration may also support conversion to a single-family residence, subject to applicable requirements.

Key Highlights

• Two‑story duplex with 1,600 square feet
• New siding, windows, and roof
• Built in 1898

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

$10,567

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

7.83%

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%

$211,340 $211.3K

Cap Rate 7%

$150,957 $151.0K

Cap Rate 9%

$117,411 $117.4K

Market Conditions

NOI Build-Up for 1,600 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

$16.3K $10.20/SF

− Vacancy

−$1.2K −$0.77/SF

EGI

$15.1K $9.44/SF

− OpEx

−$4.5K −$2.83/SF

NOI

$10.6K $6.60/SF

Area

Tazewell County, IL

Vacancy

7.50%

Lease Rate

$10.20 /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%

$211,340

Cap Rate 7%

$150,957

Cap Rate 9%

$117,411

Alternative Uses

Best Use

Multifamily LT 5

$151.0K

$132.1K – $176.1K (±1% cap)

NOI $10,567 @ 7.0% cap · market cap 7.83%

Second Best

Apartment 5plus

$134.0K

$117.3K – $156.3K (±1% cap)

NOI $9,380 @ 7.0% cap · market cap 6.95%

Theoretical Best

Office A

$626.1K

$547.8K – $730.5K (±1% cap)

NOI $43,827 @ 7.0% cap · market cap 32.49%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick HVAC Service Auto Repair Shop Big Box & Wholesale Store Kitchen & Bath Showroom Real Estate Agency Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

57

Businesses Nearby

Explore this area Business Placement

Demographics for 61733, IL

1,099

Population

432

Households

2.5

Avg Household Size

39

Median Age

30%

College-Educated

97%

High-School Grad

22.4 sq mi

ZIP Area

49

Density / Sq Mi

$93,400

Median Household Income

$48,824

Median Earnings

$1,119

Median Rent

$191,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - New siding, windows, and roof enhance this duplex’s updated exterior.

Where is this duplex located?

The property is located at 102 S Main St Deer Creek, IL.

What is the asking price?

The asking price for this property is $134,900.

What are key features of this property?

This property features: Two‑story duplex with 1,600 square feet; New siding, windows, and roof; Built in 1898