Corner Storefront
For Sale
$950,000
10400 Main St, Richmond, IL 60071
Open-interior building identified for retail, food, and beverage uses.
Property Size7,821 SF
Price / SF$121.47
Days on Market13
Property Features for 10400 Main St
General Information
Standard status
Active
Size
7,821 SF
Site & Location
Corner Location
Yes
Traffic Count
13,200 vehicles/day
Building Details
Year Built
1924
Listing Agency:
RE/MAX Plaza
(815) 363-2834
Listed By:
Elise Livingston · License #471008028
Source:
Liveliferealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 8:43PM
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 RE/MAX Plaza
Investment Insights
Based on property information with market context.
This 7,821-square-foot storefront property presents an open interior within a building constructed in 1924. The asset is identified for retail, food, and beverage uses, providing a flexible commercial setting for occupants seeking a prominent in-town location.
The building occupies the corner of Main Street, also designated US Route 12, and Mill Street at 10400 Main St in Richmond, Illinois. Its position overlooks Nippersink Creek, adding a distinctive natural setting to the property. IDOT reports a daily traffic count of 13,200 for the area.
The building occupies the corner of Main Street, also designated US Route 12, and Mill Street at 10400 Main St in Richmond, Illinois. Its position overlooks Nippersink Creek, adding a distinctive natural setting to the property. IDOT reports a daily traffic count of 13,200 for the area.
Key Highlights
- 7,821‑square‑foot open‑interior storefront building
- Retail, food, and beverage uses identified
- Corner position at Main Street and Mill Street
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
$75,469
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
7.94%
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%
$1,509,380
$1.5M
Cap Rate 7%
$1,078,129
$1.1M
Cap Rate 9%
$838,544
$838.5K
Market Conditions
NOI Build-Up for 7,821 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
$117.3K $15.00/SF
− Vacancy
−$9.5K −$1.22/SF
EGI
$107.8K $13.79/SF
− OpEx
−$32.3K −$4.14/SF
NOI
$75.5K $9.65/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$15.00 /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%
$1,509,380
Cap Rate 7%
$1,078,129
Cap Rate 9%
$838,544
Alternative Uses
Best Use
Retail
$1.08M
$943.4K – $1.26M
NOI $75,469 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.15M
NOI $189,016 @ 7.0% cap · market cap 19.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,200 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
41k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 90%
Shops & Services 10%
McDonald's
Dining
24,075 visits/mo
0.3 miles
Taco Bell
Dining
9,372 visits/mo
0.4 miles
BP
Shops & Services
3,903 visits/mo
0.4 miles
SUBWAY
Dining
2,147 visits/mo
0.3 miles
Papa Saverio's Pizzeria
Dining
1,376 visits/mo
0.3 miles
Demographics for 60071, IL
3,891
Population
2,161
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
97%
High-School Grad
24.8 sq mi
ZIP Area
157
Density / Sq Mi
$77,593
Median Household Income
$43,164
Median Earnings
$1,189
Median Rent
$289,800
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - Open-interior building identified for retail, food, and beverage uses.
Where is this storefront property located?
The property is located at 10400 Main St Richmond, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7,821‑square‑foot open‑interior storefront building; Retail, food, and beverage uses identified; Corner position at Main Street and Mill Street
