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    Newark Retail Space on Rte 71 Title is generated by Realmo AI

    105 IL-71, Newark, IL 60541

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    For Sale
    $1,995,000

    COMMERCIAL - Newark, IL

    Type:Retail
    Lot size:
    1.79 Acres
    Added:
    May 6, 2024
    Days on Market:
    739
    Last Refresh:
    May 14 at 6:06 am

    Property Features for 105 IL-71

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    0706402005
    Lot size
    1.79 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    16308

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2007
    Floors in Building
    2
    Number of units
    1
    Building materials
    Steel Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Brittany Zickus
    Brittany Zickus

    Listing agent Brittany Zickus License #475197951

    Listing office eXp Realty 12 Main Street, Chicago, IL

    Listing date May 6, 2024

    MLS# 12048739

    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.

    HighLights

    • Solid 7.16% Cap Rate
    • Prime location off Rte. 71 and walking distance to downtown Newark
    • NNN Triple Net Lease
    • Turnkey Property
    • Opportunity for owner/operator or landlord
    • Built in 2007 with steel siding and metal roof

    Overview

    This commercial property in Newark, Illinois, offers a retail space opportunity. Situated in a prime location off of Rte. 71 and within walking distance of downtown Newark, the property is impeccably maintained. The property has a solid 7.16% cap rate. The property is located in Kendall County and has a lot size of 1.7938 acres. The owner is open to staying on and continuing to operate for a new landlord or vacating for an owner/operator. The zoning is COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Gym & Fitness Center Pharmacy Department Store HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Kendall
    State
    Illinois
    Longitude
    -88.5214
    Latitude
    41.5124

    Nearby Similar for Sale

    • $1,995,000

      Retail Space in Growing Newark

      Retail space in prime location with solid cap rate.
      105 E State Route 71, Newark, IL, 60541-3153
      View Details
    • $1,995,000
      9,520 SF

      Newark Retail Space For Sale

      Well-maintained retail space in Newark, prime location off Rte. 71.
      105 Il-71, Newark, IL 60541
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space in prime location off Rte. 71.
    Where is this retail space located?
    The property is located at 105 IL-71 Newark, IL.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: Solid 7.16% Cap Rate; Prime location off Rte. 71 and walking distance to downtown Newark; NNN Triple Net Lease
    (888) 574-9405
    We can help!
    Listing Contact
    Brittany Zickus
    Brittany Zickus
    Real Estate License ID: 475197951
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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