One-Story Office Building with
For Sale
$429,900
110 S Lombard St, Mahomet, IL 61853
Adaptable office property with a finished basement, attached garage, and multiple interior rooms for flexible workspace planning.
Property Size2,116 SF
Price / SF$203.17
Days on Market36
Property Features for 110 S Lombard St
General Information
Standard status
Active
Size
2,116 SF
Total Parking Spaces
2
Building Details
Year Built
1988
Buildings
1
Stories
1
Listing Agency:
Taylor Realty Associates
(217) 586-4906
Listed By:
Nick Taylor · License #471001633
Source:
Thegallivangroup
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 29 at 11:50AM
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 Taylor Realty Associates
Investment Insights
Based on property information with market context.
Built in 1988, this 2,116-square-foot office building occupies a one-story configuration with a finished basement. The main level includes an open central area, kitchen, laundry room, full bathroom, private suite with attached bath and walk-in closet, two additional rooms, and a bonus room. A vaulted ceiling, exposed beams, and a stone wood-burning fireplace add distinctive interior character.
The lower level provides a kitchenette, two additional rooms, a full bathroom, recreation room, and storage space. An attached two-car garage and a large backyard with a tree-lined edge are also included. The property is located at 110 S Lombard St in Mahomet, Illinois.
The lower level provides a kitchenette, two additional rooms, a full bathroom, recreation room, and storage space. An attached two-car garage and a large backyard with a tree-lined edge are also included. The property is located at 110 S Lombard St in Mahomet, Illinois.
Key Highlights
- 2,116 SF office building constructed in 1988
- One‑story layout with a finished basement
- Vaulted beamed ceiling and stone wood‑burning fireplace
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
$21,539
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
5.01%
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%
$430,780
$430.8K
Cap Rate 7%
$307,700
$307.7K
Cap Rate 9%
$239,322
$239.3K
Market Conditions
NOI Build-Up for 2,116 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
$36.8K $17.40/SF
− Vacancy
−$8.1K −$3.83/SF
EGI
$28.7K $13.57/SF
− OpEx
−$7.2K −$3.39/SF
NOI
$21.5K $10.18/SF
Area
Champaign County, IL
Vacancy
22.00%
Lease Rate
$17.40 /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%
$430,780
Cap Rate 7%
$307,700
Cap Rate 9%
$239,322
Alternative Uses
Best Use
Office B
$307.7K
$269.2K – $359.0K
NOI $21,539 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$440.2K
$385.2K – $513.6K
NOI $30,816 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 61853, IL
14,218
Population
5,338
Households
2.7
Avg Household Size
38
Median Age
52%
College-Educated
97%
High-School Grad
48.0 sq mi
ZIP Area
296
Density / Sq Mi
$114,974
Median Household Income
$56,473
Median Earnings
$1,226
Median Rent
$281,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Adaptable office property with a finished basement, attached garage, and multiple interior rooms for flexible workspace planning.
Where is this office building located?
The property is located at 110 S Lombard St Mahomet, IL.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 2,116 SF office building constructed in 1988; One‑story layout with a finished basement; Vaulted beamed ceiling and stone wood‑burning fireplace
