Renovated Mixed-Use
For Sale
$159,900
112 S State St, Marengo, IL 60152
Updated retail and office space with flexible configurations, salon plumbing, and a refreshed storefront facade.
Property Size1,200 SF
Price / SF$133.25
Days on Market37
Property Features for 112 S State St
General Information
Standard status
Active
Size
1,200 SF
Amenities
updated exterior facade
luxury vinyl plank flooring
LED lighting
pre-plumbed
flexible layout
Building Details
Year Built
1900
Listing Agency:
Premier Commercial Realty
(847) 854-2300
Listed By:
Heather Schweitzer, Austin Schweitzer · License #ILLINOIS#475.217540
Source:
Tumpanelegacy
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 6:23PM
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 Premier Commercial Realty
Investment Insights
Based on property information with market context.
This 1,200 SF mixed-use property combines a retail storefront with adaptable office space. The building, constructed in 1900, has been fully renovated with new luxury vinyl plank flooring, LED lighting throughout, and an updated exterior facade. The interior can accommodate up to 5 private offices, including a configuration with 4 offices and a dedicated break room. Additional layouts support retail with rear offices, salon or salon-suite use, and mixed retail/office operations.
Located at 112 S State St in downtown Marengo, the property offers a storefront setting for retail, salon, spa, barber, coffee shop, photography, wellness, insurance, financial, or law firm uses. Four locations are pre-plumbed for salon stations or utility sinks. Immediate occupancy is available, with the occupant responsible for utilities and snow removal.
Located at 112 S State St in downtown Marengo, the property offers a storefront setting for retail, salon, spa, barber, coffee shop, photography, wellness, insurance, financial, or law firm uses. Four locations are pre-plumbed for salon stations or utility sinks. Immediate occupancy is available, with the occupant responsible for utilities and snow removal.
Key Highlights
- 1,200 SF mixed‑use retail and office property
- Fully renovated with new LVP flooring, LED lighting, and an updated exterior facade
- Flexible layout supports up to 5 private offices
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
$12,420
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
7.77%
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%
$248,400
$248.4K
Cap Rate 7%
$177,429
$177.4K
Cap Rate 9%
$138,000
$138.0K
Market Conditions
NOI Build-Up for 1,200 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
$21.6K $18.00/SF
− Vacancy
−$1.7K −$1.44/SF
EGI
$19.9K $16.56/SF
− OpEx
−$7.5K −$6.21/SF
NOI
$12.4K $10.35/SF
Area
McHenry County, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$248,400
Cap Rate 7%
$177,429
Cap Rate 9%
$138,000
Alternative Uses
Best Use
Office B
$236.4K
$206.8K – $275.8K
NOI $16,546 @ 7.0% cap · market cap 10.35%
Second Best
Mixed Use
$177.4K
$155.3K – $207.0K
NOI $12,420 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$414.3K
$362.5K – $483.4K
NOI $29,001 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 60152, IL
12,382
Population
4,715
Households
2.6
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
95.4 sq mi
ZIP Area
130
Density / Sq Mi
$94,209
Median Household Income
$51,808
Median Earnings
$1,090
Median Rent
$259,200
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?
Mixed-use property - Updated retail and office space with flexible configurations, salon plumbing, and a refreshed storefront facade.
Where is this mixed-use property located?
The property is located at 112 S State St Marengo, IL.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: 1,200 SF mixed‑use retail and office property; Fully renovated with new LVP flooring, LED lighting, and an updated exterior facade; Flexible layout supports up to 5 private offices
