Flex Space With Car
For Sale
$2,500,000
1135 S Water Street, Wilmington, IL 60481
Commercial property combines office, service, and shop areas with a separate two-bay car wash.
Property Size14,224 SF
Price / SF$175.76
Days on Market339
Property Features for 1135 S Water Street
General Information
Standard status
Active
Size
14,224 SF
Total Parking Spaces
180
Property subtype
Commercial
Zoning
COMMR
Additional Details
Car Wash Bays
2
Taxes and HOA fees
Annual Taxes
$35,198
Amenities
welcoming lobby
six private offices
waiting room
break room
service area
large shop
five overhead doors
Building Details
Building Size
14,224 SF
Year Built
1998
Buildings
2
Stories
1
Listing Agency:
Lori Bonarek Realty
(815) 518-2300
Listed By:
Lori Bonarek · License #471022278
(815) 518-2300
Source:
Midwestrealestate
Added: Sep 3, 2025
Changed: Aug 7
Last Checked: Aug 7 at 3:36AM
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 Lori Bonarek Realty
Investment Insights
Based on property information with market context.
This flex-space property at 1135 S Water Street includes a 14,224-square-foot primary building and a separate 2,500-square-foot, two-bay car wash. The main structure contains a lobby, six private offices, a waiting room, break room, service area, and shop space served by five overhead doors. Approximately 180 vehicle spaces support the site’s multiple functional areas.
Built in 1998 and zoned COMMR, the property also includes a 36 month seller leaseback. The Wilmington, IL location places the asset just south of Chicago and combines administrative, service, shop, and car-wash components within one commercial property.
Built in 1998 and zoned COMMR, the property also includes a 36 month seller leaseback. The Wilmington, IL location places the asset just south of Chicago and combines administrative, service, shop, and car-wash components within one commercial property.
Key Highlights
- 14,224‑square‑foot primary building with office, service, and shop areas
- Separate 2,500‑square‑foot, two‑bay car wash
- Main building includes six private offices, lobby, waiting room, and break room
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
$170,876
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
6.84%
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%
$3,417,520
$3.4M
Cap Rate 7%
$2,441,086
$2.4M
Cap Rate 9%
$1,898,622
$1.9M
Market Conditions
NOI Build-Up for 14,224 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
$320.9K $22.56/SF
− Vacancy
−$93.1K −$6.54/SF
EGI
$227.8K $16.02/SF
− OpEx
−$57.0K −$4.00/SF
NOI
$170.9K $12.01/SF
Area
Will County, IL
Vacancy
29.00%
Lease Rate
$22.56 /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%
$3,417,520
Cap Rate 7%
$2,441,086
Cap Rate 9%
$1,898,622
Alternative Uses
Best Use
Office B
$2.44M
$2.14M – $2.85M
NOI $170,876 @ 7.0% cap · market cap 6.84%
Second Best
Specialty Retail
$2.43M
$2.12M – $2.83M
NOI $169,967 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$3.23M
$2.82M – $3.76M
NOI $225,820 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60481, IL
11,518
Population
5,553
Households
2.1
Avg Household Size
46
Median Age
17%
College-Educated
92%
High-School Grad
123.5 sq mi
ZIP Area
93
Density / Sq Mi
$76,398
Median Household Income
$45,563
Median Earnings
$975
Median Rent
$224,800
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?
Flex space - Commercial property combines office, service, and shop areas with a separate two-bay car wash.
Where is this flex space located?
The property is located at 1135 S Water Street Wilmington, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 14,224‑square‑foot primary building with office, service, and shop areas; Separate 2,500‑square‑foot, two‑bay car wash; Main building includes six private offices, lobby, waiting room, and break room
