Mixed-Use Building in
For Sale
$565,000
Pending
115-117 N Main Street, Crystal Lake, IL 60014
Two-story mixed-use building with retail and meeting hall space.
Property Size4,630 SF
Days on Market219
Property Features for 115-117 N Main Street
General Information
Standard status
Pending
Size
4,630 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$16,033
Amenities
Central air
Central Air Cooling
Reflective Coating Roof
Building Details
Year Built
1905
Listing Agency:
PREMIER COMMERCIAL REALTY
(847) 854-2300
Listed By:
BRUCE KAPLAN · License #475075614
Source:
Corcoran
Added: Jan 9
Changed: Aug 14
Last Checked: Aug 14 at 6:02AM
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 two-story masonry mixed-use building is located in downtown Crystal Lake. The property features two first-floor retail units and a second-floor former meeting hall. One retail space, currently occupied by a bicycle store, spans 2,075 square feet with an additional basement and is leased month-to-month for $1,700 per month gross. The other retail unit is vacant, offering 1,500 square feet plus a basement, ready for immediate rental. Each retail space is equipped with its own GFA furnace and A/C. A 1,000 square foot storage space with separate entrances is situated between the two retail units. The second floor comprises a 4,630 square foot former meeting hall, complete with a bar, kitchen, two small bathrooms, and two GFA furnaces with rooftop A/C units. The building has a fieldstone foundation and a 4,630 square foot basement that extends under the entire structure, along with a barrel roof. The property is suitable for a value-add rehab project and is located close to the train station. It features separate electric and gas services. Parking is available in a free City parking lot behind the building, as well as street parking and on-site spaces.
Key Highlights
- Prime downtown Crystal Lake location, close to the train station
- Mixed‑use building with two retail units and a large second‑floor space
- Value‑add opportunity with vacant retail space and a former meeting hall ready for rehab
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
$47,921
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
8.48%
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%
$958,420
$958.4K
Cap Rate 7%
$684,586
$684.6K
Cap Rate 9%
$532,456
$532.5K
Market Conditions
NOI Build-Up for 4,630 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
$83.3K $18.00/SF
− Vacancy
−$6.7K −$1.44/SF
EGI
$76.7K $16.56/SF
− OpEx
−$28.8K −$6.21/SF
NOI
$47.9K $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%
$958,420
Cap Rate 7%
$684,586
Cap Rate 9%
$532,456
Alternative Uses
Best Use
Mixed Use
$684.6K
$599.0K – $798.7K
NOI $47,921 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,897 @ 7.0% cap · market cap 19.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 60014, IL
48,275
Population
18,135
Households
2.7
Avg Household Size
40
Median Age
42%
College-Educated
94%
High-School Grad
25.1 sq mi
ZIP Area
1,923
Density / Sq Mi
$104,657
Median Household Income
$50,805
Median Earnings
$1,429
Median Rent
$296,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with retail and meeting hall space.
Where is this mixed-use property located?
The property is located at 115-117 N Main Street Crystal Lake, IL.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Prime downtown Crystal Lake location, close to the train station; Mixed‑use building with two retail units and a large second‑floor space; Value‑add opportunity with vacant retail space and a former meeting hall ready for rehab
