Rehabilitated Mixed-Use
For Sale
$1,165,000
116-118 S Water Street, Wilmington, IL 60481
Renovated building combines retail, bar, and office suites in a downtown waterfront setting.
Property Size5,243 SF
Days on Market117
Property Features for 116-118 S Water Street
General Information
Standard status
Active
Size
5,243 SF
Property subtype
Commercial
Zoning
COMMR
Taxes and HOA fees
Annual Taxes
$6,321
Amenities
ADA compliant bathrooms
Building Details
Building Size
5,243 SF
Year Built
1914
Stories
1
Units
10
Listing Agency:
RE/MAX Ultimate Professionals
(815) 725-4545
Listed By:
Daniel Condon · License #475178004
(815) 725-4545
Source:
Allinonerealestateco
Added: Apr 28
Changed: Aug 22
Last Checked: Aug 22 at 3:32AM
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 RE/MAX Ultimate Professionals
Investment Insights
Based on property information with market context.
Originally built in 1914, this mixed-use commercial property has been substantially rehabilitated and configured with retail, bar, and office suites. The layout supports a blend of commercial functions, while ADA-compliant bathrooms serve the building’s occupants and visitors. Several spaces are leased, providing an existing income component for an owner or investor.
The property is located at 116-118 S. Water Street in downtown Wilmington, along the waterfront. Its setting places retail, hospitality, office, and entertainment uses within a single commercial building, with access to the downtown corridor and a visible position along the water.
The property is located at 116-118 S. Water Street in downtown Wilmington, along the waterfront. Its setting places retail, hospitality, office, and entertainment uses within a single commercial building, with access to the downtown corridor and a visible position along the water.
Key Highlights
- Mixed‑use configuration with retail, bar, and office suites
- Substantially rehabilitated building originally constructed in 1914
- Several spaces are leased
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
$79,628
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%
$1,592,560
$1.6M
Cap Rate 7%
$1,137,543
$1.1M
Cap Rate 9%
$884,756
$884.8K
Market Conditions
NOI Build-Up for 5,243 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
$157.3K $30.00/SF
− Vacancy
−$29.9K −$5.70/SF
EGI
$127.4K $24.30/SF
− OpEx
−$47.8K −$9.11/SF
NOI
$79.6K $15.19/SF
Area
Will County, IL
Vacancy
19.00%
Lease Rate
$30.00 /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%
$1,592,560
Cap Rate 7%
$1,137,543
Cap Rate 9%
$884,756
Alternative Uses
Best Use
Mixed Use
$1.14M
$995.4K – $1.33M
NOI $79,628 @ 7.0% cap · market cap 6.84%
Second Best
Office B
$899.8K
$787.3K – $1.05M
NOI $62,985 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,238 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
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?
Mixed-use property - Renovated building combines retail, bar, and office suites in a downtown waterfront setting.
Where is this mixed-use property located?
The property is located at 116-118 S Water Street Wilmington, IL.
What is the asking price?
The asking price for this property is $1,165,000.
What are key features of this property?
This property features: Mixed‑use configuration with retail, bar, and office suites; Substantially rehabilitated building originally constructed in 1914; Several spaces are leased
