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    116 West South Street Franklin Grove, IL 61031

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    For Sale
    $140,000

    2400 sq ft flex space with recent upgrades.

    Property size:
    3,630 SF
    Added:
    Jul 17, 2025
    Days on Market:
    274
    Last Refresh:
    Mar 13 at 2:44 pm

    Property Features for 116 West South Street

    General Information

    Standard status
    Active
    Size
    3,630 SF

    Building Details

    Year Built
    1955

    We can help!

    Listing Contact
    Vickie Gutierrez

    Listing agent Vickie Gutierrez License #471001403

    Listing office Crawford Realty, LLC

    Listing date Jul 17, 2025

    Source Compass

    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 Crawford Realty, LLC

    Overview

    Well-Maintained Flex Space Building

    This well-maintained 2400 sq ft building features a reception area, a private office, two large work spaces, and storage areas. It includes two overhead doors and insulated walls. Recent upgrades include new siding, electrical, plumbing, a heat and A/C split system, and a new generator. The property is situated on a 3630 sq ft lot.
    Location Intelligence

    Current Use by Public Records

    Pfoutz Electric Services Electrical Service

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Department Store Skin Care Clinic Storage Facility Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Franklin Grove
    County
    Lee
    State
    Illinois
    Longitude
    -89.299097
    Latitude
    41.840552

    Nearby Similar for Sale

    • $140,000

      Well-Maintained Commercial Building For Sale

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    • $1,300,000

      Renovated Estate with Limitless Potential

      A multi-building estate with a renovated residence and custom homes.
      409 N State Street, Franklin Grove, IL 61031
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    • $225,000

      Steel Building in Franklin Grove

      Versatile steel building suitable for workshop, business, or storage.
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    • $1,909,896
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      Retail Property For Sale

      Retail property with limited competition and new construction.
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    FAQs

    What type of property is this?
    Flex space - 2400 sq ft flex space with recent upgrades.
    Where is this flex space located?
    The property is located at 116 West South Street Franklin Grove, IL.
    What is the asking price?
    The asking price for this property is $140,000.
    What are key features of this property?
    This property features: Move‑in ready: In business on Day One!; Recent upgrades include new siding, electrical, plumbing, heat and a/c split system, and generator.; Functional layout with a reception area, private office, 2 huge work spaces, and storage areas.
    (815) 973-4444
    We can help!
    Listing Contact
    Vickie Gutierrez
    Real Estate License ID: 471001403
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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