Agricultural Land with Metal
For Sale
$1,900,000
Pending
11635 Wange Road, Capron, IL 61012
LAND, CAPRON, IL
Property Size9,000 SF
Lot Size119.45 Acres
Days on Market225
Property Features for 11635 Wange Road
General Information
Property type
Land
Property subtype
Other
Lot features
Agriculture
Elementary school
Capron Elementary
Middle school
North Boone Middle
High school
North Boone High
Elementary school district
North Boone 200
Middle school district
North Boone 200
High school district
North Boone 200
Subdivision
Boone County
Standard status
Pending
APN
0413400005
Lot size
119.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
13-45-4 W 1/2 NW SE (EX W 150')
Tax Annual Amount
10352
Legal Description
13-45-4 W 1/2 NW SE (EX W 150')
Utilities
Water source
Well
Listing Agency:
Gambino Realtors
(815) 623-3333
Listed By:
Miguel Lobato · License #475146683
(815) 231-4129
Added: Jan 20
Changed: Aug 20
Last Checked: Sep 2 at 3:06PM
MLS# 202600362
Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 119.45-acre agricultural property comprises five separate parcels and includes two metal buildings with nearly 9,000 square feet of combined space. The buildings provide storage and adaptable interior areas, while the primary structure features newer flooring and multiple storage areas. Each building has its own 200 amp breaker box, supporting a range of industrial power requirements.
Located at 11635 Wange Road in Capron, Illinois, the property includes a well water source. The land was formerly used as an agricultural research center, and the existing buildings add functional improvements to the farmland component.
Located at 11635 Wange Road in Capron, Illinois, the property includes a well water source. The land was formerly used as an agricultural research center, and the existing buildings add functional improvements to the farmland component.
Key Highlights
- 119.45 acres of agricultural land across five separate parcels
- Two metal buildings totaling nearly 9,000 square feet
- Each building has its own 200 amp breaker box
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
$111,583
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
5.87%
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%
$2,231,660
$2.2M
Cap Rate 7%
$1,594,043
$1.6M
Cap Rate 9%
$1,239,811
$1.2M
Market Conditions
NOI Build-Up for 9,000 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
$140.4K $15.60/SF
− Vacancy
−$9.1K −$1.01/SF
EGI
$131.3K $14.59/SF
− OpEx
−$19.7K −$2.19/SF
NOI
$111.6K $12.40/SF
Area
Boone County, IL
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
15.00%
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%
$2,231,660
Cap Rate 7%
$1,594,043
Cap Rate 9%
$1,239,811
Alternative Uses
Best Use
Warehouse
$1.59M
$1.39M – $1.86M
NOI $111,583 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,573 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 61012, IL
2,160
Population
788
Households
2.7
Avg Household Size
37
Median Age
22%
College-Educated
83%
High-School Grad
36.2 sq mi
ZIP Area
60
Density / Sq Mi
$98,750
Median Household Income
$35,691
Median Earnings
$800
Median Rent
$168,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Large farm holding with two maintained metal structures and dedicated electrical service for agricultural or industrial operations.
Where is this agricultural land / farmland located?
The property is located at 11635 Wange Road Capron, IL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 119.45 acres of agricultural land across five separate parcels; Two metal buildings totaling nearly 9,000 square feet; Each building has its own 200 amp breaker box
