B-2 Office
New
For Sale
$319,000
118 E Oak Knoll Dr, Hampshire, IL 60140
Established commercial property with parking, Route 72 exposure, and flexible use potential for office and professional services.
Property Size1,450 SF
Price / SF$220
Days on Market3
Property Features for 118 E Oak Knoll Dr
General Information
Standard status
Active
Size
1,450 SF
Zoning
B-2
Building Details
Year Built
1956
Listing Agency:
RE/MAX Deal Makers
(847) 514-3992
Listed By:
Bruce Burklow · License #471018907
Source:
Grandviewrealtyservices
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 4:30AM
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 Deal Makers
Investment Insights
Based on property information with market context.
This office building at 118 E Oak Knoll Dr was constructed in 1956 and is designated B-2. The property offers 1,450 of stated property size along with on-site parking and a configuration that can support office, medical professional, service, retail, or restaurant uses as identified for the property.
Positioned on Route 72 in Hampshire, the building benefits from a busy commercial roadway and daily traffic. It is next to Chick N Dip and surrounded by residential and commercial development. The Hampshire, IL 60140 location provides a visible setting for an owner-user, investor, or redevelopment project.
Positioned on Route 72 in Hampshire, the building benefits from a busy commercial roadway and daily traffic. It is next to Chick N Dip and surrounded by residential and commercial development. The Hampshire, IL 60140 location provides a visible setting for an owner-user, investor, or redevelopment project.
Key Highlights
- B‑2 zoning supports the property’s stated commercial use profile
- Located on Route 72 in Hampshire, IL
- 1,450 property size
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
$20,148
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
6.32%
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%
$402,960
$403.0K
Cap Rate 7%
$287,829
$287.8K
Cap Rate 9%
$223,867
$223.9K
Market Conditions
NOI Build-Up for 1,450 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
$36.5K $25.20/SF
− Vacancy
−$3.0K −$2.04/SF
EGI
$33.6K $23.16/SF
− OpEx
−$13.4K −$9.26/SF
NOI
$20.1K $13.90/SF
Area
Kane County, IL
Vacancy
8.10%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$402,960
Cap Rate 7%
$287,829
Cap Rate 9%
$223,867
Alternative Uses
Best Use
Healthcare Medical
$287.8K
$251.9K – $335.8K
NOI $20,148 @ 7.0% cap · market cap 6.32%
Second Best
Office B
$285.6K
$249.9K – $333.2K
NOI $19,993 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$500.6K
$438.0K – $584.1K
NOI $35,043 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
145
Businesses Nearby
Explore this area
Business Placement
Demographics for 60140, IL
21,902
Population
7,325
Households
3
Avg Household Size
37
Median Age
38%
College-Educated
93%
High-School Grad
81.0 sq mi
ZIP Area
270
Density / Sq Mi
$114,675
Median Household Income
$58,111
Median Earnings
$1,379
Median Rent
$316,900
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?
Office building - Established commercial property with parking, Route 72 exposure, and flexible use potential for office and professional services.
Where is this office building located?
The property is located at 118 E Oak Knoll Dr Hampshire, IL.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: B‑2 zoning supports the property’s stated commercial use profile; Located on Route 72 in Hampshire, IL; 1,450 property size
