Building Details

Building Size 3,402 SF

Year Built 1875

Listing Agency: SVN | Landmark Commercial Real Estate

Listed By: Jeff Cadwallader · License #475116201 Show Phone

Source: Svn

Added: May 17 Changed: Sep 3 Last Checked: Sep 4 at 3:03AM

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Investment Insights

Based on property information with market context.

Constructed in 1875 as the First National Bank of Dundee, this landmark building has been renovated to combine historic character with modern functionality. Interior highlights include soaring ceilings, original coffered woodwork, expansive arched windows, an integrated sound system, solar panels, and a preserved original bank vault. The layout includes a main floor plus an upper level that overlooks the main area, with a large conference room and office space. Additional improvements include updated restrooms, diamond-plate metal staircases, a full kitchen with high-end cabinetry and stone countertops, and a checkerboard hardwood floor. A full basement provides dedicated storage with a separate entrance.

Located in the heart of downtown West Dundee along Route 72 (Main Street), the property offers strong visibility and connectivity, with quick access to Route 31 and Interstate 90. It sits within West Dundee’s historic business district and is near the Riverwalk, with local dining, boutiques, and service businesses in the surrounding area. An adjacent large public parking lot supports convenient access for visitors and customers.

The building is zoned B-1 and is positioned to serve a range of uses such as boutique retail, professional office, or creative studio environments, depending on tenant needs and approvals.

Key Highlights

• Landmark 3,402 SF building built in 1875, originally constructed as the First National Bank of Dundee
• Historic interior details including soaring ceilings, original coffered woodwork, expansive arched windows, and preserved original bank vault
• Upper level overlooks the main floor and includes a large conference room plus office area

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

$47,220

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

6.30%

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%

$944,400 $944.4K

Cap Rate 7%

$674,571 $674.6K

Cap Rate 9%

$524,667 $524.7K

Market Conditions

NOI Build-Up for 3,402 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

$73.5K $21.60/SF

− Vacancy

−$6.0K −$1.77/SF

EGI

$67.5K $19.83/SF

− OpEx

−$20.2K −$5.95/SF

NOI

$47.2K $13.88/SF

Area

Cook County, IL

Vacancy

8.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

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%

$944,400

Cap Rate 7%

$674,571

Cap Rate 9%

$524,667

Alternative Uses

Best Use

Retail

$674.6K

$590.3K – $787.0K (±1% cap)

NOI $47,220 @ 7.0% cap · market cap 6.30%

Second Best

Office B

$670.1K

$586.4K – $781.8K (±1% cap)

NOI $46,908 @ 7.0% cap · market cap 6.25%

Theoretical Best

Office A

$1.17M

$1.03M – $1.37M (±1% cap)

NOI $82,219 @ 7.0% cap · market cap 10.96%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Estate Jewelers Ltd (Bike/Boat/Book/etc) Store dlh enterprises inc Tax Preparation A New Dawn of Skincare Alternative Medicine Practice Wauconda Area Chamber ... Business Service Center Rocco Martinelli - COUNTRY ... Financial Advisor

Suggested Use

Top Pick Grocery & Convenience Store (Bike/Boat/Book/etc) Store Storage Facility Catering Service Computer & Electronic Repair Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,017

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 60118, IL

16,342

Population

6,428

Households

2.5

Avg Household Size

44

Median Age

44%

College-Educated

94%

High-School Grad

20.9 sq mi

ZIP Area

782

Density / Sq Mi

$104,572

Median Household Income

$57,622

Median Earnings

$1,532

Median Rent

$340,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• And All the Angels — 647 Dundee Ave, Barrington, IL 60010
• Little Leaf Inc. — 106 W Main St, Barrington, IL 60010
• Barrington Flower Shop — 201 S Cook St, Barrington, IL 60010

Frequently Asked Questions

What type of property is this?

Storefront property - Landmark 3,402 SF building with soaring ceilings, arched windows, upper-level conference area, and rear entry with full basement.

Where is this storefront property located?

The property is located at 118 W Main Street West Dundee, IL.

What is the asking price?

The asking price for this property is $750,000.

What are key features of this property?

This property features: Landmark 3,402 SF building built in 1875, originally constructed as the First National Bank of Dundee; Historic interior details including soaring ceilings, original coffered woodwork, expansive arched windows, and preserved original bank vault; Upper level overlooks the main floor and includes a large conference room plus office area