Freestanding Brick Commercial Building For
For Sale
Contact for pricing
Pending
10 S Virginia Rd, Crystal Lake, IL 60014
Freestanding brick building with lease in place on Virginia Road.
Property Size1,320 SF
Days on Market1381
Property Features for 10 S Virginia Rd
General Information
Standard status
Pending
Size
1,320 SF
Property subtype
Office
Zoning
B1
Investment Type
Owner/User
Building Details
Year Built
1971
Stories
1
Tenancy
Single
Listing Agency:
Blue Chip Commercial Real Estate LLC
Listed By:
Tim Billimack · License #IL 471000637
Source:
Crexi
Added: Nov 9, 2022
Changed: Aug 8
Last Checked: Jul 24 at 4:35PM
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 Blue Chip Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This freestanding all-brick commercial building is situated on Virginia Road, presenting an investment opportunity with a 5-year lease currently in place, including an option to terminate after 3 years. The property is located in a mixed-use neighborhood with national and reputable independent restaurants nearby. It features a rear employee parking lot with 16 spaces. The interior includes private offices, a reception area, an open workspace, and a kitchenette. The surrounding area is characterized by an affluent population, with the average household income exceeding $101,978 within a 2-mile radius. The property is suitable for commercial use.
Key Highlights
- 5 year lease in place (option to terminate after 3 years) - provides immediate income and flexibility
- Freestanding all brick commercial building - offers durability and a professional appearance
- Rear employee parking lot with 16 spaces - ample parking for employees
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
$18,201
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
7.88%
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%
$364,020
$364.0K
Cap Rate 7%
$260,014
$260.0K
Cap Rate 9%
$202,233
$202.2K
Market Conditions
NOI Build-Up for 1,320 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
$32.3K $24.48/SF
− Vacancy
−$8.0K −$6.10/SF
EGI
$24.3K $18.38/SF
− OpEx
−$6.1K −$4.60/SF
NOI
$18.2K $13.79/SF
Area
McHenry County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$364,020
Cap Rate 7%
$260,014
Cap Rate 9%
$202,233
Alternative Uses
Best Use
Office B
$260.0K
$227.5K – $303.4K
NOI $18,201 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.7K
$398.8K – $531.7K
NOI $31,902 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,099
Businesses Nearby
Explore this area
Business Placement
Demographics for 60014, IL
48,275
Population
18,135
Households
2.7
Avg Household Size
40
Median Age
42%
College-Educated
94%
High-School Grad
25.1 sq mi
ZIP Area
1,923
Density / Sq Mi
$104,657
Median Household Income
$50,805
Median Earnings
$1,429
Median Rent
$296,100
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 - Freestanding brick building with lease in place on Virginia Road.
Where is this office building located?
The property is located at 10 S Virginia Rd Crystal Lake, IL.
What is the asking price?
The asking price for this property is $231,000.
What are key features of this property?
This property features: 5 year lease in place (option to terminate after 3 years) - provides immediate income and flexibility; Freestanding all brick commercial building - offers durability and a professional appearance; Rear employee parking lot with 16 spaces - ample parking for employees
