Building Details

Building Size 2,750 SF

Year Built 1960

Buildings 1

Stories 1

Units 1

Listing Agency: Hoffman Realty m***@yahoo.com Show Phone

Listed By: Matthew Hoffman · License #475154045 Show Phone

Source: Perillorealestategroup

Added: May 4 Changed: Aug 8 Last Checked: Aug 10 at 12:19PM

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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 Hoffman Realty

Investment Insights

Based on property information with market context.

This 2,750-square-foot commercial building in Kirkland was constructed in 1960 and previously operated as an auto repair shop. The layout includes a 13-by-16-foot lunch room, 10-by-16-foot office, 16-by-18-foot storage room, loft storage above the office, and ceiling heights reaching 16 feet. An overhead door measures 12 feet high by 18 feet wide, supporting vehicle and equipment access. The property is zoned COMMR and includes 12 parking spaces.

Located at 120 N 4th Street, the building has city sewer, city water, and natural gas service. Its existing configuration supports continued automotive use and may also accommodate independent operators in the building trades or private car collectors, as identified in the property information.

Key Highlights

• 2,750 SF commercial building on a 0.16‑acre parcel
• Previously operated as an auto repair shop
• Ceiling heights reach 16 feet

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

$11,838

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

7.89%

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%

$236,760 $236.8K

Cap Rate 7%

$169,114 $169.1K

Cap Rate 9%

$131,533 $131.5K

Market Conditions

NOI Build-Up for 2,750 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

$17.8K $6.48/SF

− Vacancy

−$909 −$0.33/SF

EGI

$16.9K $6.15/SF

− OpEx

−$5.1K −$1.84/SF

NOI

$11.8K $4.30/SF

Area

DeKalb County, IL

Vacancy

5.10%

Lease Rate

$6.48 /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%

$236,760

Cap Rate 7%

$169,114

Cap Rate 9%

$131,533

Alternative Uses

Best Use

Retail

$545.3K

$477.1K – $636.2K (±1% cap)

NOI $38,170 @ 7.0% cap · market cap 25.45%

Second Best

Flex RnD

$413.7K

$362.0K – $482.6K (±1% cap)

NOI $28,958 @ 7.0% cap · market cap 19.31%

Theoretical Best

Office A

$949.4K

$830.8K – $1.11M (±1% cap)

NOI $66,461 @ 7.0% cap · market cap 44.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Auto shops

Suggested Use

Top Pick HVAC Service Plumbing Service Pharmacy Grocery & Convenience Store Hair Salon Dental Office

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

Lease Details

16 ft

Clear height

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

105

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 60146, IL

2,420

Population

930

Households

2.6

Avg Household Size

41

Median Age

20%

College-Educated

92%

High-School Grad

55.5 sq mi

ZIP Area

44

Density / Sq Mi

$84,615

Median Household Income

$43,500

Median Earnings

$1,110

Median Rent

$209,400

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Auto shop - Existing commercial improvements include dedicated office, storage, parking, and municipal utilities for automotive or trade-related operations.

Where is this auto shop located?

The property is located at 120 N 4th Street Kirkland, IL.

What is the asking price?

The asking price for this property is $150,000.

What are key features of this property?

This property features: 2,750 SF commercial building on a 0.16‑acre parcel; Previously operated as an auto repair shop; Ceiling heights reach 16 feet