Two-Bay Storefront
For Sale
$200,000
120 W Grant Highway, Marengo, IL 60152
Commercial Sale, Marengo, IL
Property Size1,176 SF
Lot Size0.22 Acres
Price / SF$170.07
Days on Market140
Property Features for 120 W Grant Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
1 block west of the intersection of Rt 20/23 on northeast corner of Rt 20 (Grant) and Ann Street. Across from McDonald's.
Subdivision
Harmony / Marengo
Standard status
Active
APN
1135283011
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3770
Utilities
Utilities
Natural Gas Available
Building Details
Year built
1954
Floors in Building
1
Number of units
1
Building materials
Block
Roof type
Rubber
Listing Agency:
CENTURY 21 New Heritage · Century 21 Real Estate
(815) 568-8093
Listed By:
Sandra Butenschoen · License #475081467
(847) 875-4960
Added: Apr 27
Changed: Aug 19
Last Checked: Sep 13 at 2:06PM
MLS# 12632365
Copyright © 2026 Midwest Real Estate Data, LLC. 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.
Located at 120 W Grant Highway in Marengo, this 1,176-square-foot storefront property was built in 1954 and has block construction with a rubber roof. The interior includes two bay areas measuring approximately 14' x 27' each, two bathrooms with updated plumbing, a reception and office area, and a second smaller office. Natural gas is available.
The property occupies a 0.2205-acre site at the northeast corner of Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection. A city parking lot is situated to the north, while a vacant repair shop and restaurant are located to the east. McDonald's is across Rt. 20, and the full Rt. 23/I-90 interchange is minutes away. The property is zoned B1; auto-related business use is no longer available.
The property occupies a 0.2205-acre site at the northeast corner of Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection. A city parking lot is situated to the north, while a vacant repair shop and restaurant are located to the east. McDonald's is across Rt. 20, and the full Rt. 23/I-90 interchange is minutes away. The property is zoned B1; auto-related business use is no longer available.
Key Highlights
- 1,176‑square‑foot storefront building on a 0.2205‑acre site
- Two bay areas, each approximately 14' x 27'
- Reception/office area plus a second small office
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
$11,348
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
5.67%
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%
$226,960
$227.0K
Cap Rate 7%
$162,114
$162.1K
Cap Rate 9%
$126,089
$126.1K
Market Conditions
NOI Build-Up for 1,176 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
$17.6K $15.00/SF
− Vacancy
−$1.4K −$1.22/SF
EGI
$16.2K $13.79/SF
− OpEx
−$4.9K −$4.14/SF
NOI
$11.3K $9.65/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$15.00 /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%
$226,960
Cap Rate 7%
$162,114
Cap Rate 9%
$126,089
Alternative Uses
Best Use
Retail
$162.1K
$141.9K – $189.1K
NOI $11,348 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$406.0K
$355.3K – $473.7K
NOI $28,421 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
54k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
McDonald's
Dining
17,125 visits/mo
0.1 miles
Marengo #1
Shops & Services
15,049 visits/mo
0.1 miles
Shell
Shops & Services
7,655 visits/mo
0.4 miles
Shell
Shops & Services
5,482 visits/mo
0.2 miles
Circle K
Shops & Services
3,997 visits/mo
0.4 miles
Demographics for 60152, IL
12,382
Population
4,715
Households
2.6
Avg Household Size
42
Median Age
27%
College-Educated
94%
High-School Grad
95.4 sq mi
ZIP Area
130
Density / Sq Mi
$94,209
Median Household Income
$51,808
Median Earnings
$1,090
Median Rent
$259,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - B1-zoned building with office areas, two bathrooms, and natural gas availability.
Where is this storefront property located?
The property is located at 120 W Grant Highway Marengo, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 1,176‑square‑foot storefront building on a 0.2205‑acre site; Two bay areas, each approximately 14' x 27'; Reception/office area plus a second small office
