Corner Storefront
New
For Sale
$200,000
120 W Grant Highway, Marengo, IL 60152
B1-zoned storefront with two bay areas, offices, and updated bathroom plumbing.
Property Size1,176 SF
Price / SF$170.07
Days on Market3
Property Features for 120 W Grant Highway
General Information
Standard status
Active
Size
1,176 SF
Property subtype
Commercial
Zoning
B1
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,769
Building Details
Building Size
1,176 SF
Year Built
1954
Buildings
1
Stories
1
Units
1
Listing Agency:
CENTURY 21 New Heritage
(815) 568-8093
Listed By:
Sandra Butenschoen · License #475081467
(815) 568-8093
Source:
Exit2newbeginningz
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 3:56AM
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 CENTURY 21 New Heritage
Investment Insights
Based on property information with market context.
This storefront property at 120 W Grant Highway includes a 1,176-square-foot building with two bay areas measuring approximately 14' x 27', two bathrooms with updated plumbing, a reception and office area, and a second small office. The former special use permit for a service station or repair shop is no longer available, and auto-related business use is not available.
The building occupies the northeast corner of Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection. A city parking lot is immediately 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 and I-90 interchange is minutes away. The property is zoned B1, with the city working to enhance the central business district through retail and service uses.
The building occupies the northeast corner of Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection. A city parking lot is immediately 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 and I-90 interchange is minutes away. The property is zoned B1, with the city working to enhance the central business district through retail and service uses.
Key Highlights
- 1,176 sq. ft. storefront building at 120 W Grant Highway
- Two bay areas measuring approximately 14' x 27'
- Two bathrooms with updated plumbing
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Marengo Floral Co., Inc — 105 S Taylor St, Marengo, IL 60152
- A Thymeless Bloom Wedding & Special Events Florist — 403 N State St, Marengo, IL 60152
Frequently Asked Questions
What type of property is this?
Storefront property - B1-zoned storefront with two bay areas, offices, and updated bathroom plumbing.
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 sq. ft. storefront building at 120 W Grant Highway; Two bay areas measuring approximately 14' x 27'; Two bathrooms with updated plumbing
