Corner Storefront with Office
New
For Sale
$200,000
120 W Grant Highway, Marengo, IL 60152
B1-zoned commercial building with two bays, office areas, and updated bathroom plumbing.
Property Size1,176 SF
Price / SF$170.07
Days on Market4
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) 382-1815
Listed By:
Sandra Butenschoen · License #475081467
Source:
Jjillrealtygroup
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 11:30AM
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 1,176-square-foot storefront property was built in 1954 and occupies a corner position at Rt. 20 and Ann Street. 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. The property is zoned B1, with retail and service uses identified for the central business district. Auto-related business use is no longer available, despite the building’s former special use permit for a service station and repair shop.
A city parking lot is located north of the property. The immediate surroundings include a vacant repair shop and a restaurant to the east, with McDonald's across Rt. 20. The full Rt. 23 and I90 interchange is minutes away, and the property is one block west of the Rt. 20/23 intersection.
A city parking lot is located north of the property. The immediate surroundings include a vacant repair shop and a restaurant to the east, with McDonald's across Rt. 20. The full Rt. 23 and I90 interchange is minutes away, and the property is one block west of the Rt. 20/23 intersection.
Key Highlights
- 1,176‑square‑foot storefront building built in 1954
- Corner location at Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection
- Two bay areas, each approximately 14' x 27'
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
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - B1-zoned commercial building with two bays, office areas, 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‑square‑foot storefront building built in 1954; Corner location at Rt. 20 and Ann Street, one block west of the Rt. 20/23 intersection; Two bay areas, each approximately 14' x 27'
