Corner Storefront With Office
New
For Sale
$200,000
120 W Grant Hwy, Marengo, IL 60152
B1-zoned building includes two bays, reception space, offices, and updated bathroom plumbing.
Property Size1,176 SF
Price / SF$170.07
Days on Market3
Property Features for 120 W Grant Hwy
General Information
Standard status
Active
Size
1,176 SF
Building Details
Year Built
1954
Listing Agency:
CENTURY 21 New Heritage
Listed By:
Sandra Butenschoen · License #475081467
(815) 382-1815
Source:
Bktchicago
Added: Sep 11
Last Checked: Sep 13 at 1:17PM
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 layout includes two bay areas of approximately 14' x 27' each, a reception area, two offices, and two bathrooms with updated plumbing. The building previously operated under a special-use permit for service station and repair-shop activity, but auto-related uses are no longer available.
The property is located at 120 W Grant Hwy in Marengo, one block west of the Rt. 20/23 intersection. A city parking lot is immediately north, with a vacant repair shop and restaurant to the east and McDonald's across Rt. 20. The full Rt. 23 and I-90 interchange is minutes away. B1 zoning supports retail and service uses under applicable city guidelines.
The property is located at 120 W Grant Hwy in Marengo, one block west of the Rt. 20/23 intersection. A city parking lot is immediately north, with a vacant repair shop and restaurant to the east and McDonald's across Rt. 20. The full Rt. 23 and I-90 interchange is minutes away. B1 zoning supports retail and service uses under applicable city guidelines.
Key Highlights
- 1,176‑square‑foot storefront building constructed in 1954
- Corner location at Rt. 20 and Ann Street in Marengo
- 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
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Open Analytics
Current Use
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 includes two bays, reception space, offices, and updated bathroom plumbing.
Where is this storefront property located?
The property is located at 120 W Grant Hwy 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 constructed in 1954; Corner location at Rt. 20 and Ann Street in Marengo; Two bay areas, each approximately 14' x 27'
