Townhouse-Style
For Sale
Contact for pricing
1200-1202 Henry St., Normal, IL 61761
Two well-maintained units offer private outdoor space, attached garages, and flexible occupancy under month-to-month leases.
Property Size3,415 SF
Price / SF$122.99
Days on Market128
Property Features for 1200-1202 Henry St.
General Information
Standard status
Active
Size
3,415 SF
Property subtype
Multifamily
Investment Type
Owner/User
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Parking per Unit
2
Building Details
Year Built
1997
Units
2
Listing Agency:
Axis 360 Commercial Real Estate Specialists
(309) 270-1565
Listed By:
Laura Pritts · License #IL471201573
Source:
Crexi
Added: Apr 25
Changed: Aug 30
Last Checked: Aug 30 at 11:59AM
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 Axis 360 Commercial Real Estate Specialists
Investment Insights
Based on property information with market context.
This zero-lot-line duplex includes both townhouse-style residences in one sale. Each unit provides 3 bedrooms, 3 bathrooms, a 2-car garage, vaulted ceilings, a fireplace, and a private deck facing the maintained yard. The property was built in 1997 and has received targeted improvements, including a new roof and gutters, reinforced and re-stained decks, and selective window replacements completed during 2025-2026.
Both units are currently occupied under month-to-month leases. The property has no condo or HOA fees and is positioned near shopping, dining, parks, golf, and employment destinations in Normal, Illinois. With 3,415 square feet across the two residences, the layout supports continued rental operation or owner occupancy of one unit while leasing the other, as permitted by the existing arrangement.
Both units are currently occupied under month-to-month leases. The property has no condo or HOA fees and is positioned near shopping, dining, parks, golf, and employment destinations in Normal, Illinois. With 3,415 square feet across the two residences, the layout supports continued rental operation or owner occupancy of one unit while leasing the other, as permitted by the existing arrangement.
Key Highlights
- Two‑unit property with 3,415 square feet
- Each unit includes 3 bedrooms, 3 bathrooms, and a 2‑car garage
- New roof and gutters completed during 2025‑2026
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
$23,779
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
5.66%
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%
$475,580
$475.6K
Cap Rate 7%
$339,700
$339.7K
Cap Rate 9%
$264,211
$264.2K
Market Conditions
NOI Build-Up for 3,415 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
$35.2K $10.32/SF
− Vacancy
−$1.3K −$0.37/SF
EGI
$34.0K $9.95/SF
− OpEx
−$10.2K −$2.98/SF
NOI
$23.8K $6.96/SF
Area
McLean County, IL
Vacancy
3.61%
Lease Rate
$10.32 /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%
$475,580
Cap Rate 7%
$339,700
Cap Rate 9%
$264,211
Alternative Uses
Best Use
Multifamily LT 5
$339.7K
$297.2K – $396.3K
NOI $23,779 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$297.4K
$260.2K – $346.9K
NOI $20,815 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$711.9K
$622.9K – $830.5K
NOI $49,832 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 61761, IL
53,045
Population
22,037
Households
2.4
Avg Household Size
28
Median Age
52%
College-Educated
98%
High-School Grad
42.6 sq mi
ZIP Area
1,245
Density / Sq Mi
$66,642
Median Household Income
$28,606
Median Earnings
$976
Median Rent
$200,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two well-maintained units offer private outdoor space, attached garages, and flexible occupancy under month-to-month leases.
Where is this duplex located?
The property is located at 1200-1202 Henry St. Normal, IL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two‑unit property with 3,415 square feet; Each unit includes 3 bedrooms, 3 bathrooms, and a 2‑car garage; New roof and gutters completed during 2025‑2026
