Renovated Flex
For Sale
$1,300,000
1204 S Galena Avenue, Dixon, IL 61021
Updated commercial facility with loading, cold storage, wash-bay, and dual-street access for varied business operations.
Property Size14,000 SF
Days on Market167
Property Features for 1204 S Galena Avenue
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Commercial
Zoning
COMMR
Warehouse & Industrial
Dock-High Doors
1
Three-Phase Power
Yes
Cold Storage
Yes
Cold Storage Area
900 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,134
Building Details
Building Size
14,000 SF
Year Built
1950
Year Renovated
2021
Stories
2
Units
1
Listing Agency:
Keller Williams Inspire
(630) 262-9500
Listed By:
Justin Pillion · License #475160180
(630) 262-9500
Source:
Allinonerealestateco
Added: Mar 16
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Keller Williams Inspire
Investment Insights
Based on property information with market context.
This 14,000-square-foot flex property combines renovated workspace with practical service and distribution features. Improvements completed in 2021 include epoxy flooring throughout and new three-phase electrical service. The building also offers a loading dock, an indoor wash bay, floor drains on both levels, newer furnace and central air, and a 30-by-30-foot cold storage building constructed in 2021. Zoning is COMMR.
The property occupies a corner with frontage on Galena Avenue and Division Street in Dixon, less than one mile from Interstate 88. Daily traffic is reported at more than 12,000 vehicles. A rubberized roof installed in 2018 carries a transferable 20-year warranty, adding to the facility’s existing infrastructure and operating features.
The property occupies a corner with frontage on Galena Avenue and Division Street in Dixon, less than one mile from Interstate 88. Daily traffic is reported at more than 12,000 vehicles. A rubberized roof installed in 2018 carries a transferable 20-year warranty, adding to the facility’s existing infrastructure and operating features.
Key Highlights
- 14,000 SF flex property with COMMR zoning
- Renovated in 2021 with epoxy flooring and new 3‑phase electrical service
- 30' x 30' cold storage building constructed in 2021
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
$118,453
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
9.11%
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%
$2,369,060
$2.4M
Cap Rate 7%
$1,692,186
$1.7M
Cap Rate 9%
$1,316,144
$1.3M
Market Conditions
NOI Build-Up for 14,000 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
$147.0K $10.50/SF
− Vacancy
−$7.6K −$0.55/SF
EGI
$139.4K $9.95/SF
− OpEx
−$20.9K −$1.49/SF
NOI
$118.5K $8.46/SF
Area
Lee County, IL
Vacancy
5.20%
Lease Rate
$10.50 /SF/Yr
Expense Ratio
15.00%
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%
$2,369,060
Cap Rate 7%
$1,692,186
Cap Rate 9%
$1,316,144
Alternative Uses
Best Use
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,453 @ 7.0% cap · market cap 9.11%
Second Best
Flex RnD
$1.59M
$1.39M – $1.85M
NOI $111,231 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$3.82M
$3.34M – $4.45M
NOI $267,120 @ 7.0% cap · market cap 20.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61021, IL
22,984
Population
10,110
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
150.1 sq mi
ZIP Area
153
Density / Sq Mi
$65,719
Median Household Income
$40,805
Median Earnings
$823
Median Rent
$144,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Coty's Unique Cooking & Catering — 216 W 1st St, Dixon, IL 61021
Frequently Asked Questions
What type of property is this?
Flex space - Updated commercial facility with loading, cold storage, wash-bay, and dual-street access for varied business operations.
Where is this flex space located?
The property is located at 1204 S Galena Avenue Dixon, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 14,000 SF flex property with COMMR zoning; Renovated in 2021 with epoxy flooring and new 3‑phase electrical service; 30' x 30' cold storage building constructed in 2021
