Flex Building with Open
For Sale
Contact for pricing
1221 INDEPENDENCE Court, Washington, IL 61571
C-3-zoned commercial property offers ADA-accessible restrooms and adaptable interior areas.
Property Size7,500 SF
Lot Size2.00 Acres
Price / SF$74.93
Days on Market173
Property Features for 1221 INDEPENDENCE Court
General Information
Standard status
Active
Size
7,500 SF
Total Parking Spaces
40
Lot size
2.00 Acres
Property subtype
Office, Industrial, Retail
Zoning
C-3
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Amenities
private entrances
ADA-accessible restrooms
storm shelters
security system
Building Details
Year Built
2006
Buildings
1
Building Size
7,500 SF
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
Sunflower Real Estate Group, L
(309) 251-7193
Listed By:
Courtni Bean · License #475169483
Source:
Crexi
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 1:32PM
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 Sunflower Real Estate Group, L
Investment Insights
Based on property information with market context.
This 7,500-square-foot flex building occupies 2 acres and was constructed in 2006. The property includes two private entrances, ADA-accessible restrooms, broad interior areas, several play spaces, storm shelters, offices, and utility rooms. Existing improvements include sprinkler and security systems, HVAC updates, and a roof installed in October 2020. On-site parking accommodates 40 vehicles.
Currently configured for dog care, the building was previously used as a child daycare facility. Its existing layout and infrastructure also support pet services, training facilities, light industrial operations, recreation, and other commercial applications identified for the property. C-3 zoning applies.
The property is located at 1221 Independence Court in Washington, Illinois, within the Roberts commercial subdivision and near the Washington Bypass. A sale-leaseback may be available, with an option for a 3–5 year lease at closing and a projected 8% cap rate.
Currently configured for dog care, the building was previously used as a child daycare facility. Its existing layout and infrastructure also support pet services, training facilities, light industrial operations, recreation, and other commercial applications identified for the property. C-3 zoning applies.
The property is located at 1221 Independence Court in Washington, Illinois, within the Roberts commercial subdivision and near the Washington Bypass. A sale-leaseback may be available, with an option for a 3–5 year lease at closing and a projected 8% cap rate.
Key Highlights
- 7,500‑square‑foot flex building on 2 acres
- C‑3 zoning with two private entrances and ADA‑accessible restrooms
- Current dog care configuration with open areas, play spaces, offices, and utility rooms
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
$48,223
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
8.58%
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%
$964,460
$964.5K
Cap Rate 7%
$688,900
$688.9K
Cap Rate 9%
$535,811
$535.8K
Market Conditions
NOI Build-Up for 7,500 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
$72.9K $9.72/SF
− Vacancy
−$4.0K −$0.53/SF
EGI
$68.9K $9.19/SF
− OpEx
−$20.7K −$2.76/SF
NOI
$48.2K $6.43/SF
Area
Tazewell County, IL
Vacancy
5.50%
Lease Rate
$9.72 /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%
$964,460
Cap Rate 7%
$688,900
Cap Rate 9%
$535,811
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.30M
NOI $138,291 @ 7.0% cap · market cap 24.61%
Second Best
Flex RnD
$830.4K
$726.6K – $968.8K
NOI $58,126 @ 7.0% cap · market cap 10.34%
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,441 @ 7.0% cap · market cap 36.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61571, IL
24,766
Population
10,273
Households
2.4
Avg Household Size
40
Median Age
38%
College-Educated
98%
High-School Grad
53.5 sq mi
ZIP Area
463
Density / Sq Mi
$87,852
Median Household Income
$48,329
Median Earnings
$996
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C-3-zoned commercial property offers ADA-accessible restrooms and adaptable interior areas.
Where is this flex space located?
The property is located at 1221 INDEPENDENCE Court Washington, IL.
What is the asking price?
The asking price for this property is $562,000.
What are key features of this property?
This property features: 7,500‑square‑foot flex building on 2 acres; C‑3 zoning with two private entrances and ADA‑accessible restrooms; Current dog care configuration with open areas, play spaces, offices, and utility rooms
