Boutique Office Building For
For Sale
Contact for pricing
438 N Hough Street, Barrington, IL 60010
Move-in ready office building near downtown Barrington and Metra.
Property Size2,705 SF
Price / SF$160.81
Days on Market765
Property Features for 438 N Hough Street
General Information
Standard status
Active
Size
2,705 SF
Property subtype
Office, Retail
Zoning
COMMR
Building Details
Year Built
1920
Stories
2
Units
1
Listing Agency:
Century 21 Elm, Realtors
Listed By:
Christopher Demos · License #IL
(847) 692-5522
Source:
Crexi
Added: Aug 1, 2024
Changed: Sep 3
Last Checked: Aug 29 at 2:05PM
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 Elm, Realtors
Investment Insights
Based on property information with market context.
This two-story boutique office building offers just over 2700 square feet of space and includes 13 parking spaces. The property is located in close proximity to downtown Barrington shopping and is a short walk to the Metra station. Zoned B-4, the building allows for a flexible list of uses under the Office and Retail categories. The layout features a large reception area, seven or more offices, a conference room, and a lounge area with a fireplace. Additional amenities include a kitchenette, two bathrooms, and a basement for storage. An outdoor patio is also included. The building is equipped with central air conditioning and forced air heat. The air conditioning unit is one year old, the furnace is five years old, and the hot water tank is two years old. The property is suitable for both sale and lease.
Key Highlights
- Move‑in ready, boutique 2‑story office building with 2700+ sq. ft.
- Includes a large reception area, 7+ offices, conference room, lounge with fireplace, and kitchenette.
- 13 parking spaces included.
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
$37,546
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
8.63%
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%
$750,920
$750.9K
Cap Rate 7%
$536,371
$536.4K
Cap Rate 9%
$417,178
$417.2K
Market Conditions
NOI Build-Up for 2,705 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
$58.4K $21.60/SF
− Vacancy
−$4.8K −$1.77/SF
EGI
$53.6K $19.83/SF
− OpEx
−$16.1K −$5.95/SF
NOI
$37.5K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /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%
$750,920
Cap Rate 7%
$536,371
Cap Rate 9%
$417,178
Alternative Uses
Best Use
Retail
$536.4K
$469.3K – $625.8K
NOI $37,546 @ 7.0% cap · market cap 8.63%
Second Best
Office B
$532.8K
$466.2K – $621.6K
NOI $37,298 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$933.9K
$817.2K – $1.09M
NOI $65,374 @ 7.0% cap · market cap 15.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 60010, IL
46,365
Population
17,621
Households
2.6
Avg Household Size
47
Median Age
70%
College-Educated
97%
High-School Grad
74.1 sq mi
ZIP Area
626
Density / Sq Mi
$175,050
Median Household Income
$86,255
Median Earnings
$2,459
Median Rent
$622,900
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?
Office building - Move-in ready office building near downtown Barrington and Metra.
Where is this office building located?
The property is located at 438 N Hough Street Barrington, IL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Move‑in ready, boutique 2‑story office building with 2700+ sq. ft.; Includes a large reception area, 7+ offices, conference room, lounge with fireplace, and kitchenette.; 13 parking spaces included.
