Building Details

Year Built 1979

Buildings 1

Units 5

Listing Agency: R & R Realty 1***@gmail.com Show Phone

Listed By: Tonya Crawford · License #IL

Source: Crexi

Added: May 3, 2025 Changed: Aug 14 Last Checked: Aug 19 at 8:50AM

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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 R & R Realty

Investment Insights

Based on property information with market context.

This is a fully occupied, newly remodeled mixed-use building. The property features 2 residential apartments and 3 commercial units. It has long-term tenants and long-term leases. The property has a cap rate of 9.07% and minimal landlord responsibilities. The in-place net operating income is $51,216, and the gross income is $62,556. The property size is 6,200 square feet. This property is suitable for investors seeking stable cash flow and a turnkey property.

Key Highlights

• High 9.07% Cap Rate
• Stable $51,216 Net Operating Income (NOI)
• Fully Occupied with Long‑Term Tenants and Leases

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

$40,920

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

7.24%

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%

$818,400 $818.4K

Cap Rate 7%

$584,571 $584.6K

Cap Rate 9%

$454,667 $454.7K

Market Conditions

NOI Build-Up for 6,200 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

$74.4K $12.00/SF

− Vacancy

−$8.9K −$1.44/SF

EGI

$65.5K $10.56/SF

− OpEx

−$24.6K −$3.96/SF

NOI

$40.9K $6.60/SF

Area

Tazewell County, IL

Vacancy

12.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

37.50%

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%

$818,400

Cap Rate 7%

$584,571

Cap Rate 9%

$454,667

Alternative Uses

Best Use

Mixed Use

$584.6K

$511.5K – $682.0K (±1% cap)

NOI $40,920 @ 7.0% cap · market cap 7.24%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.43M

$2.12M – $2.83M (±1% cap)

NOI $169,831 @ 7.0% cap · market cap 30.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mixed-use properties

Suggested Use

Top Pick Building Supply HVAC Service Auto Repair Shop Real Estate Agency Garden Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

40

Businesses Nearby

Explore this area Business Placement

Demographics for 61535, IL

1,748

Population

666

Households

2.6

Avg Household Size

44

Median Age

36%

College-Educated

90%

High-School Grad

7.4 sq mi

ZIP Area

236

Density / Sq Mi

$138,594

Median Household Income

$64,654

Median Earnings

$222,300

Median Home Value

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully occupied mixed-use building with long-term tenants and leases.

Where is this mixed-use property located?

The property is located at 19478 SPRINGFIELD Road Groveland, IL.

What is the asking price?

The asking price for this property is $565,000.

What are key features of this property?

This property features: High 9.07% Cap Rate; Stable $51,216 Net Operating Income (NOI); Fully Occupied with Long‑Term Tenants and Leases