Historical Ottawa Mixed-Use
227 West Madison Street, Ottawa, IL 61350
Two-story, 6400 SF mixed-use building in downtown Ottawa.
Property size:
3,200 SFPrice / SF:
$159/SF- Added:
- Jan 20, 2025
- Days on Market:
- 498
- Last Refresh:
- Mar 13 at 2:54 pm
Property Features for 227 West Madison Street
General Information
- Standard status
- Active
- Size
- 3,200 SF
Building Details
- Year Built
- 1915
Listing agent Ricky License #475127902 (815) 955-2705
Listing office Coldwell Banker The Real Estate Group (815) 955-2705
Listing date Jan 20, 2025
Source Compass
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 Coldwell Banker The Real Estate Group
HighLights
- 6400 sq ft 2‑story building in historical downtown Ottawa.
- Located one block from the courthouse and in the Heart of Starved Rock Country.
- First floor (3200 sq ft) is vacant and ready for customization with large offices, conference room, bathrooms and kitchen.
- Second floor (3200 sq ft) is fully leased, providing immediate income.
- Elevator servicing both floors.
- Full basement with rental potential.
Overview
This 6400 square foot, two-story building presents an investment opportunity in historical downtown Ottawa, situated one block from the courthouse and in the heart of Starved Rock Country. The first floor, comprising 3200 square feet, is currently vacant and features large offices, soaring ceilings, a conference room, an entryway, bathrooms, and a kitchen. Cosmetic work is needed to prepare the space for potential tenants. The second floor, also 3200 square feet, is fully leased. An elevator services both floors. The building includes a full basement, with half allocated to each floor for storage. The lower level is currently available for rent. Located two blocks from the Illinois and Fox Rivers, this building offers possibilities such as office space or apartments above a business.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.1k | $21.60 |
| − Vacancy | −$19.4k | −$6.05 |
| EGI | $49.8k | $15.55 |
| − OpEx | −$12.4k | −$3.89 |
| NOI | $37.3k | $11.66 |
3,200 SF · lease $21.60/SF/yr · vacancy 28.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 7.32%
Second Best
Mixed Use
$452.6K
$396.0K – $528.0K
NOI $31,680 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$800.9K
$700.8K – $934.4K
NOI $56,064 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Fuller Michael W
Law Firm
Richard L. Burton
Law Firm
Burton, Fuller & Associates, ...
Law Firm
Shannan Hermann
Physician
Eric Denny
Physician
Location Insight
- Map
- Local Demand
- City
- Ottawa
- County
- LaSalle
- State
- Illinois
- Longitude
- -88.84307
- Latitude
- 41.346777
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Two-story, 6400 SF mixed-use building in downtown Ottawa.
Where is this office building located?
The property is located at 227 West Madison Street Ottawa, IL.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 6400 sq ft 2‑story building in historical downtown Ottawa.; Located one block from the courthouse and in the Heart of Starved Rock Country.; First floor (3200 sq ft) is vacant and ready for customization with large offices, conference room, bathrooms and kitchen.
