Storefront Building with Open
For Sale
$189,000
126 Walnut Street, Washington, IL 61571
Commercial Sale, Washington, IL
Property Size1,184 SF
Lot Size0.12 Acres
Price / SF$159.63
Days on Market256
Property Features for 126 Walnut Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
This property is in the same block as the new Tangled Roots rerstaurant located at the corner of Washington Square and Walnut Street.
Subdivision
Washington
Standard status
Active
APN
020224108020
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4333
Utilities
Cooling system
Central Air
Building Details
Year built
1917
Floors in Building
1
Listing Agency:
Brummel Properties, Inc.
(630) 551-8005
Listed By:
Laura Tomsa · License #471000199
(630) 551-8005
Added: Dec 7, 2025
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# 12529064
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This single-story storefront property contains 1,184 square feet within a 5,000-square-foot corner lot. Constructed in 1917, the building has central air, while the interior requires updating and the HVAC system requires repair or replacement. The property is offered in its present condition.
The site includes a substantial open outdoor area and sits beside the former Knights of Columbus building at 120 Walnut Street. The two properties were previously envisioned for coordinated event-center use, with this parcel supporting outdoor special events. That concept is included as historical planning context rather than a statement of permitted use.
The site includes a substantial open outdoor area and sits beside the former Knights of Columbus building at 120 Walnut Street. The two properties were previously envisioned for coordinated event-center use, with this parcel supporting outdoor special events. That concept is included as historical planning context rather than a statement of permitted use.
Key Highlights
- 1,184 SF single‑story storefront building
- 5,000‑square‑foot lot with substantial open outdoor area
- 1917 construction with central air
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
$11,189
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
5.92%
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%
$223,780
$223.8K
Cap Rate 7%
$159,843
$159.8K
Cap Rate 9%
$124,322
$124.3K
Market Conditions
NOI Build-Up for 1,184 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
$17.8K $15.00/SF
− Vacancy
−$1.8K −$1.50/SF
EGI
$16.0K $13.50/SF
− OpEx
−$4.8K −$4.05/SF
NOI
$11.2K $9.45/SF
Area
Tazewell County, IL
Vacancy
10.00%
Lease Rate
$15.00 /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%
$223,780
Cap Rate 7%
$159,843
Cap Rate 9%
$124,322
Alternative Uses
Best Use
Retail
$159.8K
$139.9K – $186.5K
NOI $11,189 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$463.3K
$405.4K – $540.5K
NOI $32,432 @ 7.0% cap · market cap 17.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
325
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Single-story commercial building on a corner lot with central air and COMMR zoning.
Where is this storefront property located?
The property is located at 126 Walnut Street Washington, IL.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 1,184 SF single‑story storefront building; 5,000‑square‑foot lot with substantial open outdoor area; 1917 construction with central air
