Freestanding Red Robin
New
For Sale
$2,400,000
12646 S Route 59, Plainfield, IL 60585
Vacant commercial building with a freestanding configuration and existing restaurant-oriented improvements.
Property Size70,437 SF
Price / SF$375
Days on Market5
Property Features for 12646 S Route 59
General Information
Standard status
Active
Size
70,437 SF
Property subtype
Retail
Building Details
Building Size
70,437 SF
Year Built
2005
Listing Agency:
Mid-America Real Estate
(630) 954-7398
Listed By:
George Ghattas · License #475135588
Source:
Midamericagrp
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:54PM
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 Mid-America Real Estate
Investment Insights
Based on property information with market context.
This vacant freestanding storefront property contains 6,400 square feet and was constructed in 2005. The building is identified as a Red Robin location and offers an existing commercial structure for evaluation by prospective purchasers.
The property is situated in Plainfield, Illinois. Specific access, frontage, zoning, parking, and building-system details are not included in the available property information.
The property is situated in Plainfield, Illinois. Specific access, frontage, zoning, parking, and building-system details are not included in the available property information.
Key Highlights
- 6,400‑square‑foot freestanding storefront property
- Vacant Red Robin location
- Constructed in 2005
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
$76,476
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
3.19%
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%
$1,529,520
$1.5M
Cap Rate 7%
$1,092,514
$1.1M
Cap Rate 9%
$849,733
$849.7K
Market Conditions
NOI Build-Up for 6,400 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
$109.1K $17.04/SF
− Vacancy
−$7.1K −$1.11/SF
EGI
$102.0K $15.93/SF
− OpEx
−$25.5K −$3.98/SF
NOI
$76.5K $11.95/SF
Area
Will County, IL
Vacancy
6.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,529,520
Cap Rate 7%
$1,092,514
Cap Rate 9%
$849,733
Alternative Uses
Best Use
Specialty Retail
$1.09M
$956.0K – $1.27M
NOI $76,476 @ 7.0% cap · market cap 3.19%
Second Best
Retail
$864.0K
$756.0K – $1.01M
NOI $60,480 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,606 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
216k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Superstores 34%
Shops & Services 15%
Apparel 8%
Target
Superstores
72,945 visits/mo
0.2 miles
McDonald's
Dining
22,112 visits/mo
0.2 miles
Ross Dress for Less
Apparel
16,291 visits/mo
0.1 miles
Five Below
Shops & Services
15,226 visits/mo
0.1 miles
Panera Bread
Dining
13,461 visits/mo
0.1 miles
Demographics for 60585, IL
24,920
Population
7,723
Households
3.2
Avg Household Size
36
Median Age
61%
College-Educated
96%
High-School Grad
14.9 sq mi
ZIP Area
1,672
Density / Sq Mi
$151,202
Median Household Income
$67,211
Median Earnings
$2,326
Median Rent
$416,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant commercial building with a freestanding configuration and existing restaurant-oriented improvements.
Where is this storefront property located?
The property is located at 12646 S Route 59 Plainfield, IL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 6,400‑square‑foot freestanding storefront property; Vacant Red Robin location; Constructed in 2005
