Three-Unit Retail
For Sale
$495,000
407 S 4th Street Dunlap, Dunlap, IL 61525
Three-unit retail center with one leased tenant and two units available on Route 91.
Property Size4,500 SF
Price / SF$110
Days on Market35
Property Features for 407 S 4th Street Dunlap
General Information
Standard status
Active
Size
4,500 SF
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$14,820
Building Details
Building Size
4,500 SF
Year Built
2014
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Traders Unlimited
(309) 722-1612
Listed By:
Justin Ball · License #475175281
(309) 722-1612
Source:
Realestatepeoria
Added: Jul 11
Changed: Aug 14
Last Checked: Aug 14 at 7:56AM
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 RE/MAX Traders Unlimited
Investment Insights
Based on property information with market context.
This three-unit retail center totals 4,500 SF and is set up as a small, income-producing property with separate unit spaces. Unit B is currently leased to Debbie's Slots and Gaming Lounge, while Units A and C are available for lease. The property includes county-approved plans to add another building and additional parking on the west side for an additional 3,000 SF of building.
The center is located on Route 91 in a high-traffic setting across from Dunlap High School, providing visibility to passing traffic.
For financial information regarding the leased unit, an NDA is required.
The center is located on Route 91 in a high-traffic setting across from Dunlap High School, providing visibility to passing traffic.
For financial information regarding the leased unit, an NDA is required.
Key Highlights
- 2014‑built, 4,500 SF three‑unit retail center on Route 91
- High‑traffic location across from Dunlap High School
- Unit B is leased to Debbie's Slots and Gaming Lounge; Units A and C are available for lease
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
$37,558
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
7.59%
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%
$751,160
$751.2K
Cap Rate 7%
$536,543
$536.5K
Cap Rate 9%
$417,311
$417.3K
Market Conditions
NOI Build-Up for 4,500 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
$58.3K $12.96/SF
− Vacancy
−$4.7K −$1.04/SF
EGI
$53.7K $11.92/SF
− OpEx
−$16.1K −$3.58/SF
NOI
$37.6K $8.35/SF
Area
Peoria County, IL
Vacancy
8.00%
Lease Rate
$12.96 /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%
$751,160
Cap Rate 7%
$536,543
Cap Rate 9%
$417,311
Alternative Uses
Best Use
Retail
$536.5K
$469.5K – $626.0K
NOI $37,558 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.94M
$3.44M – $4.59M
NOI $275,559 @ 7.0% cap · market cap 55.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 61525, IL
11,433
Population
4,324
Households
2.6
Avg Household Size
36
Median Age
69%
College-Educated
97%
High-School Grad
32.7 sq mi
ZIP Area
350
Density / Sq Mi
$153,300
Median Household Income
$88,125
Median Earnings
$1,167
Median Rent
$314,800
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?
Shopping center - Three-unit retail center with one leased tenant and two units available on Route 91.
Where is this shopping center located?
The property is located at 407 S 4th Street Dunlap Dunlap, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2014‑built, 4,500 SF three‑unit retail center on Route 91; High‑traffic location across from Dunlap High School; Unit B is leased to Debbie's Slots and Gaming Lounge; Units A and C are available for lease
